m 


MHKAKY 


Me 

Lru 
be 


UNIVERSITY  OF  CALIFORNIA. 


KV  <  >K 


Accessions 


Class  No. 


OF    TROY, 

•:TROIT. 

XY,  June  9,  1863. 

of  Book-keeping,  and! 
:ie  learner  all  that  ean| 
>  fours  respectfully, 
i,  Albany. 


-S  Bank,  Albany 

my. 

y- 
r- 


..  _,  ,..„  ^vA.-.o.gii^u,  li.ivmy  caiuiuiiy  examined  tno  prool-slieets  of  the  Banking  Set  prepared  for  Bryant  1 : 
Strut  mi's  Book-keeping,  are  prepared  to  gay,  without  hesitation,  that  we  deem  it  in  all  respects  the  most; 
thorough  and  complete  treatise  on  Bank  Book-keeping  which  we  have  ever  seen.  The  general  plan  is  admir-j 
able,  and  the  fullness  of  detail  with  which  the  transactions  are  carried  out  through  the  various  books,  renders  it] 
an  invaluable  work  for  such  as  desire  to  acquaint  themselves  with  Banking  as  it  is  done  in  the  great  majoritv  of  \ 
Banks  in  the  country. 

We  unhesitatingly  commend  this  work  to  the  public. 

S.  K.  STOW,  Vico-Fresident  Troy  City  Bank. 

G.  F.  SIMS,  Cashier  Troy  City  Bunk. 

F.  SIMS,  Cashier  Mechanics  and  Merchants  Bank,  Troy. 

GEO.  A.  STONE,  Cashier  Mutual  Bank,  Troy. 

C.  M.  WELLINGTON,  Cashier  Manufacturers  Bank,  Troy. 

T.  TAYLOR,  Cashier  Bank  of  Troy. 

WILL ARD  GAY,  Cashier  State  Bank,  Troy. 

J.  H.  NEHER,  Cashier  Market  Bank,  Troy. 

L.  CLARK,  Vice-President  State  Bank  of  Michigan. 

KMKRY  WIXDHLL,  Cashier  State  Bank  of  Michigan. 

M.  ¥.  DOW,  Acting-Cashier  Peninsular  Dank  of  Michigan. 

H.  P.  PULLING,  President  Peninsular  Bank  of  Michigan. 

C.  M.  DAVISOX,  late  Cashier  Farmers  and  Mechanics  Bank,  Detroit. 

L.  M.  MASON,  Vice- President  Farmers  and  Mechanics  Bank,  Detroit 

A.  II.   ADAMS,  Cashier  Savings  Bank,  Detroit. 

II.  N.  WALKER,  Vice- President  Detroit  Savings  Bank. 

J.  OWEN,  President  Michigan  Insurance  Bank. 

J.  B.  M  Kill  AM,  formerly  Cashier  City  Bank  of  Cleveland. 

H.  B.  HURLBUT,  President  Bank  of  Commerce. 

T.  P.  HANDY,  President  Merchants'  Bank  of  Cleveland. 

DAX.  P.   EELLS,  Cashier  Commercial" Branch  Bank  of  Cleveland. 

K.  P.  GEN  LSI!.  Cashier  Casco  Bank,  Portland,  Maine. 

C.   G.  BALLAUD,  Book-keeper  New  York  &  Erie  Bank,  Buffalo. 

GEO.  II.  DUXBAK.  Teller  Now  York  A,  Erie  Bank,  Buffalo 

JAMES  SWEENEY,  Cashier  New  York  &  Erie  Bank,  Buffalo. 


TUOY,  N.  T.,  May  18,  1863. 
BBYAXI,  STRATI  ox  &  Co.: 

Gents :  I  have  examined  your  work  on  Bank  Book-keeping,  and  am  pleased  with  it.  Your  suggestions  with 
reference  to  Bank  Officers  and  Clerks,  their  duties  and  responsibilities,  and  the  general  conduct  of  the  business  of 
a  {'link,  are  all  instructive  and  useful.  The  Narrative  of  Transactions  is  very  natural  and  proper,  and  affords  a. 
very  good  preparation  for  the  entries  of  actual  business.  Your  system  is  a  good  one,  and,  if  carefully  studied, 
vour  students  will  become  acquainted  with  principles  which  they  can  apply  in  practice  to  the  varied  operation' 
f  Banks  and  Banking,  either  in  the  city  or  the  country. 

I  cheerfully  commend  the  work  to  all  persons  desirous  of  becoming  acquainted  with  Bank  Book-keeping. 
Yours,  CHARLES  P.  1IAHTT,  Cashier  Farmers  Bank,  Troy. 


PORTLAND,  May  28,  18G3. 

I  Lave  examined  the  plan  of  Bank  Book-keeping  which  is  taugrrt  by  Messrs.  Bryant,  Stratton  &  Co.,  and  I 
am  very  much  pleased  with  it. 

The  system  corresponds  very  nearly  to  that  used  by  the  Banks  of  New  England,  and  the  entries 
cover  about  all  that  are  in  use  between  a  merchant  and  his  banker. 

WILLIAM  E.  GOULD  Cashier  International  Bank,  Portland,  Main/3 


^r 


BRYANT  &  STRATTON'S 
COUNTING  HOUSE 

BOOK-KEEPING: 


CONTAINING   A 


COMPLETE  EXPOSITION  OF  THE  SCIENCE  OF  ACCOUNTS, 

IN  ITS   APPLICATION   TO 

THE  VARIOUS  DEPARTMENTS  OF  BUSINESS; 

INCLUDING 

SETS  OF  BOOKIS 


WHOLESALE  AND  EETAIL   MERCHANDISING, 

FARMING,  SETTLEMENT  OF  ESTATES 


BANKING,  EXCHANGE,  STOCK  BROKERAGE,  ETC. 


WITH     FULL    EXPLANATIONS     AND     APPROPRIATE     REMARKS     ON     THE     CUSTOMS    OF    TRADE  ;     ANI 
EXAMPLES    OF   THE    MOST    IMPORTANT    BUSINESS    FORMS    IN    USE. 


BY 

H.  B.  BRYANT,  AND  H.  D.  STRATTON, 

FOUNDERS   AND    PROPRIETORS   OP  TUB   "  INTERNATIONAL   CHAIN    Of  COMMERCIAL    COLLKOKS,"   LOCATED    IN    NEW   YORK,    BP.OOKLTS 

,  PROVIDENCE,  PORTLAND,  ALBANY,  TROY,  BUFFALO,  TORONTO,  CLEVELA:  o,  DETROIT,  CHICAGO,  AND  ST.  LOUIS. 

AND 

S.    S.    PACKARD, 

BK8TDENT  PRINCIPAL  OK   THB  NEW   YORK   O1TY   COMMERCIAL  COLI.EOK. 


NEW  YOKK: 
IVISON',  PHINNEY,  BLAKEMAN  &  COMPANY, 

Nos.  47  &  49  GREENE  STREET. 

CHICAGO:   S.  C.  GRIGGS  &  CO.,  30  &  41  LAKE  ST. 
1867. 


THB 

UFIVBRSITT 


Entered,  according  to  Act  of  Congress,  in  the  year  1863. 

BY  BRYANT,  STRATTON  &  PACKARD, 
In  the  Clerk's  Office  of  the  District  Court  of  the  United  States,  for  the  Southern  District  of  New  York. 


CONTENTS. 


PREFACE 

SIIOKT  ADDRESS 


PAC.?:. 
5 

7 


INTRODUCTION. 

Description  of  Principal  Books. 11 

Forms  of  Principal  Books 12 

Mercantile  Terms 13 

General  Principles 16 

Questions  for  Review 17 

General  Plan  of  the  Work.. .  18 


SET  I — Single  Proprietor, 

Instructions 20 

Day  Book 22 

Journal 23 

Lodger 25 

General  Statement 27 

Questions  for  Review 32 

Closing  the  Ledger 33 

Order  of  Closing. 34 

Ledger  Closed 35 

General  Remarks. 37 

Exercises  for  the  Learner  (First  Series) 39 

Questions  for  Review 41 

Ii.dux  to  Ledger  B 42 


»  SET  II.— Continuation  of  Set  I, 

Daly  Book 44 

Journal 46 

Leilg.-r 48 

General  Statement 50 

Exercises  for  the  Learner  (Second  Series) 52 

Au  xiliary  Books 54 

Qu  estious  for  Review 56 


SET  III.— Continuation  of  Set  II. 


Da; 
Joi 
Trii 
Sta 
Clo 
Cor, 
Ex 
Qui 


Jou 

Led 
Tria 


Book. 


58 

C2 

1  Balance  and  Inventory l>7 

ement G8 

ing  II.  B.  Bryant's  Business 09 

mission  Business  Exemplified 70 

rcises  for  the  Learner  (Third  Series) 74 

stions  for  Review 76 


SET  IV.—  Partnership  Business. 
Remarks.  ..................................     78 


rnal  Day  Book  ...........................     80 

...................................     91 

1  Balance  and  Inventory  ..................     09 


Balance  Sheets  Explained 

Forms  of  Balance  Sheets 

Auxiliaries  to  Set  IV.  explained 

Commission  Sales  Book 

Accounts  Sales 

Outward  Invoice  Book 

Banking  Auxiliaries 

Notes,  Drafts,  &c 

Letter  Book 

Exercises  for  the  Learner  (Fourth  Series) 


102 
104 


113 

\]i\ 
1  1  3 
119 
124 


SET  V.— Jobbing  and  Importing. 

Remarks. i'J8 

Routine ]  ;>o 

Domestic  Invoice  Book i;v> 

Foreign  Invoice  Book 135 

Sales  Book i;;7 

Cash  Book 142 

Bill  Book 144 

Inventory  Book 145 

Journal 14  (; 

Balance  Sheet ]  4  3 

Questions  for  Review .  l ,  y 


Changing  Single  to  Double  Entry. 

Remarks 152 

Cash  Book ]  :,i 

Day  Book 1  "><•' 

Ledger : 153 

Process  of  changing. 160 

Continued  in  Double  Entry 1 1;-2 

Statements 10 1 

Exercises  for  the  Learner  (Filth  Series)   165 


Farm  Accounts. 

Remarks 170 

Cash  Memorandum 171 

History  of  Transactions 172 

Explanation  of  Six-Column  Journal 175 

Journal,  Practical  Form 176 

Trial  Balance  and  Inventory 181 

Statement 182 

Practical  Hints  for  Fanners 182 

Questions  for  Review 184 


Agencies — Administrator's  Books. 

Agencies 1 S6 

Administrator's  Books 187 

Day  Book 188 

Journal U»l 

Ledger 1 9*i 

Cash  Statement I'.'J 

Exercises  for  the  Lear.'ier.. .  .  20U 


CONTENTS. 


Comm'ssion. 

PAGE. 

Explanations 202 

Narrative  of  Transactions 204 

Memoranda  for  the  StmieiH 207 

Journal 210 

Receiving  B<:.>k 211 

Sales  Book 214 

Cash  Book 220 

Ledger 224 

Accounts  Sales. 229 


Forwarding. 

Explanations 232 

Delivery  to  Vessels   234 

Warehouse-  Delivery 235 

Delivery  to  Railroads 236 

Narrative 237 

Receiving  Book 238 

Cash  Book 240 

Ledger 242 


Banking. 

The  Sphere  of  Banks 246 

Organization 249 

Operation 249 

The  Daily  Routine 251 

Principal  Books 252 

Auxiliary  Books 253 

Directions  for  Writing  up 255 

Narrative — January 258 

February    259 

March 260 

April 261 

May 263 

June 265 

July 268 

August 270 

September 271 

October 273 

November 274 

Decembc-r 275 

Explanatory  Notes 278 

Debit  Journal 283 

Credit  Journal 289 

General  Ledger 295 

Trial  Balance 302 

Deposit  Ledger 303 

Discount  Register 310 

Collection  Register 314 


Domestic  Tickler 

Foreign  Tickler 

Passed  Collections 

Individual  Liabilities 

Cash  Book 

Stock  Ledger 

Transfer  Book 

Offering  Book 

Statement  Book 

Certilicate  of  Stock 

Certificate  of  Deposit 

Certified  Check 

Bank  Draft 

Negotiable  Note 

Accepted  Draft 

Collateral  Note 

Notice  to  Drawer  or  Endorser. 
Notice  of  Protest. . . 


PAGE. 

313 
322 
326 
328 
329 
329 
329 
330 
330 
331 
331 
331 
332 
332 
33-2 
333 
333 
334 


Brokerage  and  Exchange. 

Currency 336 

Stocks 31J7 

Stock  Brokerage 338 

Narrative 341 

Blotter 343 

Cash  Book 344 

General  Ledger 346 

Stock  Ledger 318 

United  States  Five-Twenty  Coupon  Bund 350 

United  States  Registered  Bond 351 

Rail  Road  Shares   351 

Rail  Road  Bond 352 

Foreign  Exchange 353 


Commercial  Calculations. 

Addition 356 

Interest 356 

Discount 358 

Equation  of  Payments 358 

Averaging  Accounts  Current 359 

Account  Current  and  Interest 362 

Partnership  Settlements 364 


Miscellaneous. 

Hints  as  to  Dividends 370 

Vocabulary  of  Mercantile  Terms 371 

Abbreviations  and  Characters J374 

Time  Table ..  1375 


UNIVERSITY 


E 


IN  1 859,  the  authors  of  the  present  treatise  perfected  arrangements  for  the  publication  of  a  series  O>  works 
on  Bookkeeping  which  should' comprise  three  books,  and  constitute  a  progressive  treatment  of  the  subject; 
commencing  with  the  most  simple  formulas  and  illustrations,  adapted  to  the  comprehension  of  beginners,  and 
proceeding,  in  the  natural  order  of  development,  to  the  more  complex  and  intricate  questions  which  arise  in  the 
exigencies  of  business,  requiring  in  their  adjustment,  maturity  of  thought,  and  a  thorough  knowledge  of  the 
principles  governing  business  record. 

In  pursuance  of  this  plan  they  issued  in  the  summer  of  I860,  the  intermediate  book  of  the  series,  known  aa 
the  "  High  School"  edition,  which  embraced,  with  other  matter,  the  first  185  pages  of  the  present  treatise ;  and 
ia  the  year  following,  the  primary,  or  "Common  School"  edition,  comprising  192  pages  12mo,  and  adapted  lo 
class  and  private  instruction,  for  the  lower  grades  of  schools  and  beginners.  At  the  same  time,  the  final  book 
of  the  series,  the  "Counting  House"  edition,  was  announced  as  forthcoming  "in  a  few  months."  Two  years 
have  elapsed  since  this  announcement,  the  greater  portion  of  which  time  has  been  faithfully  spent  in  carrying  out 
the  original  purpose  which  culminates  in  the  work  before  the  reader. 

This  unexpected  delay  has  been  the  source  of  much  regret  and  annoyance  to  us,  as  well  as  of  solicitude  to 
our  friends, — if  we  are  permitted  to  judge  from  the  frequent  inquiries  which  have  encountered  us  on  every 
hand — but  it  has  been  unavoidable ;  and  here  we  rest  our  defense. 

It  is  one  thing  to  evolve  a  general  theory  of  debits  and  credits,  which,  having  a  mathematical  basis,  and 
clearly  defined  limits,  may,  with  carefully  selected,  and  ingeniously  arranged  material,  be  fashioned  into  sym 
metrical  proportions,  which  will  both  please  the  eye,  and  captivate  the  understanding,  and  quite  another  to  take 
up  the  actual  occurrences  of  a  multifarious  and  extensive  business,  and,  without  discarding  any  details  which 
may  seem  to  destroy  the  symmetry  of  a  preconceived  theory,  so  fashion  the  whole  as  not  only  to  dispose  of  each 
item  composing  the  daily  routine  in  such  a  manner  as  to  make  apparent  its  ultimate  bearing  upon  the  grano 
result,  but  to  keep  these  recurring  facts  so  well  in  hand,  as  that  each  shall  be  made  to  work  out  its  o\vii  separate 
mission,  without  encroachment  or  self-stultification. 

The  first  two  books  of  this  series  were  intended  mainly  to  teach  the  theory  of  Accounts;  and  while  great 
care  was  taken  that  the  transactions  should  be  such  as  usually  occur  in  the  departments  of  business  represented, 
they  were  selected  more  with  a  view  to  establish  the  student  in  the  grand  fundamental  principles  of  the  science, 
than  to  exhibit  the  peculiar  forms  of  entry  variously  employed  in  business.  That  this  was  the  proper  course  we 
are  fully  confident,  not  only  from  our  own  experience  in  this  special  department  of  instruction,  but  from  the  oft- 
repeated  assurances  of  competent  teachers  and  educationists  in  all  parts  of  the  country. 

In  the  "Common  School"  edition  we  aimed  to  give  the  plainest  instruction,  accompanied  by  the  most  simple 
illustrations,  avoiding  as  far  as  possible  any  fine-spun  theories,  or  elaborate  discussions  upon  points  not  likrly 
to  bo  understood  and  appreciated  by  the  class  of  minds  to  which  the  work  was  addressed.  In  the  higher  edition 
•we  deemed  it  our  privilege  to  enter  upon  the  general  discussion  with  more  freedom  of  expression,  and  less 
regard  to  the  undefined  prejudices  against  metaphysical  reasoning  which  marks  the  indolent,  no  less  than  tlm 
timid  mind.  The  general  theories  there  assumed,  and  more  or  less  elaborately  enforced,  were-,  in  some  essential 
particulars,  original  and  novel,  and  were  put  forth  with  a  good  degree  of  timidity,  not  on  account  of  any  tears  as 
to  their  truthfulness  or  consistency,  but  as  to  tho  prudence  of  venturing  upon  the  untried  sea  of  authorship 
against  a  tide  of  opposing  precedents,  which  although  they  may  have  been  disturbed  by  collision  with  the 
innovations  of  recent  authors  were  surely  not  destroyed. 

But  if  the  natural  distrustfulness  with  which  tiiese  general  propositions  were  made  public  was  then  admiss- 
able,  the  thorough  test  which  a  three  years'  use  of  the  book  iu  the  hands  of  teachers,  who  are  iu  the  habit  of 
thinking  for  themselves,  has  afforded,  would  render  any  farther  lu-sitancy  or  special  pleading,  not  only  uncalled  for 
but  puerile.  This  satisfactory  ordeal  has  afforded  us  np  occasion  for  changing  any  of  our  positions,  or  even  of 
qualifying  the  deductions  which  seemed  naturally  to  grow  out  of  them.  And  so  wo  have  embodied  them  in  the 
present  treatise  as  affording  the  best  possible  preparation  for  a  clear  understanding  of  the  more  practical  features 
pivs'Mited  in  tho  last  half  of  the  work,  and  which  constitute  its  chief  characteristics. 

5 


PREFACE. 

These  sets  have  been  carefully  prepared  with  a  view,  not  only  to  illustrate  the  features  of  the  various  depart 
ments  of  busiuess,  but  to  afford  the  most  extensive  application  of  the  science  of  Accounts.  In  preparing  this 
portion  of  the  work,  we  have  drawn  without  stint  upon  the  experience  of  business  men;  having  to  this  end 
visited  many  of  the  first  establishments  of  the  country,  and  had  access  to  all  such  books  and  documents  as  could 
in  any  manner  aid  us  in  presenting  the  true  aspects  of  business.  And  we  take  this  occasion  to  return  our 
sincere  thanks  to  those  gentlemen — whom  we  would  bo  proud  to  name — who  have  so  generously  afforded  us 
these  invaluable  facilities;  and  whose  kind  suggestions  have  served  as  a  perpetual  inspiration  in  the  prosecution 
of  our  labor. 

Our  aim  has  been  to  make  the  book,  in  the  truest  sense,  practical;  and  while  we  esteem,  at  their  full  value, 
the  necessary  abstractions  which  enter  into  the  discussion  of  general  principles,  and  which  have  not  been  spared 
in  the  theoretical  part,  experience  has  taught  us  that  with  the  majority  of  learners  the  shortest  and  most  effectual 
method  of  inculcating  theory  is  to  make  a  proper  application  of  its  principles  to  practical  results.  Especially  is 
this  true  of  Bookkeeping,  a  science  so  thoroughly  susceptible  of  illustration;  and  the  beauties  of  which  are  in 
no  way  so  clearly  shown  as  in  the  practical  forms  of  business  through  which  its  theories  are  enforced. 

In  selecting  from  the  numerous  callings  of  business  life  those  best  adapted  to  our  purpose,  we  have  endeavored 
to  secnre  as  great  a  variety  of  record  as  possible,  while  we  have  had  direct  reference  to  the  probable  future 
wants  of  the  student.  Without  desiring  to  make  the  book  cumbersome,  or  to  place  it  beyond  the  reach  of  the 
many  on  account  of  price,  wo  have  nevertheless  endeavored  to  treat  each  separate  subject  with  fullness  and 
fidelity;  choosing  rather  to  limit  variety  than  to  accept  the  alternative  of  superficiality.  This  purpose,  we  feel 
assured,  will  be  appreciated  by  that  large  arid  worthy  class  of  young  men  who  are  willing  to  undergo  the  neces 
sary  ordeal  of  study  to  prepare  themselves  for  first-class  positions;  and  we  are  free  to  say  that  an  earnest  desire 
to  meet  the  wants  of  such  has  had  much  to  do  in  giving  direction  to  our  efforts. 

In  preparing  the  practical  sets  we  have  been  actuated  by  two  leading  impulses,  viz.,  to  exhibit  the  most 
approved  forms  of  business  record,  as  they  exist  in  actual  practice,  and  to  combine  the  best  features  in  each 
department,  with  such  improvements  as  our  own  experience  and  observation  dictate. 

We  have  endeavored  to  present  the  transactions  in  their  natural  order,  that  the  student's  practice  may,  as  far 
as  possible,  assimilate  to  the  actual  business  routine,  and  enable  him  to  appreciate  the  practical  bearing  of  each 
entry.  If  some  of  the  sets  seem  to  be  tedious  in  their  length  and  repetition,  the  advantage  afforded  by  such 
discipline  will  more  than  outbalance  the  labor;  which  can  be,  at  best,  but  a  slight  indication  of  the  more  respon 
sible  duties  of  the  Counting:  Room. 

It  is  true  that  no  book  hitherto  published  on  this  subject  has  required  of  the  student  such  an  extent  of  mental 
labor  ;  and  we  feel  assured  that  this  fact,  instead  of  interdicting  its  favorable  reception  with  an  intelligent  public 
will  rather  add  to  its  claims.  The  great  foe  to  true  progress  in  all  ages  has  been  mental  slothfulness ;  and  so 
prone  are  we  all  to  this  condition — so  willing  to  let  others  do  our  thinking — that  \ve  are  constantly  in  need  of 
some  impelling  force  which  shall  develop  the  dormant  faculties,  and  enable  us  to  realize  the  true  idea  of 

EDUCATION. 

We  have  little  faith  in  the  "  learning-made-easy"  method  of  treating  a  science  so  eminently  worthy  of  the 
best  mental  efforts,  and  requiring  in  its  application  such  thorough  comprehension  as  well  as  such  nice  distinc 
tions.  To  understand  it  at  all,  the  student  must  think  for  himself;  and  in  order  that  he  may  not  forget  this  part 
of  his  duty,  we  have  endeavored  to  prescribe  at  proper  intervals  his  appropriate  mental  tasks. 

If  ho  will  follow  them  out  carefully  and  faithfully  to  the  end,  producing  through  the  regularly  prescribed 
processes  the  specified  results,  he  will  never  have  occasion  to  regret  the  time  and  labor  thus  spent,  and  can 
make  no  mistake  in  reckoning  his  knowledge  of  Bookkeeping  as  among  the  most  valuable  of  his  acquisitions. 

BRYANT,  STRATTOX,  &  PACKARD. 
NETV  TOKK,  July  1,  1863. 


6 


A  SHORT  ADDRESS, 

RESPECTFULLY  DEDICATED  TO  THE  YOUNG  MEN  OF  THE  COUNTRY. 


EVERT  human  life  has  its  purpose,  as  every  thing  in  nature  its  uses ;  and,  however  much  the  desire  may 
grow  to  evade  the  responsibilities  which  rest  on  each  individual  soul,  or  to  absorb  them  in  the  general  ap 
plication  to  the  race,  or  to  whatever  extent  we  may  throw  ourselves  upon  the  soothing  thought — 

"There  Is  a  Divinity  that  shapes  our  ends, 
Rough-hew  them  how  we  will ;" — 

still  ever  within  the  heart  there  lives  a  consciousness  that,  in  the  duties  of  life,  every  one  must  answer  for 
himself,  and  not  another.  This  very  consciousness  is  the  key-note  of  existence,  lending  to  life  its  charms, 
and  to  society  its  surest  safeguard.  We  desire  to  accept  it  as  the  basis  of  a  few  suggestions,  which  we  think 
not  out  of  place  in  this  connection. 

Let  us  come,  then,  directly  to  the  point:  What  is  your  purpose  in  life,  and  how  do  you  hope  to  accom 
plish  it?  Do  you  desire  riches  1  You  have  but  to  stretch  forth  your  hand  and  take  them.  Honor?  It  is 
yours  for  the  asking.  Fame  ?  Many  less  noble  and  talented  have  won  it,  and  so  may  you.  Friends  ? 
They  will  come  of  their  own  accord,  if  you  get  but  the  others.  There  is,  indeed,  a  wonderful  potency  in  the 
human  will,  and  an  efficiency  in  human  hands  scarce  dreamed  of  by  the  brightest  visionary.  But  let  ns  sep 
arately  consider  these  desires,  and  the  avenues  which  lead  to  their  consummation. 

1.  RICHES. 

It  is  folly  to  contend  against  this  desire,  even  on  moral  grounds  ;  as  he  who  would  be  able  to  make  the  clear 
est  case,  would  still  fail  in  convincing  himself  that  a  "reasonable"  share  of  this  world's  goods  would  neces 
sarily  disqualify  him  for  the  highest  state  of  human  enjoyment.  Even  the  Prophet,  speaking  through  in 
spiration,  res  positively  denounces  poverty  as  its  opposite ;  and  the  world  has  yet  to  see  a  philosopher,  of 
whatever  school,  who  would  not  make  himself  an  exception  to  any  rule  which  would  constitute  the  getting  of 
riches  a  moral  wrong.  The  possession  of  wealth  is,  in  itself,  neither  good  nor  bad.  It  is  only  the  use  of  money 
which  circumscribes  its  moral  tendencies.  Even  the  Bible — that  highest  text-book  of  morality — does  not  de 
nounce  riches  per  se.  It  is  not  money,  but  the  love  of  it  which  is  called  "  the  root  of  all  evil."  To  desire  riches, 
then,  is  no  evil.  On  the  other  hand,  we  consider  it  to  be  not  only  legitimate,  morally  speaking,  but  highly 
commendable.  The  possession  of  wealth  not  only  adds  to  one's  importance  in  the  community,  but  places  w'thin 
his  power  almost  limitless  opportunities  to  do  good.  There  is  not  an  enterprise,  having  for  its  object  the  bet 
tering  of  human  condition,  that  does  not  depend,  in  the  greatest  measure,  for  its  usefulness,  upon  money. 
Through  its  potency,  states  are  inhabited,  churches  erected,  knowledge  diffused,  the  avenues  of  commerce 
kept  open,  industry  rewarded,  genius  fostered,  and  the  refining  influences  of  civilization  strengthened  and 
perpetuated.  The  acquisition  of  wealth,  then,  for  the  good  it  may  do,  is  a  worthy  purpose  of  life.  How 
shall  it  be  accomplished?  If  one  may  judge  by  the  flaming  advertisements  which  disgrace  the  columns  of 
our  daily  papers,  there  is  no  method  which  ingenuity  can  devise,  or  rascality  concoct,  that  is  not  resorted  to 
for  this  end;  and  the  world  will  probably  never  be  so  good  or  so  wise,  this  side  of  the  millennium,  that  such 
will  not  be  the  case.  To  become  suddenly  rich,  is  the  passion  of  the  age ;  and  if  one  out  of  every  ten  thous 
and,  who  run  the  gauntlet  of  this  mad  ambition,  succeeds,  the  nine  thousand  nine  hundred  and  ninety-nine 
disastrous  failures  are  lost  sight  of  in  the  dazzling  effulgence  of  that  one  success.  Like  policy-dealer-!,  wlir 

7 


A    SHORT    ADDRESS. 

nlind  the  eyes  of  willing  victims  to  the  nlmost  inevitable  result  of  their  folly,  by  dwelling  alone  upon  the  mag 
nificence  of  coveted  but  inaccessible  prizes,  so  the  deluded  and  deluding  followers  of  mammon  cheat  their 
own  better  judgment  in  the  wild  pursuit  of  impossible  fortunes,  expecting,  despite  experience  to  the  contrary, 
by  some  grand  coup  d'etat  to  surprise  the  strongholds  of  wealth,  and  take  her  captive. 

It  is  not  thus  that  sensible  people  seek  to  grow  rich,  nor  thus  that  we  would  prescribe  the  means.  Our 
Hiiruvstions  on  this  head,  though  possessing  not  the  freshness  of  novelty,  nor  the  charm  of  mystery,  shall  be 
to  the  point.  The  three  prerequisites  to  this  enviable  and  attainable  condition  are:  honesty,  iiidunli-i/,  and 
frugality ;  three  homely  virtues,  whose  names  are  as  "  familiar  in  our  mouths  as  household  words,"  and  which 
are  as  necessary  to  our  personal  comfort  and  self-respect  as  is  the  condition  they  would  bring  about.  \Ye 
are,  in  truth,  the  architects  of  our  own  fortune ;  and  this  is  the  sweetest  consideration  of  all.  That  which  has 
become  ours  by  patient,  honest,  unremitting  endeavor,  will  be  appreciated,  and  we  shall  the  better  know  how 
to  dispose  of  it.  Again,  true  riches  cannot  be  wholly  measured  by  any  known  financial  standard.  Wealth 
is  a  purely  comparative  condition,  and  its  extent  has  less  to  do  with  the  number  and  significance  of  the  figures 
composing  its  total  than  the  relation  which  those  figures  bear  to  the  real  necessities  of  life.  He  who  has 
enough  for  his  own  immediate  wants — who  owes  no  man  any  thing,  and  is  not  fostering  in  his  own  heart  o 
brood  of  extravagant  desires,  is  "comfortably  rich."  He  who  has  more  than  this,  is,  to  that  extent,  wi'nlth>>. 
To  such  a  position,  it  is  not  only  the  privilege  but  the  duty  of  every  young  man  to  aspire ;  for  not  only  will 
the  coveted  prize  repay  all  his  exertions,  but  every  well-meant  endeavor  will  bring  its  own  immediate  reward 
in  developing  the  internal  resources,  in  raising  the  standard  of  self-respect,  in  enlarging  the  capacities  of  en- 
joyment,  and  in  begetting  the  self-consciousness  of  having  performed  one's  part  and  lot  in  the  world. 

2.  HONOR. 

To  be  esteemed  of  men,  is  also  a  commendable  desire  ;  and,  next  to  riches,  is  it  the  ruling  passion  of  life. 
It  is.  in  fact,  to  this  end  that  most  men  desire  riches.  That  position  in  life,  however,  which  is  the  mere  con- 
titigeijcy  of  wcidth,  will  not  repay  the  effort  necessary  to  acquire  it.  To  be  truly  esteemed  of  men,  is  to  be 
the  possessor  of  qualities  which  money  cannot  buy.  To  be  worthy  of  that  esteem,  is  the  highest  social  posi- 
ti  in  attainable  in  this  life.  How  shall  it  be  reached?  Everybody  has  heard  that  "honesty  is  the  best 
p»!icy;"  and  the  truth  of  the  maxim  is  substantiated  in  every  phase  of  human  history:  but  if  no  higher  moral 
;.,-;•' >:md  than  this  were  possible,  we  should  despair  of  ever  witnessing  a  correct  standard  of  honor.  Honesty 
•u  i.ich  springs  from  motives  of  polici/,  deserves  not  the  name.  It  is  akin  to  that  bustard  friendship  begotten 
of  selfishness,  and  is  not  entitled  to  a  place  on  the  list  of  virtues.  To  be  truly  honorable,  all  actions  must 
spring  from  pure  motives,  and  pure  motives  can  rest  only  on  correct  principles.  So  we  come  down  to  the  posi 
tion  that  correct  principle*  alone  can  produce  that  "  noblest  work  of  God" — an  honest  man.  But  how  is  one 
t<>  judge  of  correct  principles?  We  might  answer  as  most  moral  instructors  would:  Go  to  the  Bible.  The  an- 
MV!-r  would  not  be  amiss;  and  yet,  there  is  planted  within  every  human  breast  a  little  monitor,  the  pure  in- 
ptincts  of  which  are  as  unerring  as  truth  itself.  An  appeal  to  conscience  will  invariably  settle  the  little  pei 
plexing  questions  which  sometimes  become  so  inwrought  in  the  very  constitution  of  moral  actions  as  to 
threaten  the  utter  destruction  of  all  safeguards.  It  is  through  neglect  of  this  appeal  that  so  many  hundreds 
of  names  are  yearly  added  to  that  dishonored  catalogue  of  "  ruined  young  men."  The  fmt  step  in  a  wrong 
direction  is  always  the  most  difficult.  One  such  step,  unrepented  of,  is  a  sure  precursor  to  a  course  of  infamy. 
Mo  young  man,  at  the  beginning  of  his  career,  coolly  premeditates  a  life  of  dishonor ;  but,  having  once  launched 
upon  the  tide,  he  is  like  the  impotent  boatman  who  permits  his  craft  to  drift  into  the  rapids  of  Niagara.  Occa 
eionally  one  such,  in  his  swift  descent  toward  the  awful  chasm,  may  strike  upon  a  friendly  rock,  as  did  poor 
A  very ;  but,  as  in  his  case,  the  relief  will  be  but  temporary,  and  the  wild  hopes  of  rescue  will  only  add  pnnga 
to  the  certainty  of  destruction.  Honesty  is  the  best  policy;  and  better  than  that,  it  is  as  the  right  hand  <>{ 
God,  a  "  present  help  in  every  time  of  need" 

3.  FAME. 

This  is  an  empty  bubble,  at  best,  though  men  have  willingly  yielded  up  their  lives  to  secure  the  heritage 
for  their  children.  It  has  been  truly  said  that  "  some  men  are  born  great,  others  achieve  greatness,  while 
others  have  it  thrust  upon  them."  As,  in  this  country,  the  first  of  these  conditions  is  impossible,  and  the  hist 
inaccessible  by  any  human  effort,  there  remains  but  the  process  of  achievement  for  those  who  desire  to  be 
famous.  It  will  be  apparent  to  the  most  careless  observer,  that  the  very  existence  of  fame  is  dependent  upon 
its  opposite,  as  the  existence  of  a  mountain  would  be  impossible  without  its  contiguous  plain  or  valley.  As 
the  height  of  a  mountain  is  estimated  by  the  distance  of  its  summit  from  "  the  level  of  the  sea,"  so  is  the 
extent  of  a  man's  fame  measured  by  his  relauve  distance  above  the  level  of  society.  He  who  would  court 

B 


A    SHORT    ADDRESS. 

Fame,  then,  must  not  be  content  to  do  (is  well  as  others.     Negative  virtues  count  us  nought  in  such  a  contest 
and  no  one  who  has  not  the  positive  qualities  of  energy  and  perseverance  can  hope  fur  success  in  this  endeavor. 

4.  FRIENDS. 

Sentimentalists  talk  of  friendship  as  self-created  connoisseurs  in  art  point  out  the  beauties  of  an  Italian 
landscape,  or  a  boarding-school  miss  would  apostrophize  "  a  love  of  a  bonnet."  So  widely  prevalent  is  the 
disgust  which  these  sickly  views  of  the  noblest  of  human  sentiments  have  produced,  that  we  are  fast  becoming 
infidels  on  this  point;  and  no  opinion  is  more  common  or  more  freely  expressed  than  that  "  friendship  is  but 
a  name."  We  are  not  willing  to  accept  this  conclusion,  for  many  reasons.  First,  history  proves  its  fallacy  ; 
and  next,  to  yield  this  point,  would  be  to  strike  from  the  world  every  living  virtue ;  for  if  pure,  unselfish 
friendship  does  not  exist,  then  truth  has  710  abiding-place,  and  love,  the  sum  of  all  the  virtues,  would  be  with- 
cut  foundation.  It  is  the  privilege  of  every  young  man  to  contribute  to  a  healthier  sentiment  in  this  regard, 
first  by  deserving  friends,  and  next  by  enjoying  them.  By  friends  we  mean  not  those  summer  birds  who 
twitter  about  the  opening  petals  of  our  joy,  and  sing  in  the  branches  of  our  prosperity,  while  the  warm  SUD 
gives  life,  and  the  soft  breezes  stir  the  tender  foliage.  Flatterers  are  not  friends,  how  musical  soever  may 
be  the  sweet  cadences  of  their  adulation.  Those,  and  those  only,  are  our  friends  in  the  mirror  of  whose 
hearts  the  angles  of  incidence  and  reflection  are  rendered  equal  from  a  surface  unruffled  by  pride  or  any 
selfish  quality — who  can  tell  us  of  our  faults  as  they  would  point  out  a  malady  which  threatened  to  under- 
mine  our  health — not  for  the  gratification  it  may  give  them,  or  the  mortification  us,  but  that  efficient 
means  may  be  taken  for  its  eradication.  As  a  father  affords  the  strongest  proof  of  love  for  his  child  by 
inflicting  pain  that  good  may  follow,  so  the  surest  test  of  friendship  is  a  fealty  to  our  good  which  will  not 
shrink  from  any  duty  towards  us,  however  unpleasant,  or  liable  to  be  misconstrued.  Again,  society  is  not  so 
depraved  as  we  are  apt  to  think,  and  men  will  learn  to  put  a  true  estimate  on  character,  entirely  independent 
of  extraneous  considerations.  Beauty  and  symmetry  have  charms,  even  to  those  who  arc  themselves  most 
uncomely;  and  if  one  desires  the  acquisition  of  such  friends  as  will  not  desert  when  most  their  friendship  is 
needed,  the  surest  method  of  obtaining  them  is  not  to  seek  by  flattery  and  fawning,  or  at  the  expense  of  one 
particle  of  self-respect,  but  to  df nerve  by  a  life  and  character  which  must  force  them  into  the  ranks.  One 
friend  thus  secured  is  worth  a  thousand  flatterers  w>ho  live  in  the  sunshine  and  die  in  the  storm. 

We  have  thus  briefly  reviewed  some  of  the  important  desires  which  actuate  young  men  in  adopting  rules 
of  conduct  which  are  to  regulate  their  lives.  Let  us,  a  little  more  explicitly,  consider  the  points  which  bear 
upon 

THE  CHOICE  OF  VOCATION. 

Very  few  young  men  before  fairly  starting  in  life  have  any  decided  predeliction  for  a  special  calling.  It 
is  tru3  that  the  organ  of  hope,  which  so  preponderates  in  the  earlier  stages  of  life,  draws  extravagant  pictures 
of  what  we  shall  be  "  when  we  are  men  ;"  but  even  this  ambition  changes  with  the  shifting  panorama  which 
produced  it ;  and  we  run  in  imagination,  through  the  entire  category  of  professions  and  positions,  impelled  alone 
by  the  distant  halo,  which  in  our  youthful  wonder,  surrounds  the  objects  of  our  envious  regard. 

It  is,  perhaps,  as  well  that  this  is  so ;  for  no  decision  abstractly  made,  and  without  experience  to  give  it 
force,  would  bind  our  riper  judgment,  if  not  in  accordance  with  it.  Besides,  it  is  absolutely  impossible  thus 
to  dispose  of  our  future  selves.  For  instance,  it  is  one  of  the  peculiar  and  fascinating  doctrines  of  our  republic, 
that  the  highest  positions  of  honor  and  emolument  are  open  to  its  children.  It  is  common  when  referring  to 
the  humblest  scion  of  the  humblest  stock — "  the  unwashed  democracy" — to  remark,  "  Here  may  be  a  future 
president,"  or,  "  Disguised  in  that  torn  and  faded  apparel  is  an  embryo  governor ;"  and  history  is  not  wanting 
in  examples  to  prove  that,  in  this  country  at  least,  the  end  of  human  success  can  never  bo  estimated  from  its 
beginning.  The  accident  of  birth  has  no  weight  in  deciding  destiny.  Suppose,  then,  reasoning  from  this 
basis,  every  ambitious  young  man  should  say:  "  There  is  nothing  in  my  birth,  position,  or  constitution  which 
can  stand  in  the  way  of  my  elevation  to  the  presidential  chair;  it  is  worthy  of  my  best  efforts,  and  I  will  not 
rest  until  that  purpose  is  accomplished."  The  very  supposition  proclaims  its  own  folly.  It  is  true  that  all 
aspirations  of  this  kind  may  be  legitimate ;  but,  considering  how  few  presidents  are  chosen  in  each  general  ion, 
the  chances  for  such  preferment  are  even  less  than  that  of  obtaining  the  chief  prize  in  a  lottery  scheme  by  the 
purchase  of  a  single  ticket.  A  great  man — one  who  was  himself  nearer  to  the  rerdization  of  this  fond  dream 
than  any  other  who  failed — has  left  on  record  a  sentiment  which  does  him  more  honor  than  would  the  office 
lie  coveted.  It  is  appropriate  here  :  "  I  would  rather  be  /•//////  than  president."  If  this  be  the  ruling  ambition 
in  life,  the  accident  of  place — for  it  is,  at  best,  but  ;sn  accident — will  be  valued  only  as  it  can  be  made  best  to 
subserve  the  higher  purposes  of  existence.  "  I  was  once  called  upon,"  s;fid  a  popular  divine,  "by  a  conscien 
tious  member  of  my  church  who  confided  to  me  the  secret  wish  of  his  heart  to  become  a  preacher  of  the  Oos- 

B  y 


A    SHORT   ADDEESS. 

pel.  He  was  a  banker,  able,  consistent,  nnd  prosperous,  and  he  desired  my  advice  as  to  (he  propriety  of 
forsaking  his  chosen  vocation,  that  he  might  the  more  effectually  win  souls  to  Christ.  'Preach  the  Gospel, 
I  said  to  him,  '  by  all  means !  Preach  it  daily  and  hourly  ;  but  do  not  forsake  your  business.  Your  counter 
is  your  best,  pulpit,  and  the  sermons  which  speak  through  thu  common  transactions  oi  life  have  efficacy  sucn 
as  seldom  follows  the  exhortations  of  those  who  make  a  profession  of  Theology,  and  are  paid  to  preach  the 
Gospel.'"  There  is  common  sense  as  well  as  sound  theology  in  such  advice;  and  so  we  would  say  to  every 
ambitious  young  man :  Be  not  so  careful  concerning  the  particular  line  of  your  duties,  as  you  are  to  make 
your  position  the  means  of  scattering  blessings  around  you. 

Again,  ydung  men  are  apt  to  be  impatient  of  preferment,  and  to  place  a  higher  estimate  on  the  intrinsic 
value  of  their  services  than  the  state  of  the  market  will  warrant.  "  I  have  one  objection,"  said  n  shrewd  busi 
ness  man  to  us,  "to  employing  graduates  of  Commercial  Colleges.  They  are  apt  to  think  when  their  prelim- 
inary  studies  are  finished,  that  they  know  all  that  is  worth  learning,  and  to  value  their  services  accordingly." 
This  remark  does  not  apply  alone  to  the  graduates  of  colleges,  however  truthful  it  maybe  in  this  application. 
It  indicates  a  constitutional  weakness  which,  like  the  measles  and  whooping-cough  is  quite  sure  to  visit  us  all 
at  some  stage  of  life.  If  the  disease  can  be  forced  outward,  or,  as  physicians  say,  "driven  to  the  surface,"  it 
may  be  of  short  duration  and  leave  the  system  in  better  condition  than  before  the  attack ;  but  if  it  "  strikes 
in,"  much  skill  and  courage  is  required  to  take  the  patient  safely  through. 

Of  one  thing  aspirants  for  position  and  preferment  may  rest  assured,  that  the  business  world  will  put  an 
estimate  on  every  man  entirely  independent  of  his  own  self-valuation,  and  in  strict  accordance  with  his  merits. 
The  universal  law  of  "  supply  and  demand"  is  as  inexorable  in  prescribing  social  position  as  in  regulating  the 
markets ;  and  the  surest  way  to  attain  to  a  certain  desirable  point  is  to  cultivate  those  qualities  which  are  es 
sential  to  its  duties.  That  detestable  cowardice  which  whines  at  the  "  fickleness  of  fortune,"  and  lays  such 
serious  charges  at  the  door  of  an  "  unappreciating  public,"  should  be  purged  from  every  heart.  Whoever 
would  win  for  himself  a  place  must  expect  to  contest  the  ground,  inch  by  inch,  using  each  obstacle  overcome 
as  a  stepping-stone  to  his  own  advancement. 

Above  all,  let  us  earnestly  beseech  you,  do  not  wait  for  something  in  the  future  which,  to  your  unpractised 
eye,  promises  greater  reward  than  that  which  is  at  present  attainable.  If,  by  a  well-directed  effort,  you  can 
secure  the  starting-point  which  you  most  desire,  as  congenial  to  your  tastes,  and,  in  your  judgment  possessing 
the  germ  of  success,  strike  out  boldly  and  fearlessly.  Should  you  fail  in  this,  do  not  despair,  but  turn  your 
attention  to  the  next  most  desirable  object.  There  is  nothing  so  hopeful  of  future  success  as  present  employ 
ment.  Never  be  idle.  There  is  always  something  for  willing  hands  to  do;  and  no  class  of  persons  have  less 
favor  with  right-thinking  men  than  those  who  are  "  out  of  employment." 

Do  not  set  your  heart  upon  city  life.  It  is  a  mistaken  idea  which  seems  to  have  taken  possession  of 
certain  young  men  reared  in  the  country,  that  the  surest  road  to  wealth  and  distinction  leads  through  the 
metropolis.  It  is  true  that  the  majority  of  those  who  are  eminent  for  wealth  or  talent  in  the  large  cities  are 
country  born ;  but  they  compose  a  meagre  share  of  that  almost  ceaseless  tide  of  influx  which  is  daily  swelling 
the  ranks  of  the  restless  horde  of  adventurers  clamorous  for  something  to  do — any  thing  to  obtain  a  foothold 
in  the  city.  It  is  true  that  young  men  are  wanted  in  every  avenue  of  city  life,  and  that  without  them  the 
very  channels  of  commerce  would  become  stagnant ;  but  there  is  already  an  over  supply  of  those  "  to  the 
manner  born,"  while  beyond  the  limits  of  city  life  there  arc  fields  of  adventure,  and  enterprises  of  industry, 
actually  suffering  for  strong  hands  and  stout  hearts.  Besides,  there  are  no  qualifications  which  would  secure 
eminence  in  city  life,  that  may  not  be  made  equally  productive,  if  not  more  so,  in  less  populous  districts.  In 
all  large  commercial  centers,  every  department  of  industry  is  filled  with  competitors,  a  few  only  of  whom  can, 
in  the  nature  of  the  case,  stand  at  the  head  of  their  business.  In  the  country,  competition  is  less  severe,  and 
appreciation  assumes  a  more  genial  type.  In  large  cities,  the  eternal  strife  necessary  not  only  to  obtain 
position  and  wealth,  but  to  retain  them,  tends  to  selfishness  and  moroseness,  shuts  out  the  nobler  her.rt- 
qualitics,  fossilizes  the  affections,  and  makes  men  recreant  to  their  own  better  natures.  We  do  not  say  that 
this  is  so,  necessarily ;  but  the  commonest  observation  will  substantiate  its  essential  truth. 

In  conclusion,  we  would  say  to  the  young  men,  and  particularly  to  such  as  are  about  entering  upon  busy 
life :  Be  in  earnest.  Whatever  is  worthy  of  your  attention  at  all,  is  entitled  to  your  best  energies  of  thought 
and  action.  Do  not  despise  the  day  of  small  things.  If  you  would  be  sure  of  success  in  any  department  of 
life,  earn  it.  Do  not  place  a  false  estimate  upon  yourself,  but  accept  the  estimate  of  others  as  the  safest 
standard  upon  which  to  act.  Never  despair  of  obtaining  what  you  desire,  and  have  a  right  to  possess.  Seek 
to  rise  upon  your  own  merits,  rather  than  through  the  favor  of  friends.  Do  not  defer  action,  in  hopes  of  some 
better  starting-point  in  the  future.  In  whatever  you  do,  act  from  principle,  appealing  to  your  own  conscience, 
and  the  revealed  Word  for  decision  in  every  doubtful  case. 

If,  by  adhering  to  all  these  requirements  you  should  at  length  fail  of  riches,  honor,  fame  and  frienda 
you  may  still  have  the  consciousness  of  a  life  well  spent,  and  an  eternal  reward. 

10 


INTRODUCTION". 


1  BOOK-KEEPING  is  the  faithful  and  systematic  record  of  business  transactions. 

'All  business  transactions  consist  in  an  exchange  of  values;  and  hence,  8  Book-keeping  is 
the  science  by  which  these  exchanges  are  recorded  and  their  results  shown. 

4  There  are  two  methods  of  Book-keeping  in  general  use,  distinguished  as  Single  and  Dmible 
Entry.  Both  of  these  methods  may  be  made  to  show  the  same  general  results,  but  Bthc  latter 
is  conceded  to  be  greatly  superior,  both  from  its  better  facilities  for  developing  results,  and  its 
more  excellent  tests  for  determining  the  correctness  of  the  work. 

6 The  characteristic  feature  of  Double  Entry  may  be  inferred  from  its  distinctive  title. 
'  Each  transaction  must  be  entered  to  two  or  more  Ledger  accounts,  as  two  or  more  persona 
or  things  are  affected  thereby. 

8 The  three  main  books  used  in  Double  Entry  are  the  Day  Book,  Journal  and  Ledger. 
*The  Day  Book  and  Journal  arc  sometimes  combined  in  one. 

10 The  nun i her  and  character  of  the  auxiliary  books  depend  somewhat  on  the  nature  and 
extent  of  the  business,  but  more  on  the  amount  and  kind  of  information  desired.  Of  these 
we  shall  speak  more  fully  hereafter. 

11  THE  DAY  BOOK 

Is  the  book  of  original  entry,  and  contains  a  consecutive  history  of  the  transactions  in  the 
date  and  order  of  their  occurrence.  14It  should  be  plain,  concise,  and  unequivocal  in  its  state 
ments  ;  neither  confusing  the  mind  by  redundancy  of  language,  nor  leaving  room  for  improper 
inferences  from  lack  of  sufficient  explanation.  I3  As  the  records  in  this  book  are  supposed  to 
be  made  when  the  transactions  and  all  the  circumstances  connected  therewith  are  fresh  in  the 
mind,  it  is  the  only  book  allowed  in  court,  in  cases  of  litigation.  14  Its  importance,  from  this 
fact,  and  also  on  account  of  its  being  the  basis  of  all  the  results  shown  by  the  other  books, 
be  overrated.* 


*  There  is,  perhaps,  no  one  thing  leading  more  directly  to  unpleasant  and  mischievous  results  than  the  lack  of 
clearness  in  the  original  record  of  transactions.  So  palpable  is  this  fac-t  to  the  minds  of  many  experienced  business 
men,  that  they  insist  upon  putting  in  black  and  white  every  thing  which  may  affect  the  interests  of  any  p;irty, 
however  remote;  writing  out  all  contracts  in  full,  and  even  preserving  the  figures  upon  which  all  agreements  nre 
based.  We  cannot  too  strongly  commend  this  practice,  either  in  connection  with  the  Day  Book,  or  in  a  book  kept 
for  the  purpose.  Much  of  the  difficulty  growing  out  of  misunderstandings  would  be  'Badily  avoided  by  reference 
to  all  the  circumstances  affecting  agreements;  and  particularly  if  these  circumstance!;  re  written  do\vu  at,  Hit  time 
ot  such  agreements. 

11 


INTKOELTCTION. 


"THE  JOURNAL 

Is  distinct  from  the  Day  Book,  insomuch  as  its  special  use  is  to  decide  upon  the  proper 
debits  and  credits  involved  in  each  transaction,  preparatory  to  their  entry  upon  the  Ledger. 
'"It  is  sometimes  combined  with  the  Day  Book,  and  sometimes  omitted  entirely,  "its  labor 
being  performed  mentally.  Its  essential  character  and  convenience,  however,  are  not  to  be 
questioned,  18and  the  improvements  which  have  been  instituted  in  its  form  have  rendered  it 
not  only  important  as  an  interpreter,  but  valuable  for  labor-saving  purposes. 

19  THE  LEDGER 

Is  the  merchant's  encyclopedia.  All  other  books  of  the  series  are  subservient  and  tribu 
tary  to  this.  20  Here  are  shown  the  results  of  all  the  transactions,  arranged  under  distinct  and 
appropriate  heads,  called  accounts.  21  Each  account  has  two  sides,  a  Dr.  and  a  Cr.,  each  gov 
erned  by  well-defined  conditions,  and  showing  certain  important  facts  bearing  upon  the  gen 
eral  result. 


FORM  OF  THE  PRINCIPAL  BOOKS. 

We  give  below  the  usual  forms  of  the  three  principal  books,  showing  their  characteristic 
records  of  the  same  transaction  : 

1. — Day  Book. 

NEW  YORK,  JANUARY  1,  1859. 


y 


Bought  of  James  Monroe,  on  account, 
500  Bbls.  Flour  @  $10 


2 


Sold  Andrew  Jackson,  for  cash, 

100  Bbls.  Flour  @  $10.50 


Slutement  of  transaction. 


5000 


1050 


2. — Journal. 

NEW  YORK,  JANUARY  1,  1859. 


Dr. 


Cr. 


I 

Merchandise  Dr.              

5000 

— 

2 

To  James  Monroe     

5000 

2 

Cash  Dr  

1050 

1 

To  Merchandise  

10r)0 

£ 

« 

N 

a 

. 

V 

lo 

£ 

!p 

^ 

50 

g 

°n 

1" 

Ledger  Titles. 

O 

<s 

0 

S 

12 


Date 


Dr. 


INTRODUCTION. 

3. — Ledger. 

MERCHANDISE. 


Or. 


1859 

r/U  /t. 

1 

To  James  Monroe 

1 

5000 

1859 
Jan. 

2 

By  Cash 

1 

1050 

o4 

sf 

f 

i 

*j 

1 

£ 

Explanation  or 
Opposite  Ledger  Title 

1 

o 

1 

1 

1 

Explanation  or 
Opposite  Ledycr  Title 

^ 

* 

c> 

JAMES  MONROE. 


1859 
Jan. 

1 

By  Mdse. 

1 

5000 

CASH. 


1859 
Jan. 

2 

To  Mdse. 

1 

1050 

MERCANTILE  TERMS. 

LEDGER  ACCOUNTS. 

w>.very  person,  species  of  property  or  cause,  which  enters  into  the  transaction,  producing 
a  debit  or  credit,  is  designated  by  a  name,  whic .1  appears  upon  the  Ledger,  and  is  known  as 
an  Account.  Each  account  has  two  sides,- one  of  which  (23the  left-hand  side)  is  called  Debtor, 
and  the  other,  (24the  right-hand  side,)  Creditor. 


DEBITS  AND  CREDITS. 

*5  These  terms  are  contradistinctive,  and  are  used  to  denote  the  relation  in  which  persons, 
property  and  causes  stand  to  the  business.  26In  every  transaction  the  sum  of  these  must  be 
equal.  Various  authors  and  teachers  have  spent  much  effort,  and  exhausted  both  time  and 
ingenuity  to  bring  these  terms  to  the  test  of  some  general  and  "infallible"  rule;  while  others 
have  gone  so  far  in  the  opposite  direction  as  to  insist  that  the  items  of  which  they  are  com 
posed  "  would  form  a  list  of  incongruous  facts,  having  no  object  in  common."  Their  true 
significance  and  use  can  be  ascertained  in  no  way  so  well  as  by  noting  particularly  their  ap 
plication  to  the  various  objects  and  causes  which  enter  into  each  transaction.  "Each  Ledger 
account,  by  the  use  of  these  terms,  is  made  to  show  an  iinporlantjjx'^lt  of  jtselt. 

13 

>*  OP  THE        • 


URI7ERSIT7] 


INTRODUCTION. 

RESOUKCES  AND  LIABILITIES. 

98  Any  kind  of  value  belonging  to  the  concern  is  a  Resource,  and  Many  debt  owing  bj  the 
concern  is  a  Liability. 

BO  CASH 

Is  the  title  to  designate  money.  S1  The  Cash  account  in  the  Ledger  is  debited  with  all  re 
ceipts  of  cash,  and  3J  credited  with  all  disbursements.  33The  difference  between  the  two  sides 
must,  at  any  time,  exhibit  a  resource  of  the  exact  amount  of  cash  on  hand.  w  It  will  be  evi 
dent  that  the  credit  side  of  Cash  account  cannot  exceed  the  debit,  as  more  cash  cannot  be  paid 
out  than  has  been  received. 

BILLS  RECEIVABLE. 

85  By  this  title  is  meant  all  written  obligations  of  whatever  form,*  in  our  possession,  for 
which  a  certain  specified  amount  is  to  be  received.  S6The  Bills  Receivable  account  is  debited 
with  notes  received,  and  31  credited  with  those  disposed  of,  or  in  any  manner  canceled. 
"The  excess,  if  any,  must  be  on  the  debit  side,  and  will  indicate  that  portion  of  cur  re 
sources  consisting  in  notes. 

BILLS  PAYABLE. 

89  By  this  term  is  meant  the  written  obligations  of  the  concern,  for  which  a  specified  amount 
is  to  be  paid.  Under  this  head  are  placed,  on  the  credit  side,  40our  notes  and  acceptances 
issued,  and  on  the  debit  side,  41  such  of  them  as  have  been  redeemed.  42The  difference,  if 
there  be  any,  must  exhibit  our  outstanding  notes,  or  our  liability  on  unredeemed  paper. 

MERCHANDISE. 

<3This  term  may  be  more  or  less  general  in  its  application,  according  as  it  embraces  a 
larger  or  smaller  variety  of  property.  It  usually  implies  all  property  purchased  or  owned 
by  the  concern  for  purposes  of  traffic,  and  remaining  in  store.  It  generally  embraces  all  such 


*  There  are,  in  common  use,  two  forms  of  written  obligations  known  as  "negotiable  paper."  One  is  called  a 
note,  and  the  other  a  draft,  or  acceptance.  They  are  precisely  similar  in  their  legal  effect  and  value,  differing  only  iu 
form,  from  the  different  circumstances  of  their  origin.  A  Note  originates  with  the  payer  and  is  a  voluntary 
promise  to  pay,  thus : — 

NOTE. 

$1000.  18  COOPER  INSTITUTE,  NEW  YORK,  July  1,  1859. 

Sixty  days  after  date  I  promise  to  pay  S.  S.  Packard,  or  order,  one  thousand  dollars,  for  value  received. 

H.  li.  BKYANT. 

A  Draft  originates  with  tlie  person  on  whose  account  the  payment  is  to  be  made,  being  in  the  form  of  a  request, 
thus : — 

DRAFT. 
I  LOGO.  NEW  YORK,  July  1,  1359. 

Sixty  Days  after  date  pay  to  H.  D.  Stratton,  or  order,  one  thousand  dollars,  value  received,  and  charge  to 
the  account  of  S.  S.  PACKARD. 

To  H.  13.  BRYANT, 
18  COOPER  INSTITUTE,  New  York. 

To  make  the  latter  equivalent  to  the  former,  it  is  necessary  that  the  person  on  whom  it  is  drawn,  or  of  whom 
the  request  is  made,  should  respond,  which  he  does  by  writing  across  the  face  "Accepted,"  and  signing  his  name. 
This  is  now  as  virtually  a  "  promise  to  pay"  as  the  other,  and  there  is  no  commercial  difference  between  the  two. 

14 


INTRODUCTION. 

properly,  **  unless  the  merchant,  being  curious  to  know  his  gains  or  losses  on  a  particular 
opens  a,  separate  account  with  that  particular  kind,  under  its  own  special  title.     45  This  act 
or  any  of  its  correlative  titles,  is  debited  with  the  cost  of  the  property  represented 
**  credited  with  its  returns.     As  this  kind  of  property  has  no  standard  or  stipulated 
like  cash  and  notes,  but  is  usually  bought  at  one  price  and  sold  at  another,  it  will  !•> 
that  the  difference  between  its  sides  cannot  represent  an  exact  resource  ;  but,   nther, 
debit  showing  its  cost,  and  the  credit  its  proceeds,  the  difference  must  be  a  gain  < 
*"9This  is  the  case,  provided  we  reckon  with  the  proceeds  from  sales  the  real  valiu 
which  remains  unsold. 

REAL  ESTATE. 

60 This  relates  to  such  property  as  houses  and  lands,  and  "the  account  is  sin  ilar 
objects  and  teachings  to  that  of  Merchandise. 

BANK  STOCK,  RAILROAD  STOCK,  ETC.* 

52  Accounts  of  this  kind  are  not  dissimilar  to  Merchandise  and  Real  Estate,  in 
stocks  of  all  kinds  are  bought  and  sold  at  their  market  value,  rather  than  the  vali. ;  wi 
on  their  face. 

SHIPMENT  OR  ADVENTURE. 

53  When  property  is  sent  away  to  be  sold  by  an  agent  for  us  we  should  distinguis  i  it 
our  merchandise  in  store  by  giving  it  a  significant  name,  such  as  "Shipment  to  Bi.Jalo 
"Shipment  to  A,"  our  agent,  or  "Adventure"  to  the  place  sent.      All  such  account 
debited  with  their  entire  cost,  and  credited  with  their  proceeds,  the  difference  being  a  g;i 
loss.     Should  we  desire  to  show  the  result  of  our  business,  before  receiving  advice  f'ron 
agent,  it  is  proper  to  reckon  this  property  as  a  resource  at  its  cost.     M  This  is  bt  t  an 
name  for  Merchandise,  and  is  used  to  distinguish  between  property  in  store  and  out  of  & 

PERSONAL  ACCOUNTS. 

85  Accounts  representing  personal  indebtedness,  and  designated  by  the  proper  namt 
such  persons  as  sustain  relations  of  debtor  and  creditor  to  the  concern,  are  capable  of  sho 
either  resources  or  liabilities.     56  They  are  debited  with  such  sums  as,  from  time  to 
persons  may  become  indebted  to  the  concern,  or  the  concern  has  paid  them,  and  5  ere' 
with  what  they  have  paid  the  concern,  or  the  concern  may  have  become  indebted 
58  An  excess  of  debits  in  a  personal  account  will  thus  show  a  resource,  and  M  an  e 
credits,  a  liability. 

STOCK. 

Beginners  arc  apt  to  misapprehend  the  term  "  Stock,"  supposing  it  to  relate  to  si 
of  property,  or  rather  to  property  in  general.     Such  is  its  common  signification,  bu       \ 
used  as  a  Ledger  title,  it  means  simply  the  proprietor  of  the  business,  or  the  stoc 
H  There  would  be  no  valid  objection  to  using  the  proprietor's  name  instead ;  M  but  a 


*  For  a  full  description  of  Stocks,  please  refer  to  page  185. 


INTRODUCTION. 

\ould  result  from  the  change,  authors,  teachers  and  practical  accountants  have  been 
content  to  accept  the  term  which  custom  has  suggested. 

This  account  is  usually  the  first  opened  in  the  Ledger,  and  is  important  to  show  63  the  net 
:.'iit.     It  is  generally  credited  with  the  whole  investment,  and  debited  with  such  liabil 
ities  as  the  concern  assumes  to  pay  for  the  proprietor.     The  difference  is  the  net  investment, 
or  what  the  concern  owes  the  proprietor.     M  It  is  not  customary  to  use  this  account  during  the 
.  except  for  the  purpose  of  recording  subsequent  investments ;  but  it  will  appear 
evident  to  any  studious  mind  that  65it  would  be  philosophically  correct  to  credit  the  account 
with  an  y  increase  of  resources,  either  from  actual  investment,  or  from  the  gains  of  the  business, 
jt^t  ay  often  as  such  increase  occurs  ;  as  also  to  debit  it  with  amounts  drawn  out  by  the  pro- 
prieter  for  his  private  purposes.     66  Such  a  course,  however,  would  be  attended  with  many 
difficult ies,  and  we  would,  by  no  means,  recommend  its  adoption;  particularly  as  the  same 
result  is  achieved  with  much  less  labor  by  the  usual  method. 
From  the  foregoing  remarks  we  gather  the  following 


GENERAL  PRINCIPLES. 


The  person  or  persons  investing  in  the  business  should  be  credited,  under  some  title,  for 
all  such  investments,  and  also  for  his  or  their  share  of  the  gains.  On  the  other  hand,  he  or 
they  should  be  debited  for  all  liabilities  assumed  by  the  concern  for  him  or  them,  for  all  sums 
withdrawn  by  him  or  them  from  the  business,  and  for  such  losses  as  he  or  they  are  entitled 
to  si  i :  re. 

II. 

sh  account  should  be  debited  for  all  cash  receipts,  and  credited  for  all  disbursements. 

III. 

Merchandise,  and  all  species  of  property  bought  upon  speculation,  should  be  debited, 
nnder  some  appropriate  head,  with  the  cost  of  the  property  represented,  and  credited  with  its 
proceeds. 

IV. 

Bills  Receivable  account  should  be  debited  with  other  people's  notes,  acceptances  and 
other  written  obligations  when  they  become  ours,  and  credited  when  they  are  paid,  or 
otherwise  disposed  of. 

V. 

Bills  Payable  account  should  be  credited  with  our  notes,  acceptances,  or  written  promises 
to  pay  when  they  are  issued,  and  debited  when  they  are  paid  or  redeemed. 

VI. 

Personal  accounts,  such  as  the  names  of  persons,  banks,  or  other  institutions  competent 
to  sue  or  be  sued,  should  be  debited  under  their  proper  titles  when  they  become  indebted  to 
us,  or  we  get  out  of  their  debt,  and  credited  when  we  become  indebted  to  them,  or  they  get 
out  of  our  debt. 

16 


INTRODUCTION. 

VII. 

All  expenses,  of  whatever  name,  should  be  debited  with  the  outlay,  and  all  causes,  of 
whatever  kind,  producing  us  value,  should  be  credited,  under  some  name,  for  the  amount 
thus  produced. 

The  foregoing  principles  are  all  embraced  in  the  following  simple 


Formula. 

DEBIT  WHAT  COSTS  THE  CONCERN  VALUE,  AND  CREDIT  WHAT  PRODUCES  THE  CONCKUN  VALUE. 


QUESTIONS    FOK    REVIEW. 


Appropriate  answers  to  all  the  following  questions  may  be  found  in  the  foregoing  remarks.  The  student 
should  be  able  to  give  them  without  hesitation  before  proceeding  to  the  main  portion  of  the  work.  The 
teacher  will,  of  course,  exercise  his  own  judgment  as  to  the  thoroughness  of  this  review,  and  not  confine  him 
self  necessarily  to  these  questions. 

1.  What  is  book-keeping?  2.  In  what  do  business  transactions  consist  ?  3.  What  has  book-keeping  to  do 
with  the  exchange  of  values?  4.  How  many  methods  of  book-keeping  are  there,  and  how  are  they  distin 
guished?  5.  Which  is  the  better  method,  and  for  what  reason?  6.  What  is  the  characteristic  feature  of 
Double  Entry?  7.  Why  must  each  transaction  be  entered  twice  on  the  Ledger?  8.  What  are  the  three 
main  books  in  Double  Entry  ?  9.  Which  two  are  sometimes  combined  in  one  ?  10.  Upon  what  do  the  num 
ber  and  character  of  auxiliary  books  depend?  11.  Describe  the  Day  Book.  12.  What  should  be  the  char 
acter  of  Day  Book  expressions?  13.  Why  is  the  Day  Book  alone  produced  in  court?  14.  What  orher 
importance  has  it?  15.  What  is  the  special  use  of  the  Journal?  16.  Is  it  ever  omitted ?  17.  When  such  is 
the  case,  how  is  its  labor  performed  ?  18.  Why  is  the  Journal  an  important  book  ?  19.  What  is  the  character 
of  the  Ledger?  20.  What  is  shown  in  the  Ledger?  21.  Ho\v  many  sides  has  each  account,  and  what  are 
they?  22.  What  is  an  account ?  23.  Which  is  the  debit  side  of  an  account?*  24.  Which  the  credit?  25. 
How  are  the  terms  debit  and  credit  used?  26.  What  is  a  sure  condition  of  debits  and  credits?  27.  What 
importance  is  attached  to  Ledger  accounts  by  the  use  of  debits  and  credits?  28.  What  is  a  Resource?  29. 
What  is  a  Liability?  30.  What  is  meant  by  the  term  Cash  ?  31.  For  what  is  Cash  account  debited?  32. 
For  what  credited  ?  33.  What  is  shown  by  the  difference  between  the  sides  ?  34.  Why  cannot  the  credit 
side  of  Cash  be  the  larger  ?  35.  What  is  meant  by  Bills  Receivable  ?  36.  For  what  is  Bills  Receivable  account 
debited?  37.  For  what  credited ?  38.  What  does  the  difference  show ?  39.  What  is  meant  by  Bills  Pay 
able?  40.  For  what  is  Bills  Payable  account  credited ?  41.  For  what  debited?  42.  What  is  shown  by  the 
difference?  43.  What  is  usually  implied  by  the  term  Merchandise ?  44.  What  exceptions  are  there  to  thif 
general  application?  45.  What  is  Merchandise  account  debited  with ?  46.  With  what  credited ?  47.  What 
is  shown  by  the  difference  ?  48.  Is  this  always  the  case  ?  49.  When  is  it  ?  50.  What  is  meant  by  Real  Es 
tate?  51.  IIow  is  the  account  kept?  52.  Wherein  are  accounts  with  Bank  Stock,  Railroad  Stock,  etc.,  simi 
lar  to  Merchandise  ?  53.  What  is  meant  by  Shipment,  or  Adventure  ?  54.  Wherein  do  such  accounts  differ 
from  Merchandise?  55.  What  are  shown  by  personal  accounts?  56.  With  what  are  they  debited?  57. 
With  what  credited  ?  58.  What  does  an  excess  of  debits  in  a  personal  account  show  ?  69.  An  excess  of 
credits?  60.  What  is  meant  by  the  term  Stock 'r  31.  Would  there  be  any  valid  objection  to  using  the  pro- 
prietor's  name  instead ?  62.  Why  is  not  this  done?  63.  What  does  Stock  account  show?  64.  Is  it  custom 
ary  to  use  this  account  during  business?  65.  Would  it  be  improper  to  do  so?  66.  Why  is  it  not  done? 

The  student  should  either  commit  to  memory  the  seven  General  Principles  laid  down,  or  satisfy  the  teael>°r 
that  he  fully  understands  them.  It  is  impossible  that  he  should  be  able  to  proceed  without  the  knowledge 
which  they  convey. 

o  17 


PLAN   OF  THE  WORK. 

THE  design  of  this  book,  as  its  title-page  imports,  is  to  supply  accountants,  teachers, 
and  advanced  students  with  appropriate  instruction  in  the  principles  and  application  of 
Book-keeping. 

The  first  four  Sets — with  their  intermediate  "  Exercises  for  the  Learner" — are  devoted 
mainly  to  the  theory  of  Accounts  ;  and,  although  each  Set  is  distinct  in  itself,  the  same 
business  is  continued  throughout  the  whole,  with  such  changes  in  proprietorship,  and  such 
varieties  of  success  and  adversity  as  are  necessary  to  a  thorough  illustration  of  the  exigen 
cies  of  business. 

The  practical  series  commences  with  Set  V.,  which  illustrates  an  Importing  and  Job- 
bino-  business,  the  transactions  and  most  of  the  forms  of  which  were  obtained  from  one 

O  ' 

of  the  first  establishments  of  the  kind  in  the  city  of  New  York. 

The  changing  of  Single  to  Double  Entry  which  follows,  comprises  a  most  important, 
feature,  and  is  introduced  in  the  body  of  the  work,  that  its  lessons  may  be  the  more  thor 
oughly  understood  and  appreciated. 

The  Farmer's  Set  introduces  a  new  form  of  Journal  and  Ledger,  which  may  be  u.cod 
as  well  in  connection  with  other  departments  of  business. 

The  Administrator's  Set,  aside  from  illustrating  the  business  of  an  adminstrator  or 
executor,  affords  a  beautiful  application  of  the  different  theories  of  recording  the  transac 
tions  of  an  agent ;  and  will  serve  well  as  a  brief  review  of  the  preceding  instructions. 

The  Commission  and  Forwarding  Sets  are  among  the  most  practical  in  the  book, 
having  been  prepared  mainly  by  an  experienced  Accountant,  whose  thorough  acquaintance 
with  all  the  phases  of  the  business  has  enabled  him  to  cover  the  exigencies  in  a  manner 
at  once  conclusive  and  satisfactory. 

The  Banking  Set  is,  by  far,  the  most  elaborate  in  detail,  and  the  most  extended  both 
in  theory  and  application  of  all  the  departments  shown.  It  has  been  prepared  Avith  great 
care,  and  meets  the  approval  of  the  first  bankers  in  the  country,  as  affording  the  best 
exposition  of  Banking,  as  it  is  conducted  in  our  inland  cities,  which  has  ever  been  made 
public.  It  is  scarcely  possible  that  any  person  should  write  up  the  transactions  of  this  Set 
understanding!}',  without  obtaining  a  fair  knowledge  of  the  business. 

Tliis  Set  is  appropriately  followed  by  a  short  series  of  transactions  in  Exchange  and 
Stock  Brokerage,  illustrating  the  main  characteristics  of  these  departments  of  Finance. 

The  short  treatise  on  Commercial  Calculations,  which  close  the  work,  contains  some 
valuable  practice  for  the  student. 

18 


SET    I. 

.-^JOV-4 

DAY-BOOK,    JOURNAL,   AND    LEDGER: 

REPRESENTING  THE  BUSINESS  OF  A  SINGLE  PROPRIETOR. 


BUSINESS    PROSPEROUS. 


INSTRUCTIONS. 


INSTRUCTIONS  FOR  SET  I. 

IT  should  be  the  first  care  of  every  student  to  mark  his  own  progress,  not  by  the,  extent  of 
his  studies,  but  by  the  amount  of  useful  information  secured.  Particularly  should  he  be  careful, 
in  entering  upon  a  new  department  of  study,  to  thoroughly  comprehend  each  progressive  step 
in  the  unfolding  of  its  principles,  that  in  their  application,  he  will  be  enabled  to  constantly 
keep  in  view  the  result  of  his  labor.  There  is  no  science  more  liable  to  be  gone  over  by 
the  easy  process  of  copying,  than  that  of  Book-keeping,  as  it  is  presented  in  the  majority 
of  text  books.  It  is  essentially  a  science  of  forms— or,  more  properly,  its  principles  are 
best  shown  through  forms,  which,  being  submitted,  offer  serious  temptations  to  the  mere 
copyist.  We  have  endeavored  to  avoid  this  evil  as  far  as  possible,  and  have,  therefore,  left 
for  the  student  plenty  of  brain-work,  which,  if  he  honestly  performs,  must  advance  him  in 
the  science.  The  general  instructions  given  in  connection  with  this  set  will  apply  with  equal 
force  to  the  succeeding  work.  They  should,  therefore,  be  properly  heeded. 

To  the  majority  of  learners  the  following  forms,  and  the  order  of  entry  to  be  observed, 
will  be  immediately  apparent ;  but  for  the  benefit  of  those  who  may  not  observe  so  readily, 
and  to  follow  out  the  original  plan  of  this  work — to  divest  the  study  of  Accounts  of  even 
the  appearance  of  mystery — we  give  the  following  brief  exposition. 

In  writing  up  this  first  set,  it  will  be  well  to  employ  loose  paper.  If  it  cannot  be  obtained 
readily  properly  ruled,  let  the  student  rule  it  for  himself.  This  exercise  will  be  found  highly 
serviceable.  First,  copy  the  Day  Book,  observing  well  the  form  and  expression.  Do  not 
copy  the  footings  of  the  money  column  from  the  book,  but  perform  the  addition  without 
assistance.  First  add  the  columns  upwards,  and  then  prove  the  result  by  adding  downwards. 
Careful  accountants  usually  write  the  amount  in  pencil  and  carry  forward.  This  is  to  avoul 
ink  erasures,  in  case  any  of  the  additions  should  prove,  on  examination,  to  be  incorrect.  The 
best  accountants  are  generally  those  who  do  the  least  scratching  in  their  books. 

In  journalizing  the  transactions,  the  careful  student  will  always  keep  the  Ledger  in  view, 
'as  the  process  is  simply  deciding  how  the  accounts  shall  stand  on  the  Ledger.  Let  the  de 
cision  be  made,  in  every  case,  in  accordance  with  the  principles  laid  down.  In  this  set  the 
transactions  are  the  most  simple  that  could  be  suggested,  each  requiring  but  one  debit  and 
one  credit  entry.  Let  the  check-murk  (/)  be  made  opposite  the  Day  Book  entry,  *  immedi 
ately  vpon  its  being  journalized — never  before. 

Transferring  to  the  Ledger  is  called  ""posting."  If  the  transactions  are  propeily  jour 
nalized,  the  labor  of  posting  is  simply  mechanical.  It  requires  great  care,  however,  and  con 
stant  watchfulness,  and  nothing  is  more  common  with  new  beginners  than  errors  in  posting. 
4  As  these  errors  must  all  be  found  and  corrected  before  he  can  progress,  the  student  will  find 
discretion  to  be  the  better  part  of  valor,  and,  after  confusing  his  brains  and  sharpening  his 
wits  as  a  detective  for  a  few  days,  will  come  to  the  conclusion  that  errors  are  much  more 
easily  avoided  than  detected. 

Commence  with  the  first  account  indicated  on  the  Journal,  and  write  it  as  a  heading  in  the 
Ledger.*  See  if  the  amount  opposite  be  in  the  debit  or  credit  Journal  column,  and  enter  it 


*  It  is  customary  and  proper  always  to  open  as  the  first  accounts  in  the  Ledger,  5Stock,  or  the  Partners.  Some 
houses,  desiring  to  keep  the  particular  interests  of  the  partners,  or  the  conditions  of  the  copartnership'  from  the 
public,  or  from  the  knowledge  of  any  parties  except  themselves,  keep  a  private  Stock  Ledger,  to  which  eien  the 
bock-keeper  has  no  access.  In  such  cases  the  books  are  kept  as  Stock  books,  with  but  one  account  to  represent 
tL«  capital. 

20 


1-NSTHUCriO.NS,  —  SET    I. 

on  the  corresponding  side  in  the  Ledger,  using  as  an  expression  'the  opposite  jo;un<tl  entry. 
For  example,  suppose  the  journal  entry  to  be  "Cash  Dr.  To  Merchandise."  This  expression 
implies,  of  course,  that  Cash  is  to  be  debited,  and  Merchandise  credited.  Under  Cash  account 
in  the  Ledger,  on  the  debit  side  we  say,  "  To  Merchandise ;"  and  carry  the  amount  to  th« 
money  column.  Also,  under  Merchandise  account  on  the  credit  side,  we  say,  "  By  Cash,"  and 
carry  the  amount  into  the  credit  column.  'It  is  not  really  necessary  that  any  expression 
should  be  made  in  the  Ledger,  as  the  fact  which  we  are  after  is  expressed  by  the  figures. 
However,  8the  expression  properly  made  is  suggestive  of  the  transaction,  and  hence  is  rarely 
ever  omitted  by  accountants.  In  posting  from  the  Journal,  be  careful  to  enter  in  the  column 
at  the  left  of  the  account,  and  directly  opposite,  the  pa  ye  of  the  Ledger  to  which  the  amount 
is  posted,  9 immediately  after  the  amount  is  entered  in  the  Ledger,  but  never  before* 

There  is  nothing  in  business  that  pays  better  than  system  ;  and  it  should  be  rigidly  en 
forced  at  every  step.  No  legislative  body  can  be  properly  conducted  without  an  "order  of 
business,"  much  less  the  intricate  machinery  of  business  itself.  Let  each  student  feel,  there 
fore,  that  his  success  in  life  will  depend,  in  a  great  measure,  upon  his  habits  of  order,  and  K-t 
him  be  as  careful  in  observing  the  minute  essentials  in  these  exercises,  as  though  his  reputa 
tion  depended  upon  it.  Learners  are  too  apt  to  think  that  in  these  initiatory  steps  no  impor 
tance  should  be  attached  to  neatness  and  accuracy,  as  no  real  financial  results  depend  upon 
them  ;  and,  thus  reasoning,  adopt  slovenly  habits,  which  may  follow  them  through  life.  It  is 
a  pungent  truth,  that  "  Whatever  is  worth  doing  at  all,  is  worth  doing  well,"  and  nowhere 
will  the  sentiment  better  apply  than  in  the  work  before  us.  It  is  scarcely  to  be  expected  that 
the  beginner  should  be  able  to  carry  out  his  instructions  so  fully  at  the  first  as  to  avoid  entirely 
the  "  errors  and  omissions"  which  even  more  experienced  persons  have  to  guard  against  with 
watchfulness  and  care ;  but  if  he  makes  each  error  a  lesson  which  shall  preclude  its  own 
repetition,  his  progress  will  be  real  as  well  as  apparent,  and  the  study  of  what  he  at  first  con 
sidered  an  abstract  and  difficult  science  will  become  as  a  pleasant  pastime,  and  infinitely  more 
profitable. 

It  will  be  well  in  all  these  primary  exercises,  and  until  the  student  is  so  thoroughly  drilled 
in  the  principles  as  to  be  beyond  the  recurrence  of  the  little  perplexing  errors  which  so  much 
annoy,  to  employ  loose  paper  ruled  for  the  purpose,  and  continue  to  write  and  re-write  all  the 
books,  until  the  proper  results  are  satisfactorily  achieved.  This  kind  of  practice  is  what  is 
needed  to  fasten  theory,  and  fit  one  for  the  more  arduous  toil  of  actual  business. 

Our  earnest  advice,  then,  is  to  attach  importance  to  the  most  minute  instructions  bearing 
either  upon  principles  or  arrangement,  and,  under  no  circumstances,  to  progress  more  rapidly 
than  the  subject  is  fully  understood. 


*  This  instruction  will,  of  course,  apply  only  to  cases  where  the  post-mark  is  used  also  as  a  check  mark  It 
is  customary  with  some  accountants,  in  order  to  facilitate  the  labor  of  posting,  to  enter  opposite  the  Journal  entries, 
before  posting,  the  page  of  the  Ledger  to  which  each  entry  is  to  be  posted  ;  and  to  indicate  the/act  of  posting  by  un 
additional  post-mark.  In  this  case,  of  course,  the  check  mark  and  not  the  Ledger  page,  is  subject  to  the  abov 
restriction 

21 


DAY  BOOK,  SET  I. 

NEW   YORK,   JANUARY   1,   1859. 


II.  B.  Bryant  invests  in  business  this  day  Cash  amounting  to 


lie  also  owes  Peter  Cooper  on  «£,  which  is  to  be  paid  from  the  business 


5000 
500 


Bought  of  Wilson  G.  Hunt,  for  Cash, 

400  yds.  English  Broadcloths @  $3 

'200  yds.  Domestic  Cassimei-es @  $1 

5 

Sold  Digby  V.  Bell,  for  Cash, 

200  yds.  Broadcloth @  $4 


$1200 

200      1400 


_    6 


Sold  H.  D.  Stratton,  on  % 


10  yds.  Broadcloth 


800 


40 


Bought  of  Francis  &  Loutrel,  on  our  note  at  90  days, 

50  reams  extra  Foolscap @  $3.50     .     .        $175  ! 

20    do     Superfine  Letter @    3.00     .     .  60        235 

10 
Accepted  Peter  Cooper's  draft  on  us  at  10  days'  sight,  favor  of  W.  II.  Beebe    |     500 


12 


Sold  S.  S.  Packard,  on  his  note  at  60  days, 

10  reams  Foolscap @  $4.00 

5     do     Letter @    3.50 

14 

Bought,  on  our  note  at  40  days, 

250  yds.  Black  French  Cloths @  $4 

// 

Paid  Cash  for  Set  of  Books  for  use  of  store    . 


$40.00 
17.50 


Sold  Pi..  C.  Spencer,  for  Cash, 

5  reams  Foolscap @  $3.75 

18 
Sold  E.  G.  Folsom,  on  % 

20  reams  Foolscap @  $4.00 

10     do     Letter @    3.50 

22 

Keceived  Cash  of  II.  D.  Stratton,  on  % 


35 


23 


57 

1000 
20 

18 

115 
20 


75 


Paid  our  acceptance,  favor  of  W.  II.  Beebe,  in  Cash 500 


Sold  J.  T.  Calkins,  for  Cash, 

150  yds.  Black  French  Cloths @  $4.50 

28 

Bought  of  J.  D.  Comstock,  on  <fi 

4  dozen  Soft  Hats    .  .   @  $24 


31 


Paid  Cash  as  follows : 

For  Clerk  Hire $00 

For  Rent  of  Store,  one  month 100 

For  Gas  Bill 4 


22 


675 


96 


1(54 
11141    25 


JOURNAL,— SET  I. 

NEW    YORK,   JANUARY    1,   1859.    />. 


6V. 


j     CASH  Dr 5000 

To  STOCK        .s 

"Stock"  ia  the  title  chosen  to  represent  the  person  investing;  in 
this  case,  II.  B.  Bryunt.  It  is  credited  with  the  investment  according 
to  Principle  1.  Cash  is  here  received  by  the  concern,  and  is  made  Dr., 
according  to  Principle  2. 

//     

I     STOCK  Dr 500 

To  PETER  COOPER    

Stock  is  debited  for  the  liability  assumed  by  the  concern,  Prin.  1. 
Peter  Cooper  is  credited,  because  the  concern  has  assumed  to  pay 
him  a  certain  amount,  and  is,  therefore,  indebted  to  him.  Prin.  6. 

3    

|     MERCHANDISE  Dr 

To  CASH 

Merchandise  cost  $1,400,  and  is  debited,  Prin.  3.  Cash  was  paid 
for  merchandise,  and  is  credited,  Prin.  2. 

5    

I    CxsnDr 800 

To  MERCHANDISE 

Cash  is  debited  for  its  receipts,  Prin.  2.  Merchandise  is  credited 
for  its  proceeds,  Prin.  3. 

//     

1    H.  D.  STRATTON  Dr I       40 

To  MERCHANDISE 

H.  D.  Stratton  Dr.,  Prin.  6.    Merchandise  Cr.,  Prin.  3. 

9    

MERCHANDISE  Dr 235 

To  BILLS  PAYABLE 

I 

Merchandise  Dr.,  Prin.  3.     Bills  Payable  Cr.,  Prin.  5. 

-  10   — 

.     PETER  COOPER  Dr 500 

o        To  BILLS  PAYABLE       

Peter  Cooper  is  here  made  Dr.  because  we  have  canceled  our  indebt 
edness  to  him  by  promising  to  pay  the-  amount  to  another  person 
whom  he  has  authorized  to  receive  it,  Prin.  6.  Bills  Payable  ia 
credited  for  our  new  liability  thus  assumed,  Prin.  5.  (For  the  form 
of  the  draft  see  note  on  page  15.) 

The  only  change  wrought  in  our  affairs  by  this  transaction  is  the 
transfer  of  a  liability  from  a  personal  account  to  a  note.  "We  must 
now  meet  this  obligation  at  its  maturity,  or  be  disgraced  by  having 
our  paper  protested. 


BILLS  RECEIVABLE  Dr. 


12 


To  MERCHANDISE     .    ..     . 
Bills  Receivable  Dr.,  Prin.  4. 


Merchandise  Cr.,  Prin.  3. 


23 


5000 


500 


1400 


800 


40 


235 


57 


8532 


50 


50 


57 


50 


50 


JOURNAL,— SET  I. 

NEW    YORK,   JANUARY  14,  1859.    />r.  CV. 


8530 

r.A 

_00 

1000 

100ft 

Merchandise  Dr.,  Prin.  3.     Bills  Payable  Cr.,  Prin.  5. 
1* 

20 

90 

Expenses  Dr.,  Prin.  7.     Cash  Cr.,  Prin.  2. 
Ifi 

CASH  Dr                                               

18 

75 

18 

Cash  Dr.,  Prin.  2.     Merchandise  Cr.,  Prin.  3. 

.    18 

E    G   FOLSOM  Dr       

115 

lie 

E.  G.  Folsom  Dr.,  Prin.  6.     Merchandise  Cr.,  Prw.  3. 

CASH  Dr                                              

20 

20 

Cash  Dr.,  Prin.  2.     H.  D.  Stratton  Cr.,  Prin.  6. 

23 

rnrv 

To  CASH     

500 

Bills  Payable  Dr.  Prin.  5.     Cash  Cr.,  Prin.  2. 

25 

CASH  Dr        

675 

675 

Cash  Dr.,  Prin.  2.     Merchandise  Cr.,  Prin.  3. 
98 

Ofi 

Oli 

96 

Merchandise  Dr.,  Prin.  3.     J.  D.  Comstock  Cr.,  Prin.  6. 
-  31 

I 

164 

To  CASH    

.  1 

Expense  Dr.,  Prin.  7.     Cash  Cr.,  Prin.  2. 

164 

11141 

25 

111-11 

24 


LEDGER— SET  I.  i 

( Lialiilitit.*  assumed  for  the  Proprietor  \      ,— +  .  -i  ,— 

.    V  und  Amount*  drawn  out.  )      fc>"LOC-K.        (  Capital  invested  by  the  Proprietor.  I  \L  I 


1859 

"1869 

1 

Jan. 

1 

To  Peter  Cooper 

1 

600 

Jaii. 

1 

By  Cash                                  1 

5000 

-  fn  tt  fit  if                              &MW> 

J*r*w»M4 

x«:»a*~«           KI^ 

: 

Dr.                         (Money  received.)                          C^SLSil.                         (Money  dispcsed  „/)                     tr. 

1853 
Jan. 

1 

To  Stock 

1 
1 

6000 

1859 
Jan. 

3 

By  Mdse. 

1 

1400 

" 

6 

Mdse. 

1 

800 

" 

15  1          Expense. 

2 

20 

" 

16 

" 

2 

18 

76 

" 

23 

Bills  Payable 

2 

600 

" 

22 

H.  D.  Stratton 

2 

20 

" 

31 

Expense 

2 

104 

" 

25 

Mdse. 

2 

675 

KM 

fi«v:W                       M!J  75 

Out   M»   A.IMJ                   »««»    IS 

Dr.        (Our  %  against  him.)             F>G'teT      OOOpSr.              (Hi*  %  again*  v*.)         (£r. 

1858 

n 

1859 

Jan 

10 

To  Bills  Payable 

1 

600 

Jan. 

1 

By  Slock                               1 

500 

Canceled 

Canceled 

i 

Dr.     (JP/MZ*  #</««.  MS  cost.)       3±&  eroli  sun  clise.    (Wh<n  .vase.  ha*  proff»cerr.)    Cr. 

1859 

III  1859 

I 

/arc. 

3 

To  Cash 

1 

1400 

i     Jan. 

5 

By  Cash 

1 

800 

" 

10 

Bills  Payable 

1 

235 

" 

6 

11.  D.  Stratton 

1 

40 

" 

14 

"         " 

2 

1000 

" 

12  i         Bills  Ri-c'ble 

1            67 

60 

H 

28 

J.  D.  Coiustock 

2 

96 

" 

16           Cash 

2 

18 

75 

" 

20 

E.  G.  Folsom 

2 

115 

Oat                               8781 

» 

25 

Cash 

2 

675 

t-rxttit                         1J04  55 

AW  tt*»                    »!!>*»  76 

Dr.       (Our  %  against  Mm.) 


.       ID.       S'tPSL't'tOIl. 


%  against  us.) 


1859 
Jan, 

6 

To  Mdse. 

1 

40 

1 

1859 
Jaii, 

22 

By  Cash 

ft 

20 

40 

Dt  nni  ut                      #*) 

*  This  phrase  may  not  seem,  at  first  view,  properly  significant;  but  we  apprehend  that  it  is  truthful,  nevertheless. 
For,  although  it  may  not  be  true  that  the  difference  between  the  cost  of  merchandise  and  the  proceeds  of  n  certain 
portion  sold  exhibits  the  net  cost  of  that  which  remains  unsold,  yet  that  difference  does  express  what  we  lack,  so  far. 
in  receiving  as  much  as  we  have  paid  for  merchandise ;  therefore,  we  say  it  has  really  co.it  us  this  dilference.  If  tins 
amount  should  express  the  cost  over  proceeds,  with  the  property  all  ditpoud  of,  it  would  represent  u  loss  ;  but  as  there 
is  yet  actual  value  in  that  which  remains  unsold,  we  can  safely  anticipate  farther  proceeds  equal  to  that  value. 
When  this  is  shown,  as  it  will  be  in  the  final  exposition,  the  difference  between  the  cost  and  the  returns  will  be  the 
gain  or  loss. 

25 


LEDGER —SET  I. 

Dr.        (Our  Note*  Redeemed.)          Bills       UPSiya/blS.  (Our  Notes  Issued.}  OTt. 


1859 
Jan. 




1859 

To  Cash 

2 

500 

Jan. 

9 

By  Mdse. 

1 

235 

" 

10 

Peter  Cooper 

1 

500 

" 

14 

Mdse. 

2 

1000 

7..W                                     JT« 

A»MMu4                                600 

Our  jTgttt  MMm<fi«0    t  ISM 

Dr.  (  Others'  Vote*  received.)     Bills 


.   (Others'  Notes  disposed  of)  (It. 


1859 





I 

Jan. 

12 

To  Mdse. 

1 

57 

50 

$47  ISO 

Dr. 


(Outlay.) 


Expense. 


is.  ',9 

~ 

Jun. 

15 

To  Cash 

2 

20 

" 

31 

" 

2 

104 

Itutdttlel  BL^irct        S1H 

Dr.      (Ovr  a/c  against  him.) 


O".       F'olSOXIl.  (His  %  against  us.) 


Iff 

20 

To  Mdse. 

2 

115 

//,•  rv«  u«                       flit 

Dr.     (Our  %  again*  Mm.)       J.       ID  .       COm.S"tOO!k:.         (His  %  against  w>.)        €t. 

1859 
Jan. 

28 

By  Mdse. 

2 

9P 

»>  «w  tin                      »W 

26 


TRIAL    BALANCES. 


GENERAL  STATEMENT. 

AFTER  posting  all  our  transactions  to  the  Ledger,  in  accordance  with  the  principles  laid 
down,  we  are  enabled  to  deduce  therefrom  the  following  result : — 


Dr. 


Trial  Balance. — Face  of  Ledger. 


cv. 


500 
G513 
500 
2731 
40 
500 
57 
184 
115 

75: 
50 

Assumed  by  the  Concern 

,  STOCK   .... 

Invested  as  capital.     . 
Paid  out  .     .                . 

5000 
2084 
500 
1706 
20 
1735 

96 

25 

CASH     .... 
PETER  COOPER   . 
MERCHANDISE 
II.  D.  STRATTON  . 
BILLS  PAYABLE  . 
BILLS  RECEIVABLE, 
EXPENSE    . 
E.  G.  EOLSOM,    . 

Our  o/0  against  him    . 
Cost    

His  %  against  us  . 
JZeturns  from  sales     . 
His  %  against  us  .     . 
Our  notes  issued    .     . 
Others'  notes  disposed  of 

We  owe  him      .     .     . 

Our  %  against  him    . 
Our  notes  redeemed 
Others'  notes  received  . 

He  owes  us  .... 

J.   D.  CoMSTOCK  . 

11141 

25 

11141 

25 

1 

. 

The  above  statement  is  called  a  "Trial  Balance,"  for  the  reason  most  apparent;  10it  is  a 
trial  to  ascertain  if  the  debits  and  credits  of  the  Ledger  are  equal,  or  balance.  u  It  does  not, 
as  some  suppose,  prove  the  Ledger  to  be  absolutely  correct,  as  there  are  many  circumstances 
under  which  the  Ledger  may  balance,  and  yet  be  wrong.  1J  This  form  of  Trial  Balance,  how 
ever,  is  so  nearly  a  test,  that,  under  ordinary  circumstances,  it  may  be  considered  satisfactory. 
13  By  observing  the  footings  you  will  see  that  they  exactly  agree  with  those  of  the  Journal, 
which  could  rarely  be  the  case  if  any  of  the  Journal  entries  were  omitted  to  be  posted  ;  14and  as 
the  footings  of  the  Journal  columns  also  tally  with  that  of  the  Day  Book,  we  must  be  satisfied 
that  all  the  original  entries  have  found  their  way  into  the  Ledger.  15This  leaves  but  two 
chances  of  error  in  the  accounts,  viz. :  from  improper  Journal  entries,  or  from  posting  to  the 
wrong  accounts  in  the  Ledger. 

wlt  will  be  seen  that,  in  order  to  afford  this  additional  test,  we  have  found  it  necessary  to 
Mirry  into  the  Trial  Balance  the  total  footings  of  the  Ledger.  17If  we  desired  only  to  test  the 
balance  of  our  Ledger,  this  would  not  be  necessary,  as  will  be  seen  from  the  following 
example  : 


"Trial  Balance.- 


-Bifferences  of  Ledger  Accounts. 

.Dr. 


STOCK  

Net  investment    .... 

4500 

Amount  on  hand     .     .     . 

4429 

75 

MERCHANDISE 

Net  cost     

1024 

75 

II.  D.  STRATTON 

He  owes  us     

20 

BILLS  PAYABLE  . 
BILLS  RECEIVABLE  .     . 

Our  outstanding  notes  . 
Others'  notes  on  hand  . 
Incidental  expenses  . 

57 

184 

50 

1235 

E.  G.  EOLSOM    . 

115 

J.  D.  COMSTOCK     .     . 

We  owe  him   

96 

Equilibrium 

^31 

5831 



' 

27 


ACCOUNT    OF    STOCK. 

Here  we  have  a  test  of  equal  debits  and  credits  quite  as  satisfactory  as  the*  other,  and 
much  more  brief,  19upon  the  principle  of  cancellation  ;  that  is,  permitting  a  debit  to  offset  a 
credit  of  the  same  amount,  and  vice  versa.  These  forms  have  each  its  peculiar  advantages, 
and  *° accountants  have  found  it  very  convenient  at  times  to  combine  them  in  one.  This  latter 
method  is  exemplified  in  another  portion  of  the  work. 

We  will  now  turn  our  attention  more  particularly  to  the  object  and  sphere  of  the  Ledger. 

51  The  important  consideration  with  the  business  man,  is  to  keep  his  resources  and  liabilities 
constantly  in  view.  22  He  is  thus  enabled  to  estimate,  not  only  theoretically,  but  practically, 
the  degree  of  his  prosperity.  23A  Ledger  properly  kept  will  show,  at  any  time,  all  resources 
having  a  real  or  fixed  value,  and  all  liabilities  of  whatever  kind.  There  is  a  class  of  resources, 

o 

however,  that  cannot  be  determined  from  the  Ledger.  MThis  embraces  all  property  purchased 
on  speculation  or  subject  to  fluctuation  in  price.  25The  real  value  of  such  property  can  be  as 
certained  only  by  actual  appraisal. 

S6By  reference  to  the  Ledger,  in  Set  I.,  it  will  be  seen  that  the  only  property  represented 
which  is  subject  to  fluctuation  or  speculation,  is  Merchandise.  Had  we  sold  our  merchandise 
for  the  same  price  for  which  we  purchased  it,  27the  difference  between  the  sides  would  show 
the  value  cf  that  remaining  unsold,  reckoning  it  at  the  cost  price ;  or  had  we  credited  Mer 
chandise  account  with  only  the  cost  price  of  that  which  was  sold,  the  difference  would  also 
show  the  value  of  that  remaining  unsold.  But  we  have  adopted  the  usual  plan  of  crediting 
the  Merchandise  account  with  its  proceeds  from  sales,  and  as  it  was  previously  debited  with 
its  cost,  28the  difference  will  fail  to  represent  the  amount  on  hand  in  the  exact  amount  of  the 
discrepancy  between  the  cost  and  the  proceeds  from  sales :  and  as  we  have  no  means  of  know 
ing  what  this  discrepancy  is,  29our  only  method  of  ascertaining  the  value  of  unsold  merchan 
dise,  is  to  go  to  our  shelves  and  estimate  by  actual  inspection.  30This  process  is  called 
"  taking  an  inventory,"  or  "  taking  an  account  of  stock." 

This  we  now  proceed  to  do,  with  the  following  result : 


INVENTORY. 
Merchandise  remaining  unsold,  Jan.  31,  1859. 


190  yards  English  Broadcloths  
200     do     Domestic  Cassimeres  .... 

.    .    @  $3    .    .    . 

@  $1     .    .    . 

570 

200 

100     do     Black  French  Cloths    .... 

.     .     @  84     ... 

400 

4  dozen  Soft  Hats      .     .           

.     .     @  $24  .     .     . 

96  j 

15  reams  Extra  Foolscap    

.     .     @$3.5()     .     . 

52     50 
15 

i             l  , 
IttiS      50 

We  have  now  sufficient,  data  to  enable  us  to  ascertain  the  exact  condition  of  our  afThirs  on 
the  31st  of  January,  and  to  show  us,  beyond  a  reasonable  doubt,  how  much  has  been  gained 
or  lost  in  the  month's  transactions. 

In  the  statements  which  follow,  such  forms  have  been  adopted  as  would  seem  to  place  the 
facts  aimed  at  in  boldest  relief,  having  little  reference  to  symmetry  of  arrangement,  which  will 
be  more  fully  appreciated  when  the  truths  inculcated  are  better  comprehended. 

It  is  hoped  that  the  instructions  given  in  this  treatise  will  enable  each  student  to  originate 
his  own  forms,  as  well  as  to  detect  the  truth,  in  whatever  garb  it  may  be  clothed. 

28 


STATEMENT    OF    HESOURCES    AND    LIABILITIES. 
Statement  of  Resources. 


1.  Taken  from  the  Ledger. 
(   Amount  received  

(5513 

75 

CASH                          •<    Amount  paid  out  

2084 

(               balance  on  hand    .     . 
{Our  account  against  him      .     .     . 
His  account  against  us    .... 

40 
20 

4429 

75 

He  owes  us      
BILLS  RECEIVABLE       Others'  notes  received,  and  ou  hand 
E.  G.  IfoLsoM   .          He  owes  us  

20 
57 
115 

50 

2.  Taken  from  Inventory. 
MERCHANDISE    .           Value  of  that  unsold  

1333 

50 

Total  Resources  .     . 

.5955. 

_75 

Statement  of  Liabilities. 


Taken  from  the  Ledger, 


BILLS  PAYABLE 
.T.  D.  COMSTOCK 
STOCK 


Our  Notes  issued,    .     . 

"          redeemed,    . 

"          outstanding, 
We  owe  him. 


1735 

500 


(  Amount  invested  for  the  proprietor,     j ;  5000 
"        assumed  for         "  500 

(  Net  investment 


Total  Liabilities,  (leas  unappropriated  gaint>) 


1235 

06 


4500 


5831 


$5055  75 


from  these  statements  it  appears  that  the  Total  Resources  of  the 
concern  are 

And  the  Total  Liabilities  (as  shown) ^   5831 

Leaving  an  excess  of. $  124  75 

It  is  plain  that  this  excess  of  resources  must  have  accumulated  during  the  business,  as  at 
the  commencement  the  resources  and  liabilities  were  shown  to  be  equal,  upon  the  principle 
that  the  concern  owed  "  Stock"  or  the  proprietor  for  his  net  investment.  Upon  the  same 
principle  Stock  should  be  credited  with  the  increase  or  gain,  and,  as  we  have  before  intimated, 
it  would  be  proper  to  do  so  at  any  time  when  such  increase  or  gain  can  be  ascertained. 
Should  we  now  credit  Stock  with  this  excess — $124.75 — it  will  equalize  our  resources  and 
liabilities,  and  place  the  proprietor's  account  in  the  same  relative  position  to  the  business 
which  it  occupied  at  the  commencement,  viz. :  as  showing  the  net  investment. 

The  fact  most  clearly  demonstrated  thus  far,  then,  is  that,  whether  apparent  or  not,  the  dif 
ference  between  the  resources  of  a  concern  and  its  outside  liabilities  is  what  the  concern  is 
owing  to  the  proprietor,  or  his  real  net  investment,  and  should  be  equal  to  the  excess  of  credits 
of  Stock  or  Partners'  accounts,  when  those  accounts  are  made  to  show  their  adequate  re 
sults. 

This  will  be  more  plainly  seen  in  the  following  schedules : 

29 


STATEMENT    OF    RESOURCES    AND    LIABILITIES. 
At   the   Commencement   of  Business. 


Resources. 
Cash    

5000 

Liabilities. 

Peter  Cooper        .... 

500 

4500 

5000 

5000 

f 

On  the  31st  of  January. 


Resources. 
Cash    

4429 

75 

Liabilities. 
»T.  T)   Comstock 

96 

57 

50 

Bills  Payable  

1235 

H.  D.  Stratton       

20 

Stock      

4624 

7r. 

E.  G.  Folsom   

115 
1353 

50 

5955 

75 

5955 

75 

It  will  now  be  evident  that 31  when  the  real  condition  of  any  concern  can  be  ascertained,  i 
must  exhibit  equal  resources  and  liabilities ;  and  that,  if  at  any  time  during  the  business  thi; 
fact  ts  not  apparent,  it  is  only  from  some  temporary  cause  or  convenience.  Let  us  see  if  thi 
cause  can  be  ascertained. 

By  reference  to  the  statement  showing  the  resources  and  liabilities  of  the  concern  on  thi 
31st  of  January,  it  will  be  seen  that  all  the  open  Ledger  accounts  are  there  represented  ex 
cept  Merchandise  and  Expense.  It  is  true  that  the  amount  of  merchandise  on  hand,  as  showi 
by  the  inventory,  is  reckoned  among  the  resources,  but  this  had  nothing  whatever  to  do  witl 
the  Merchandise  account  in  the  Ledger.  Why  were  these  two  accounts  omitted?  82Evi 
dently  because  they  were  not  necessary  in  showing  the  resources  and  liabilities.  What  thei 
do  they  show?  ^The  debit  of  Merchandise  account  shows  the  cost  of  merchandise,  and  th< 
credit  the  proceeds  from  sales.  If  to  these  proceeds  we  add  the  anticipated  proceeds  of  tha 
remaining  unsold,  we  shall  have  the  total  in  value  of  what  has  been  produced  by  merchan 
dise.  From  this  amount  if  we  deduct  its  cost,  we  shall  get  the  gain  on  merchandise  ;  or,  if 
the  cost  be  more  than  the  proceeds,  the  excess  will  be  the  loss. 

The  credit  side  of  merchandise  account,  or  the  proceeds  from  sales  is  81706  25 
The  inventory  of  merchandise  unsold,  or  the  anticipated  proceeds  is.    1333  50 

Making  Total  Proceeds 3039  75 

The  debit  side  or  cost  of  merchandise  is 2731 

Which,  deducted  from  the  proceeds,  shows  a  gain  of $308  75 

It  would  now  seem,  at  first  view,  that  we  must  have  made  in  business,  $308.75,  and  sue! 
would  be  the  case  if  we  had  incurred  no  further  expenses  than  what  appear  on  the  debit  side 
of  our  Merchandise  account.  Now,  if  we  dissect  the  items  which  make  up  our  Expense  ac 
count  ($184),  we  shall  find  that,  of  that  amount,  £20  was  paid  for  a  set  of  books,  in  which 

30 


to  record  our  business  transactions,  and  the  balance,  $164,  for  store  rent  and  clerk  hire. 
w  It  is  reasonable  to  suppose  that  all  these  expenses  were  incurred  to  facilitate  the  purcliase 
and  sale  of  merchandise,  as  that  is  the  only  property  we  have  dealt  in  ;  and,  sir:h  b*ing  the 
case,  would  it  not  have  been  proper  to  debit  Merchandise  account  with  these  items,  instead  «i' 
Expense  ?  Had  this  method  been  pursued,  our  gains  on  merchandise  would  appear  to  }>.• 
$184  less  than  they  now  show.  Our  gains  in  business  would  thus  be  reduced  t<>  $1'24.7,">. 
which,  it  will  be  seen,  exactly  agrees  with  the  excess  of  resources  already  shown.  **  Inasmuch, 
therefore,  as  we  choose  to  exhibit  our  contingent  expenses  under  special  titles,  such  as  "  Ex 
pense,"  we  must  not  forget  that  the  amounts  thus  taken  from  the  legitimate  accounts  for  whicii 
the  cost  was  incurred,  thereby  forcing  such  account  to  show  an  excessive  gain,  must  ultimately 
be  used  to  cancel  that  excess.  This  fact  will  be  more  apparent  by  the  following 

Statement  of  Losses  and  Gains. 


MERCHANDISE 


Returns  from  Sales ^  1700 

Anticipated  returns  (mdse.  unsold)      .     .     jj  1333 


Total  Returns ;'  3030 

Cost j,  2731 

Gain  on  Merchandise   .     . 


EXPENSE 


'Outlay 

No  Returns 

Loss  on  Expenses 


Net  Gain 


184 


308   ;75 


184 


124 


From  the  foregoing  schedules,  it  will  be  readily  seen  that  "there  are  two  classes  of  ac 
counts,*  "'from  one  of  which  can  be  ascertained  the  resources  and  liabilities  trf  the.  concern, 
and  from  the  other,  the  unappropriated  gains  and  louses.  We  learn,  moreover,  that  whenever 
the  resources  and  liabilities  of  a  concern  can  all  be  shown  they  must  fie  eyunl ;  and  that,  Mif 
at  any  time  these  are  not  apparent  on  the  Ledger,  it  is  from  the  use  of  certain  temporarv 
accounts  for  the  purpose  of  containing  the  gains  and  losses  of  the  business,  until  such  time  as 
it  may  be  convenient  or  desirable  to  distribute  them  under  their  proper  accounts. 

As  we  shall  need  frequently  to  refer  to  these  two  classes,  and  desire  them  in  their  applica 
tion  to  be  thoroughly  understood,  we  will  denominate  them  REAL  and  REPRESENTATIVE,  \\ith 
the  simple  definition  that  ^Keal  accounts  are  such  as  exhibit,  from  an  excess  of  debits  or 
credits,  real  resources  or  liabilities,  and  *  Representative  such  as  represent  the  stockholder  or 
stockholders,  by  exhibiting  such  gains  or  losses  as  are  ultimately  to  be  carried  to  his  or  their 
proper  accounts.  41When  it  is  further  understood  that  all  gains  in  business  must  appear,  either 
in  an  increase  of  resources,  or  a  decrease  of  liabilities ;  and  that  all  losses  must  appear,  either 
in  a  decrease  of  resources,  or  an  increase  of  liabilities,  it  will  be  sufficiently  plain  that  the  two 
classes  of  accounts  we  have  named,  must  always  run  exactly  parallel. 

*  Formerly,  authors  and  teachers  were  accustomed  to  divide  accounts  into  thref  classes,  under  various  titles 
So  far  as  we  know  to  the  contrary,  the  credit  of  first  reducing  this  number  to  tiro,  and  of  giving  substantial  reasons 
for  the  division  in  clear  and  satisfactory  analyses,  belongs  to  THOMAS  JONES,  author  of  "  Book-keeping  and  Account 
antship,"  published  in  1853.  Mr.  Jones  distinguishes  by  the  appellative  terms  "  Primary"  aud  "  Secondary,"  chi»» 
ifying  "Stuck"  or  Partners'  accounts  with  those  which  </'>  not  show  resources  or  liabilities. 

31 


QUESTIONS    FOR    REVIEW. 

We  will  now  make  a  practical  applica  tion  of  these  lessons,  in  restoring  our  Ledger  to  its 
proper  condition.  By  referring  to  the  Stock  account,  you  will  see  that  it  has  remained  un 
changed  since  the  commencement  of  the  business;  while  we  know,  from  the  foregoing  state 
ments,  that  the  business  itself  has  changed  in  a  material  sense.  You  may  remember  that 
"Stock  account  was  opened  for  the  purpose  of  showing  the  net  capital  or  investment.  43It 
answered  this  purpose  thoroughly  at  the  start,  and  would  do  so  even  now,  if  the  capital  or 
investment  had  remained  the  same.  But  such  is  not  the  case,  and  consequently,  Stock  account 
fails  of  its  full  mission  in  just  the  amount  of  the  fluctuation  of  invested  capital.  We  have 
Already  shown,  by  two  processes,  what  this  fluctuation  is,  and  it  is  now  '"with  a  view  to  re 
storing  Stock  account  to  its  normal  condition,  that  we  "  close  up"  the  Ledger  accounts,  ex 
hibiting  the  grand  result  by  the  balances  of  resources  and  liabilities.  We  wish  this  process 
distinctly  noted,  as  the  entire  theory  we  have  sought  to  advance  is  herein  practically  demon 
strated. 


QUESTIONS    FOR    REVIEW. 


GENERAL  INSTRUCTIONS. 

1.  "Why  should  the  student  koep  the  Ledger  in  view  when  journalizing  ?  2.  When  should  the  check-mark  ( y/) 
be  made  in  the  Day  Book,  and  where  ?  3.  What  is  transferring  to  the  Ledger  called  ?  4.  "Why  is  it  neces 
sary  to  observe  care  in  posting?  5.  What  is  the  first  account  opened  in  the  Ledger?  6.  When  an  account 
is  posted  to  the  Ledger  what  expression  should  be  made?  7.  Is  it  necessary  that  any  expression  should  be 
made?  8.  Of  what  should  the  Ledger  expression  be  suggestive?  9.  When  should  the  page  of  the  Ledger 
to  which  an  amount  is  posted  be  entered  in  the  Journal,  and  where  ? 

GENERAL   STATEMENT. 

10.  Why  is  a  Trial  Balance  so  called  ?  11.  Does  the  Trial  Balance  prove  the  Ledger  to  be  absolutely  cor 
rect?  12.  Is  the  test  afforded  by  the  Trial  Balance  usually  satisfactory  ?  13.  What  test  is  afforded  proving 
all  the  Journal  entries  to  have  been  posted?  14.  What  to  prove  that  all  the  original  entries  have  been 
journalized?  15.  When  these  precautions  are  used,  how  many  chances  are  therefor  errors  which  may 
escape  the  Trial  Balance  test?  1(5.  What  must  be  the  condition  of  the  Trial  Balance  which  affords  these 
tests?  17.  Would  it  be  necessary  to  carry  the  total  footing*  into  the  Trial  Balance  did  we  not  desire  this 
additional  security?  18.  Can  a  correct  Trial  Balance  be  had  which  will  contain  simply  the  Imlnncex  of  the 
Ledger  accounts?  19.  Upon  what  principle  is  this  effected?  20.  Are  these  two  forms  of  Trial  Balance  ever 
combined  in  one  ?  21.  What  is  the  important  consideration  with  the  business  man  in  connection  with  his 
accounts  ?  22.  What  does  this  enable  him  to  do  ?  23.  What  will  a  Ledger  properly  kept  show  at  any  time  ? 
•^4.  What  kind  of  resources  cannot  be  shown  from  the  Ledger  ?  25.  How  is  the  real  value  of  such  property 
ascertained?  26.  Is  there  any  property  of  this  kind  represented  in  Set  I.,  and  what  is  it?  27.  What  will 
the  difference  in  the  sides  of  Merchandise  account  show,  if  debited  and  credited  with  the  same  value?  28. 
When  the  Merchandise  account  is  debited  with  the  cost  of •  merchandise,  and  credited  with  its  proceeds,  how" 
much  will  the  difference  between  the  sides  fail  of  showing  the  value  of  merchandise  unsold?  2'J.  When  the 
account  is  so  kept  what  is  our  only  method  of  ascertaining  the  value  of  merchandise  unsold  ?  30.  What  is 
the  process  called  ?  81.  When  the  real  condition  of  a  concern  is  stated,  what  must  it  exhibit?  32.  In  the 
statement  of  resources  and  liabilities  on  page  29,  why  were  not  the  Ledger  accounts  of  Expense  and  Mer 
chandise  taken  cognizance  of?  33.  What  is  shown  by  these  accounts?  34.  Is  there  any  similarity  in  these 
accounts?  35.  What  must  be  borne  in  mind  with  reference  to  the  nature  of  such  special  accounts  as  Ex 
pense?  36.  How  many  classes  of  accounts  are  there  ?  37.  What  can  be  learned  from  each  ?  38.  When  the 
resources  and  liabilities  of  a  concern  do  not  show  to  be  equal,  what  must  be  the  reason?  39.  What  accounts 
are  (railed  Real  ?  40.  What  Representative  ?  41.  How  is  it  shown  that  these  two  classes  of  accounts  run  exactly 
rmrallel  ?  42.  For  what  purpose  is  Stock  account  opened  ?  43.  Why  does  not  Stock  account  perpetually 
represent  the  net  investment?  44.  For  what  purpose  is  it  necessary  to  close  up  certain  of  the  Ledger 
iccounts  V 

32 


CLOSING    THE    LEDGER. 


CLOSING  THE  LEDGER. 

This  phrase  is  much  more  technical  than  descriptive ;  and,  although  the  process  may  be 
easily  learned,  experience  has  taught  us  that  '  the  greut  difficulty  in  the  matter  with  learners  is 
to  be  able  clearly  to  understand  the  object  to  be  attained  by  "  Closing  the  Ledger."  We  will 
endeavor  to  explain. 

8  To  "  close  up"  an  account  in  the  Ledger  is  to  put  an  end  to  its  current  condition.  This  ma) 
be  for  a  temporary  purpose  only,  or  it  may  be  final.  3  In  closing  a  Real  account,  if  the  sides 
oe  equal,  it  is  necessary  only  to  add  up  the  two  sides,  and  draw  red  lines  underneath  the 
amounts  of  each.  The  account  thus  becomes  canceled,  and,  so  far  as  our  business  is  affected, 
is  as  though  it  had  never  been.  4  If  the  sides  be  not  equal,  and  we  desire  to  close  the  account, 
for  the  purpose  of  showing  the  result,  we  enter  upon  the  smaller  side,  in  red  ink,  an  amount 
which  will  make  it  equal  to  the  larger  side.  This  will,  of  course,  be  the  difference  between  the 
sides,  or  the  excess  of  the  larger,  and  must  be  shown  as  such,  either  in  a  continuation  of  the 
same  account,  or  in  another  account  of  the  same  import.  The  balance  thus  shown  will  be 
either  a  resource  or  a  liability.  If  the  sides  of  a  Representative  account  be  equal,  and  the  proceeds 
all  shown,  it  is  also  closed  by  adding  up  the  debit  and  credit  columns,  and  drawing  red  lines 
underneath;  8  if  unequal,  the  excess  will  be  entered  on  the  smaller  side  in  red  ink,  and  will  re 
present  a  gain  or  a  loss.  The  columns  will  then  be  added,  as  in  the  other  case. 

So  much  for  the  process.  Let  us  now  ascertain  for  what  purpose  the  Ledger  accounts  are 
closed  at  all,  and  each  step  will  then  suggest  its  own  philosophy.  We  have  already  shown 
that  8just  as  soon  as  the  invested  capital  begins  to  fluctuate  or  change  in  value,  Stock  account 
ceases  to  represent  the  real  interest  of  the  proprietor.  '  This  is  simply  because  the  gains  and 
losses  are  not  carried  to  Stock  account  when  they  occur,  but  are  allowed  to  remain  in  the  Repre 
sentative  accounts.  8  As  often,  there  fore,  as  we  wish  to  show  what  is  the  proprietor's  interest  in 
the  business,  or  what  the  concern  is  owing  him,  we  must  take  these  gains  arid  losses  from  his 
Representative  accounts,  and  carry  them  to  the  Stock  account.  We  do  this  by  "  closing  up"  the 
accounts,  and  transferring  their  balances.  9  The  usual  method  is  to  open  a  general  account, 
called  "Profit  and  Loss,"  or  "Loss  and  Gain,"  and  first  transfer  to  it  all  the  gains  and  losses. 
10 This  enables  us  to  get  the  net  gain  or  the  net  loss  in  one  amount,  which  we  carry  to  Stock; 
11  if  it  be  a  net  gain,  it  will  go  to  the  credit  side  of  the  account,  increasing  the  investment ;  ls  if 
a  loss,  to  the  debit  side,  decreasing  the  investment. 

13  This  can  all  be  accomplished  without  disturbing  the  Real  accounts.  14  If,  however,  it  is 
desired  to  show  in  a  tabular  form  the  resources  and  liabilities  of  the  concern,  we  can  easily  do 
so  by  opening  an  account  for  this  purpose  called  "  Balance,"  and  close  the  Heal  accounts  into 
it.  15  Or  if  we  wish  to  show  an  era  in  our  business,  we  can  close  up  these  accounts,  and  bring 
the  balances  down,  as  shown  in  the  Ledger  which  follows. 

16  The  object,  then,  of  closing  the  Ledger  accounts  is  to  restore  the  proprietor's  account  tc 
the  same  relative  position  towards  the  business  which  it  occupied  at  the  commencement,  viz., 
as  showing  the  net  investment,  or  net  interest  of  the  proprietor. 

"  An  entry  in  red  ink  on  the  Ledger,  denotes  that  the  amount  thus  written  is  to  be  trans 
ferred,  either  to  some  other  account,  or  to  another  position  under  the  same  account.  It 
also  shows  that  the  entry  is  first  made  in  the  Ledger,  not  having  passed  through  the  usual  pre 
liminary  books  of  entry.  18  Red  ink  entries  are  always  transferred  to  the  opposite  side  from 
where  they  first  appear,  19  for  the  reason  that  they  indicate  an  excess  of  that  side. 
E  33 


OEDER    OF    CLOSING. 

ORDER   OP   CLOSING. 

In  closing  the  Ledger  accounts,  for  the  purposes  of  a  general  exposition  of  affairs,  the 
following  order  should  be  observed  : 

20  Open  an  account  with  "  Loss  and  Gain,"  (if  not  already  opened,)  and  another  with 
"  Balance  ;"  21  the  former  to  exhibit  the  losses  and  gains,  and  *2  the  latter  the  resources  and 

liabilities. 

2. 

93  Ascertain  from  the  inventory  if  any  property  remains  unsold ;  and,  if  so,  credit  each 
account  for  which  such  property  was  originally  debited  with  the  value  of  that  unsold,  making 
the  entry  in-  red  ink,  "  By  Balance,"  and  transferring  the  amount  directly  to  the  debit  side  of 
Balance  account,  making  this  entry  in  black  ink,  "  To  Merchandise,"  or  "  To  Real  Estate,"  or 
any  other  account  from  which  the  amount  is  transferred.  24The  Ledger  accounts  will  each 
show,  now,  one  of  the  four  following  results,  viz :  a  Resource,  a  Liability,  a  Gain,  or  a  Loss. 

3. 

K  Omitting  Stock  account,  (or  Partners'  accounts,)  commence  with  the  first  account  in  the 
Ledger.  First  ascertain  which  of  the  above  results  it  shows,  and  make  the  closing  entry  ac 
cordingly.  If  the  difference  represent  a  resource,  or  a  liability,  enter  upon  the  smaller  side, 
in  red  ink,  "  To"  or  "  By  Balance,"  as  the  case  may  be,  and  transfer  the  amount  in  black  ink 
to  the  opposite  side  of  Balance  account.  If  the  difference  represent  a  gain  or  loss,  enter  on 
the  smaller  side  in  red  ink,  "  To"  or  "  By  Loss  and  Gain,"  and  transfer  the  amount,  in  the 
same  manner  to  Loss  and  Gain  account.  Close  all  the  accounts  (except  Stock  or  Partners') 
and  transfer  the  balances  as  directed.  26  The  Loss  and  Gain  account  will  now  show,  on  the 
debit  side,  all  the  losses,  and  on  the  credit  side,  all  the  gains,  the  difference  being  the  net  gain 
or  net  loss.  27  The  Balance  account  will  show  on  the  debit  side  all  the  resources,  and  on  the 
credit  side  all  the  liabilities,  (excepting  the  result  of  Stock  or  Partners'  accounts,)  the  differ 
ence  being  the  real  interest  or  present  investment  of  the  proprietor  or  proprietors. 

4. 

48 Take  a  "Second  Trial  Balance,"  or  a  Trial  Balance  of  the  remaining  open  accounts: 
Stock  or  Partners',  Loss  and  Gain,  and  Balance.  92  If  the  balances  have  been  properly  trans 
ferred  the  debits  and  credits  of  these  accounts,  taken  together,  must  be  equal. 

5. 

80  Close  the  Loss  and  Gain  account  into  Stock,  or,  if  it  be  a  partnership  business,  into  the 
partners'  accounts,  dividing  the  gain  or  loss  according  to  agreement.     81  The  Stock  or  Partners' 
accounts  will  now  show  the  original  investment,  increased  by  the  gain,  or  decreased  by  the 
loss  ;  the  difference  being  the  present  net  investment.     32  As  the  Balance  account  shows  the^ 
same  thing,  they  must,  of  course,  agree. 

6. 

83  Close  Stock  account  (or  Partners'  accounts)  into  Balance  account,  which  must  equalize  that 
account,  it  showing  now,  M  on  one  side  the  total  resources,  and  on  the  other  the  total  liabilities, 
and  presenting  in  the  most  condensed  form,  the  exact  present  condition  of  the  business. 

The  student  will  please  observe  this  order  in  making  the  closing  entries  w,hich  follow.  It 
will  be  seen  that  this  Ledger  presents  the  same  accounts  as  the  preceding,  and  differs  only  in 
having  disposed  of  the  gains  and  losses.  The  balances  of  the  Real  accounts  (except  Stock) 
agree  with  the  Trial  Balance,  showing  balances  on  page  27,  while  the  Representative  accounts 
have  ceased  to  exist,  their  results  being  exhibited  in  the  Stock  account. 

34 


LEDGER,  SET  I.— CLOSED. 

Stock. 


1859 

1859 

Jan. 

1 

31 

To  Peter  Cooper 
Balance 

1 
2 

500 

75 

Jan. 

1 
31 

By  Cash 
Loss  and  Gain 

1       5000    ; 

4  |L_124      75 



5124 

75 



5124      75 

Feb.     1 

By  Balance 

4624      75 

Cash.. 


(£r, 


1859 

1859 

Jan. 

1 

To  Stock 

1 

5000 

Jan. 

3 

Bv  Mdse. 

1 

1400 

" 

5 

Mdse. 

1 

800 

" 

15 

Expense 

2 

?0 

M 

16 
22 

Mdse. 
H.  D.  Stratton 

2 
2 

18 
20 

75  |;    " 

23 

31 

Bills  Payable 

2 
2 

500 

" 

25 

Mdsc. 

2 

675 

31 

Ju'f'nice 

75 

»H4 

6513 

75 

6513 

75_ 

Feb. 

1 

To  Balance 

| 

4429 

75 

P*eter    Cooper. 


Cr. 


1859 
Jan. 

10 

To  Bills  Payable 

1 

500   . 

1859 
Jan. 

1 

By  Stock 

1    j    500 

f 

i] 

Meroh.andise. 


1859 

. 

1859 

Jan. 

3 

To  Cash 

1 

1400 

Jan. 

5 

By  Cash                                 1        800 

" 

10 

Bills  Payable 

1         235 

" 

6 

H.  I).  Stratton               2          40 

14 

"          " 

2 

1000 

it 

12 

Bills  Receivable              2          57 

5ft 

" 

28 

J,  D.  Conistock    -1'11 

2 

96, 

^         I 

tt 

16           Cash                                  3          18 

7~i 

3L 

J.oss  ami  bain 

3UB 

tt 

20 

E.  G.  Folsom                3        115 

tt 

25 

Qwknce  Q^LVJ  , 

3        675 

3039 

75 

S019  75 

3039 

7r> 





Feb.     1      To  Balance 

1333 

50 

H.    D.    Stratton. 


1859 

~  — 

1859 

Jan. 

6 

To  Mdse. 

1 

40 

Jan. 

22 

By  Cash 

40 

* 

£6 

40 

Feb. 

1   ' 

To  Balance 

20 

2          20 


40 


1859 

./an.    23    To 


Bills    Payable. 

2        500 


• 

1735 


1859 

J«n.  9  By  Mdse. 

j  "  10  "  Peter  Cooper 

"  14  Mdse. 


Feb.     1     By  Balance 


1          235 

1  500 

2  1000 

1735 
1235 


35 


LEDGER,   SET  I.— CLOSED. 

Bills    Receiva/ble. 


1859 
Jan. 

12 

To  Mdse. 
To  Balance 

^ 

57 

50 

1859 
Jan. 

81 

-By  lialantt. 

6T 

50 

57 

50 

for.                                   Expense.                                   <Tr. 

1859 
Jan. 

u 

15 
SI 

To  Cash 

2 
2 

20 
164 

1859 
Jan. 

81 

By  Lots  and  Gain. 

164 

184 

184 

tor                             E.    Gr.    Folsom.                           <tr. 

1859 
Jan. 

20 

To  Mdse. 
To  Balance 

2 

115 

1859 
Jan. 

81 

By  Balance 

116 

Feb. 

1 

115 

tor.                         J.    ID.    Oomstook.                         CTr. 

J859 
Jan. 

81 

To  Balance 

96 

1859 
Jan. 

28 

By  Mdse. 
By  Balance 

,    2 

96 

Feb. 

1 

96 

tor.                          Loss   and.    O-ain.                         &r. 

1859 

JfeM. 

I1 

To^xpense 

184 
194 

751 

1859 
Jan. 

31 

By  Mdse. 

808 

78 

808 

J 

808 

76 

tor.                                   Balance. 

€r. 

1859 
Jaw. 

w 

<« 

N 

81 
81 
81 

11 

To  Mdse. 
Cash 
H.  D.  Stratton 
Bills  Receivable 
E.  G.  Folsom 

1333 

4429 
20 
57 
115 

50 

75 

50 

1859 
Jan. 

u 

81 
31 
81 

By  Bills  Payable 
J.  D.  Comstock 
Stock 

1235 
96 

4624 

76 

5955 

_al 

6955 

75 

— 

GENERAL  REMARKS. 


GENERAL  REMARKS. 

By  referring  to  the  Balance  account  in  the  preceding  Ledger,  we  shall  find  85a  full  state 
ment  of  the  resources  and  liabilities  of  our  concern  on  the  31st  of  January.  Should  we  desire 
to  open  a  new  set  of  books  on  the  1st  of  February,  B8we  have  all  the  necessary  information 
for  that  purpose ;  or  we  can  represent  the  state  of  our  affairs  in  our  present  Ledger,  "  simply 
by  bringing  down  the  balances  showing  resources  and  liabilities  under  their  separate  accounts, 
instead  of  transferring  them  to  Balance  account.  ^This  we  have  done.  It  will  now  be  evi 
dent  that  89  there  was  no  actual  necessity  of  opening  a  Balance  account ;  the  only  object  in 
doing  so  was  40to  exhibit,  under  one  title,  the  resources  and  liabilities.  41  In  practice,  this  account 
is  rarely  ever  exhibited  on  the  Ledger,  but  48its  contents  are  shown  in  a  separate  Balance 
Sheet,  various  forms  of  which  we  have  given  elsewhere  in  this  work. 

It  is  often  a  matter  of  wonder  to  the  new  student  in  Accounts  why  the  difference  between 
the  sides  of  Stock  account,  being  transferred  to  Balance  account,  should  equalize  it.  A  mo 
ment's  thought  will  dispel  the  mystery.  43  Before  closing  any  of  the  accounts  in  the  Ledger, 
we  ascertain  by  the  Trial  Balance  that  our  debits  and  credits  are  equal,  and  we  take  care,  in 
every  step,  to  keep  them  so ;  for  whenever  we  debit  any  account,  we  credit  some  other  ac 
count  with  the  same  amount,  and  vice  versa.  In  "  closing  up"  the  Ledger,  we  call  this  process 
"  transferring ;"  but  it  is  exactly  **  equivalent  to  posting.  Let  us  see  if  this  is  not  so. 

45  The  first  entry  of  this  kind  was  to  credit  Merchandise  and  debit  Balance  with  the  prop 
erty  unsold.  So  far  as  this  affected  our  Merchandise  account,  it  was  equivalent  to  selling  the 
merchandise,  and  receiving  therefor  an  absolute  resource,  which  we  have  called  "  Balance," 
but  which  is  Merchandise,  reckoned  at  its  true  value.  We  can  now  treat  our  Merchandise 
account  as  if  the  property  were  all  disposed  of.  This  we  do,  in  fact,  by  representing  the  dif 
ference  between  the  sides  as  a  gain.  We  now  debit  Merchandise  account  with  this  gain,  and 
credit  Loss  and  Gain,  preserving,  as  before,  our  fundamental  rule  of  "  equal  debits  and  credits." 
We  pursue  this  policy  with  all  the  accounts,  transferring  always  to  the  opposite  side  from 
that  on  which  the  closing  entry  is  made,  and  thus  maintaining  a  perpetual  equilibrium.  46  The 
balances  which  we  transfer  to  Loss  and  Gain  account  might,  with  equal  propriety,  be  carried 
directly  to  Stock  account,  but  that  47it  is  desirable  to  exhibit,  in  one  amount,  the  net  gain  or 
loss  during  the  business.  It  will  be  borne  in  mind,  that  the  balancing  or  closing  of  an  ac 
count  is  simply  48upon  the  principle  of  cancellation.  The  account  is  made  to  "balance"  only 
**  by  taking  away  the  excess.  But  that  excess  appears  60  elsewhere,  and  on  the  same  side  of  the 
Ledger.  These  balances  of  gains,  losses,  resources,  and  liabilities  are  thus  transferred  to  the 
two  accounts,  "  Loss  and  Gain"  and  "  Balance,"  thus  exhibiting  in  the  former,  all  the  gain^ 
and  losses,  and  in  the  latter  all  the  resources  and  liabilities.  This  leaves,  except  the  Stock  ac 
count,  but  these  two  accounts  open,  which,  taken  together,  must  have  equal  debits  and  credits, 
"as  we  have  never  failed  in  each  step  to  produce  this  result.  The  Stock  account,  as  it  now 
stands.,  shows  "the  capital  at  commencing,  and  the  Balance  account  63the  capital  at  closing. 
There  must,  of  course,  be  a  discrepancy  between  these  two  accounts,  "exactly  equal  to  the 
gain  or  loss  in  business.  Now  as  the  gains  and  losses  are  all  shown  in  the  Loss  and  Gain 
account,  "the  difference  between  the  sides  being  the  net  gain  or  loss,  it  follows  that  this  differ 
fiice  must  exactly  equal  the  discrepancy  between  the  capital  at  commencing,  and  the  capital 
at  closing ;  or,  in  other  words,  between  the  Stock  and  Balance  accounts.  If,  then,  we  close  the 
Loss  and  Gain  account  into  Stock,  we  shall  have  exhibited  in  Stock  account,  "first,  the  capital 
at  commencing,  and  next,  the  gain  or  loss  during  business,  which,  together,  must  equal  the 

37 


GEKEIIAL    KEMAlvKS. 

capital  at  closing.  "The  Balance  account  showing  all  the  resources,  and  all  the  outside  liabili 
ties  at  closing,  must  represent  the  same  amount;  and  hence,  the  balance  of  either  transferred 
to  the  other,  must  equalize  the  sides. 

This  is  usually  one  of  the  most  difficult  points  of  comprehension  in  the  student's  path,  but 
all  such  difficulties  give  way  readily  to  a  little  momentum  of  reason  and  determination. 

It  will  be  apparent  that  throughout  the  discussion  thus  far,  we  have  drawn  a  marked  dis 
tinction  between  the  proprietor  and  the  business.  It  is  necessary  that  this  distinction  be  clearly 
apprehended  before  we  proceed  farther ;  as,  if  there  is  any  thing  peculiar  in  this  treatise,  it 
.will  be  found  to  emanate  from  this  recognition.*  The  great  fact  to  which  we  refer,  is  strik 
ingly  apparent  in  the  first  entry  upon  our  books,  which  was  to  credit  Stock  with  the  invest 
ment.  Now  if  we  inquire  who  credits  Stock,  we  shall  be  forced  to  the  conclusion  that  there 
is  a  party  represented  here,  entirely  distinct  from  stock,  or  the  proprietor;  as  it  would  be 
sheer  nonsense  to  express  the  fact  that  a  man  owes  himself.  The  person  competent  to  con 
struct  a  system  of  philosophy  on  such  a  basis,  would  be  able  to  show  how  a  man  might  lift 
himself  by  his  own  boot-straps,  or  get  rich  by  taking  money  from  one  pocket  and  putting  it 
in  the  other.  The  fact  clearly  stated  is,  that  the  books  represent  M  the  concern,  and  not  the 
proprietor,  and  the  account  opened  with  "  Stock"  is  precisely  M  the  same  as  that  opened  with 
any  other  person,  except  that  the  final  settlement  with  Stock  will  not  take  place  until  the 
business  ceases,  or  he  withdraws  from  it.  If  Stock  account,  then,  shows  an  excess  of  credits, 
80  it  is  as  much  a  liability  as  Peter  Cooper's  account,  and  must  eventually  be  canceled  by  pay 
ment  as  well.  To  make  this  still  more  plain,  let  us  see  in  what  light  Stock  himself  views  it. 
Suppose  the  investment  in  this  enterprise  is  only  one  among  many  which  he  has  made.  Sup 
pose  he  has,  also,  a  mill,  wherein  he  has  invested  $10,000 ;  and  a  tannery  where  he  has  in 
vested  $15,000.  How  will  he  keep  an  account  with  these  three  distinct  concerns  in  his  private 
books'?  According  to  the  principles  of  accounts,  he  will  charge  the  mill,  the  tannery,  and  the 
store,  each  with  its  cost,  or  the  amount  invested  in  it.  He  does  this  upon  the  principle  of 
holding  these  concerns  responsible  for  such  investment,  and  upon  the  full  expectation  that  they 
will  eventually  pay  him  what  they  thus  owe.  Our  reasons  for  crediting  Stock  on  the  books 
of  the  store  (which  is  the  concern  here  represented)  will  now  be  sufficiently  apparent,  and  the 
attentive  student  cannot  fail  to  see  that  this  credit  is  as  much  a  liability  of  the  concern  as  any 
credit  on  our  books. 

If  there  be  still  any  doubt  as  to  the  correctness  of  this  position,  let  us  dissipate  it,  at  once, 
by  analyzing  the  second  entry  in  the  preceding  series  of  transactions.  The  first  entry,  accord 
ing  to  our  theory,  gave  us  a  resource  in  cash  of  $5000,  and  a  liability  to  Stock  of  the  same 
amount.  The  second  entry,  which  we  propose  now  to  consider,  created  a  new  liability  to 
Peter  Cooper  of  $500,  but,  at  the  same  time,  reduced  the  former  liability  to  Stock  in  the 
same  amount ;  so  that  the  relative  position  of  our  resources  and  liabilities  was  not  changed. 
The  reason  for  this  entry  was  this :  Stock  was  owing  Peter  Cooper  $500,  which  he  did  not 


*  All  authors  whom  we  have  consulted — and  "  their  name  is  legion" — agree  that  "  Stock,"  as  a  Ledger  title, 
represents  the  proprietor,  or  as  some  few  elegantly  express  it,  "the  owner  of  the  books  ,•"  while  not  one  among  them 
attempts  to  give  a  reasou  for  crediting  this  account  with  the  investment,  except  that  it  is  used  to  represent  the 
capital ;  and  of  all  the  rules  given,  both  fallible  and  "infallible,"  for  journalizing,  no  one  attempts  to  apply  such 
rules  to  the  first,  or  opening  entry.  Now,  it  is  impossible,  grammatically,  that  the  same  set  of  books  should,  at 
the  same  time,  represent  two  distinct  and  opposite  interests.  All  the  expressions  used  in  the  books  purport  to  em 
anate  from  some  person  or  persons  having  a  common  interest  in  the  transactions,  and  all  the  entries,  of  whatever 
nature,  must  necessarily  be  the  exponent  of  the  same  interests.  A  pronoun  in  the  h'rst  person,  either  expressed 
o'1  understood,  cannot  properly  represent  two  separate  and  distinct  parties  in  the  same  sentence,  or  the  same  dis 
cussion.  So,  if  it  be  necessary,  in  crediting  Stock  for  the  original  investment  to  assume  a  position  distinct  from 
Stock,  the  same  necessity  must  exist,  with  equal  force,  through  all  the  subsequent  entries.  The  imre  this  position 
is  studied,  the  more  apparent  will  be  its  truthfulness. 

38 


EXE11CISES    FOR   THE    LEARNER. 

care  to  pay  from  his  private  funds.  Tie  reasons  thus :  I  have  $5000  which  I  can  invest  in  this 
business,  but  I  also  owe  Peter  Cooper  $500.  which  is  not  yet  due.  Now  I  will  invest  thi> 
capital  upon  the  condition  that'  this  liability  be  paid  by  the  concern  when  it  matures.  Th  • 
concern  accepts  this  proposition,  and  first  credits  Stock  with  his  investment,  and  next  debit* 
him  with  the  amount  assumed  for  him.  The  liability  to  Peter  Cooper  is  now  transferred  from 
Stock's  private  books  to  those  of  this  concern,  and  the  concern's  liability  to  Stock  is  decreased 
to  the  extent  of  the  new  liability  thus  assumed. 


EXERCISES  FOR  THE  LEARNER. 

FIRST  SERIES. 

It  is  hoped  that  the  preceding  exercises  in  their  fullness  of  explanation  and  illustration  will 
enable  the  student  to  carry  successfully  through  a  series  of  transactions  embracing  the  same 
general  principles.  The  following  memoranda  will  comprise  a  month's  business,  and  the  stu 
dent  is  required  to  write  up  therefrom  all  the  books  represented  in  the  preceding  series.  The 
form  and  arrangement  of  the  books  he  will  of  course  gather  from  the  examples  given ;  and 
he  will  find  no  point  of  difficulty  which  has  not  been  fully  discussed  in  connection  with  Set  1. 
These  exercises  will  require  him  to  study  well  the  form  of  expression  in  the  Day  Book,  and 
the  principles  which  govern  the  Journal,  and  will  afford  an  excellent  test  of  his  proficiency  in 
what  he  has  passed  over.  The  great  objection  to  be  urged  against  published  text  books  in  this 
science  is,  that  too  little  is  left  for  the  mind  of  the  student.  There  is  a  wide  difference  be 
tween  copying  the  forms  in  Accounts  and  originating  them ;  and  hence  we  have  followed  each 
exemplified  set  of  books,  with  a  series  of  transactions  embracing  the  same  principles — which 
the  student  is  required  to  put  in  proper  form  in  the  various  books — and  giving  the  result  of 
the  entries  which  he  is  required  to  produce.  If  we  are  not  greatly  mistaken,  this  will  be 
found  the  most  useful  portion  of  the  work,  and  should,  under  no  circumstances,  be  omitted. 

Memoranda. 

Jan.  1st.  Commenced  business  with  a  cash  capital  of  $6000.  2d,  Bo't  of  E.  R.  Felton,  for 
cash,  100  bbls.  Flour,  @  $8.  3d,  Sold  W.  E.  Crocker  on  %,  20  bbls.  Flour,  @  88.50.  4th, 
Bo't  on  our  note,  @  30  days,  of  C.  S.  Sill,  20  pieces  Calico,  @  $3 ;  10  do.  figured  Silks,  @  $9. 
5th,  Sold  E.  C.  Packard,  for  cash,  30  bbls.  Flour,  @  $8.25.  Oth,  Paid  cash  for  set  cf 
Books  for  use  of  store,  $15.  7th,  Bo't  of  E.  P.  Selmser,  for  cash,  200  bbls.  Genesee  Flour,  @  $9 ; 
paid  Drayage  on  same,  in  cash,  83.  10th,  Sold  Hiram  A.  Pry  or  on  his  note  @  30  days,  100 
bbls.  Genesee  Flour,  @  $9.50.  12th,  Sold  W.  II.  Clark,  for  cash,  10  pieces  Calico,  @  $3.75. 
15th,  Paid  Cash  for  repairing  store,  $15.  16th,  Bo't  of  J.  D.  Williams,  on  %,  50  pieces 
Merrimac  Prints,  @  $5.  17th,  Sold  R.  C.  Spencer,  on  %.  25  pieces  Mernmac  Prints. 
@  $5.35.  20th,  Sold  R.  W.  Hoadley,  for  cash,  50  bbls.  Genesee  Flour,  @  $9.50.  21st,  Re 
ceived  Cash,  in  full,  of  W.  E.  Crocker's  %.  22d,  Paid  J.  D.  Williams  Cash  on  %,  $100. 
25th,  Paid  Clerk  hire  in  full  to  Feb.  1,  $50.  27th,  Sold  E.  B.  Rockwell,  on  %,  50  bbls. 
Genesee  Flour,  ®  $10.  29th,  Received  Cash  on  %  of  E.  B.  Rockwell,  $250.  31st,  Paid 
Store  rent,  in  cash,  $100. 


UHI7ERSITT 


EXERCISES    FOR   THE    LEARNER. 

INVENTORY* 

Mdse.  remaining  unsold  Jan.  31st. 


50  hbls.  Flour, @  $10 

10  pieces  Calico, @       3 

25     do      Merrimac  Prints,    .  @      5 

10     do      figured  Silks,      .     .  @      9 


$500 

30 

125 

90 

$745 


If  these  accounts  are  properly  kept,  the  first  Trial  Balance  and  the  Balance  Account  will 
each  represent  the  following  statement : 

First    Trial  Balance. 


.     .     .     .     Stock    

6000 

7180 

2883 

3003 

.     .     .     .     Merchandise  
.     .     .     Bills  Payable      .... 

2513 
150 

75 

180 

950 
100 

.     .     .     .     Bills  Receivable  .... 
.     J    D    Williams   .... 

250 

170 

.     .     .     .     W.  E.  Crocker    .... 

170 

133 

75 

500 

.     .     .     .     E.  B.  Rockwell  .... 

250 

12216 

75 

12216 

75 

rri>  K 


Balance  Account. 


Resources. 
Pnsh      .  1     .     .     r~v-   .     . 

4°97 

Liabilities. 
Bills  Parable    ''' 

150 

Merchandise  

745 

J.  D.  Williams      .... 

150 

Bills  Receivable                       . 

950 

^ 

Stock  

6075 

7ft 

R.  C.  Spencer      

133 

7.1 

E.  B.  Rockwell  

250 

6375 

75 
1 

1 

6375 

75 

The  student  will  please  ascertain  if  this  is  correct. 

40 


QUESTIONS    FOR    REVIEW. 


QUESTIONS    FOR    REVIEW. 


CLOSING  THE  LEDGER. 

1.  What  is  the  chief  difficulty  with  learners  in  closing  the  Ledger?  2.  "What  is  the  effect  of  "closing 
np"  an  account  ?  8.  How  is  a  Jteal  account  closed  when  the  sides  are  equal  ?  4.  Huw,  when  unequal  ? 
6.  How  is  a  Representative  account  closed  when  the  sides  are  unequal?  6.  At  what  stage  of  the  business 
does  Stock  account  cease  to  represent  the  proprietor's  interest  ?  7.  Why  is  this  ?  8  How  can  we  at  any 
time  ascertain  the  proprietor's  interest?  9.  What  is  the  usual  method  of  carrying  gains  and  losses  to 
Stock  account?  10.  What  is  the  advantage  of  opening  a  "Loss  and  Gain"  account?  11.  To  which  side  of 
Stock  account  are  gains  carried,  and  how  do  they  affect  that  account?  1'2.  To  which  side  are  losses  carried, 
and  how  do  they  affect  the  account  ?  13.  Can  the  gains  and  losses  be  thus  disposed  of.  without  disturbing 
the  Real  accounts?  14.  What  is  the  object  of  opening  a  "Balance"  account?  15.  How  can  we  dispose  of 
the  amounts  properly  carried  to  Balance  account,  if  we  wish  merely  to  show  an  era  in  our  business?  16. 
What,  then,  is  the  prime  object  in  closing  the  Ledger  accounts?  17.  What  does  an  entry  in  red  ittk  on  the 
Ledger  denote  ?  18.  How  are  red  ink  entries  always  transferred  ?  19.  Why  transferred  to  the  opposite  side  ? 

ORDER  OF  CLOSING. 

20.  What  is  the  first  step  in  closing  the  Ledger?  21.  What  results  are  shown  by  the  "Loss  and  Gain" 
account?  22.  What  by  the  Balance  account?  23.  What  is  the  second  step ?  24.  When  the  inventories  are 
all  entered  to  the  proper  accounts,  what  will  be  shown  by  the  Ledger?  25.  What  is  tlie  third  step?  26. 
When  the  balances  hare  been  properly  transferred,  what  will  the  "Loss  and  Gain" account  show?  27.  What 
the  "Balance"  account?  28.  What  is  the  fourth  step?  2i>.  Of  what  use  is  the  "  Second  Trial  Balance?"  30. 
What  is  the  fifth  step?  31.  When  the  net  gain  or  loss  has  been  transferred  to  Stock  or  Partners'  accounts, 
what  will  those  accounts  show  ?  32.  Why  must  the  balance  of  these  accounts  agree  with  the  balance  of 
Balance  account  ?  33.  What  is  the  sixth  step  ?  34.  What  will  the  Balance  account  show  when  complete  ? 

GENERAL  REMARKS. 

86  What  is  shown  by  the  Balance  account  in  Set  I  ?  36.  Have  we  sufficient  data  here  to  enable  us  to  open 
a  new  set  of  books  ?  37.  How  can  we  represent  the  state  of  our  affairs  in  the  present  Ledger  ?  38.  Has  this 
result  been  shown  ?  39.  Was  there  really  any  necessity  for  opening  a  Balance  account  ?  40.  Why  was  it  done  ? 
41.  Is  this  account  often  exhibited  on  the  Ledger  in  actual  business?  42.  How  are  its  contents  otherwise 
shown  ?  43.  Why  does  not  the  transferring  of  balances  from  one  account  to  another  disturb  the  equilibrium 
of  the  Ledger  ?  44.  What  is  this  transferring  -of  balances  equivalent  to  ?  45.  Will  you  explain  this  by 
analysis  ?  46.  Where  might  the  balances  carried  to  the  Loss  and  Gain  account  properly  be  transferred  ?  47. 
Why  is  it  not  done  ?  48.  Upon  what  principle  are  accounts  "balanced?"  49.  How  is  an  account  made  to 
balance?  50.  Where  does  this  excess  subsequently  appear  ?  51.  When  all  the  balances  except  Stock  are 
transferred  to  Loss  and  Gain  and  Balance  accounts,  why  must  these,  with  Stock  account,  contain  equal  debits 
and  credits  ?  52.  What  is  shown  by  the  Stock  account  at  this  stage  ?  53.  What  by  the  Balance  account  ? 
54.  What  discrepancy  is  there  in  these  two  accounts  ?  55.  Why  will  this  discrepancy  exactly  tally  with  the 
difference  between  the  sides  of  Loss  and  Gain  account  ?  56.  What  will  the  Stock  account  show  when  this 
discrepancy  is  transferred  from  the  Loss  and  Gain  account  ?  57.  Why  will  the  Stock  account  now  agree  with 
Balance  ?  58.  What  particular  interest  is  always  represented  by  a  set  of  books  ?  59.  What  relation  does 
Stock  account  sustain  towards  the  business  ?  60.  If  the  credit  side  of  Stock  account  exceeds  the  debit,  how 
does  It  affect  the  business  ? 

F  41 


INDEX  TO  LEDGER  B,— SET  II. 


INDEX  TO  LEDGER  B— SET  II. 

THE  purpose  and  importance  of  an  Index  to  the  Ledger  will  be  immediately  apparent. 
Where  there  is  a  large  number  of  accounts  much  time  is  saved  by  having  an  alphabetical 
list  to  which  to  refer.  The  example  given  below  will  be  sufficient  to  show  the  general  pur 
port  of  an  index,  but  does  not  present  the  best  form.  The  form  in  general  use  is  so  common 
and  so  very  simple,  that  any  attempt  at  explanation  would  be  useless.  We  have  not  thought 
it  necessary  to  give  the  index  in  connection  with  any  other  Set,  as  it  would  merely  occupy 
space  without  affording  information.  We  have  chosen  this  page  instead  of  the  one  next  pre 
ceding  the  Ledger,  because  it  best  answers  our  purpose  so  to  do. 

Index. 


A. 

N. 

Bryant,  H.  B. 

B. 
1 

0. 

Bills  Receivable    . 

1 

Billd  Payable    . 

1 

Cash    

C. 
1 

P. 

Packard,  S.  S.       .    .     .                                      3 

2 

Dawson,  Warren  & 

D. 
Iljde        2 

Q- 

E. 
2 

R. 

Real  Estate                                                             <* 

Folsom,  E.  G. 

F. 
1 

S. 

Stratton   II    D                                                        | 

Gantz,  Jno.  W. 

G. 

T. 

H. 

U. 

Union  Bank  Stock     % 

Uiiiou  Bank      2 

ivison  <fe  Phinnev 

1.  J. 

V. 

K. 

W. 

L. 

X.  Y. 

Merchandise     .     . 

M. 

z 

Mortgage  Payable 

42 


SET    II. 


DAY-BOOK,     JOURNAL,     LEDGER, 
CASH-BOOK,    BILL-BOOK. 

[Continuation  of  Set  Z] 


BUSINESS    PROSPEROUS. 


DAY-BOOK,— SET  II. 

NEW    YORK,    FEBRUARY   1,   1859. 


The  following  Resources  and  Liabilities  with  which  we  commence  busi 
ness  this  day,  are  taken  from  the  Balance  Account  of  H.  B.  Bryant's 
Ledger  A.* 

Resources. 

Cash  in  hand           $4429  75 

y    Notes  on  hand             57  50 

Merchandise  per  Inventory 1333  50 

E.  G.  Folsom  owes  on  % 115  00 

H.  D.  Stratton  owes  on  % 20  00 

59o5   75 

Liabilities. 

,    Notes  outstanding $1235  00 

/    Balance  due  J.  D.  Com  stock 96  00 

V      H.  B.  Bryant's  net  Capital        .     „ 4624  75 

-^$5955  75 

Sold  S.  S.  Packard  2  Doz.  Soft  Hats.     .     .     @  $36 72 

y   Received  in  Payment, 
CflSh $*iv 

Balance  on  <£  52 — $72 

Received  Cash  of  H.  D.  Stratton,  in  full  of  % 20 

3 

Bought  of  Ivison  and  Phinney, 

150  Sets  Spencerian  Writing  Books     ....     @  75c       .     $11250 
100  Copies  Bryant  &  Stratton's  Book-keeping         ®  $1        .       100  00 

Paid  them,  Cash 50  CO  212   50 

Order  on  E.  G.  Folsom 50  00 

Balance  on  % 112  50—212  50 

5  ' 

Bought  of  Dawson,  Warren  &  Hyde,  on  % 
I       50  "  Tip  Top "  Gold  Pens,  first  quality      .     .     .     @  $1.25     ....  62    50 

7      

Exchanged  Notes  with  Digby  V.  Bell  for  our  mutual  accommodation, 

yeach  drawn  at  30  days 500 
8 

Sold  J.  TT.  Goldsmith,  for  Cash, 

y50  Sets  Spencerian  Writing  Books @  85c.       .     42  50 
25  do    Bryant  and  Stratton's  Book-keeping    .     .     @  $1.12     .     28  00 

5  Reams  Let-tor  Paper         @  $3     .     .     1 5  00 

1  Doz.  Gold  Pens  @  $1.50     .     18  00         ]03   50 

>92fr  2T 


Set  I. 


DAY-BOOK—SET  II. 

NEW   YORK,    FEBRUARY   1O,    1850. 


y 

y 
y 

y 

y 

y 

y 
y 

y 

y 
y 

Amount  brought  Forward 

• 

6926 
10000 

200 

1600 

412 
5 

6250 
2160 

575 

65 

150 

* 

150 

25 

50 

75 

10 

Boujrht  of  Wm.  B.  Astor,  Store  and  Fixtures,  at 
Paid  him,  Cash             

$1000 

Bond  and  Mortgage  for  balance 

9000—  $10,000 

12 

Sold  J.  T.  Calkins,  on  his  note  @  20  days, 
50  yds.  Broadcloth     

@  $4     

14 

Bought  of  S.  S.  Guthrie,  Buffalo,  on  our  acceptance 
A.  M.  Clapp, 
200  Bbls.  Flour    

at  60  days  favor  of 
@  $8     

15 

Sold  D.  L.  Wing,  Albany,  for  Cash, 
50  Bbls.  Flour      

@  $8.25     .     .     .    . 

16 

Paid  Drayman's  Charges  in  full  to  date 

18 

H.   B.    Bryant  has  made  the  following    additional 
sources  bequeathed  him  by  a  deceased  uncle, 
50  Shares  Union  Bank  Stock  valued  at  $105    .     . 

investment    of   Re- 
.     .     .      $5250  00 

20 
Sold  for  Cash  to  B.  McGann,  20  Shares  Union  Bank 

Stock             @  $108 

24 

Sold  John  W.  Gantz, 
100  yds.  Black  French  Cloth  

@  *5.75     .     .     .     . 

Received  in  Payment,  Cash  

.     .     .     $200 

.    .    .     J37S=-f575 

25 

Paid  for  repairing  store,  per  order  on  E.  G.  Folsom 

27 

Rec'd  Cash  for  5  per  cent,  dividend  on  30  Shares  Union  Bank  Stock 

28 

$50 

100 

28403 

45 


JOURNAL —SET  II. 

NEW    YORK,   FEBRUARY   1,   1859.    Dr. 


Or. 


Sundries 
Cash      .     .     . 
Bills  Receivable 
Merchandise  . 
E.  G.  Folsom 
H.  D.  Stratton 


Dr.          To  Sundries,* 

4429   75 

57   ^0 

1333    50 

115 

20 

To  Bills  Payable        .     .     .  1235 

"  J.  D.  Comstock     ...  96 

"  H.  B.  Bryant         .     .     .  4624   75 


Sundries  Dr.          To  Merchandise     ....  72 

Cash 20 

2  S.  S.  Packard 52 

2 

!   Cash  Dr 20 

To  H.  D.  Stratton      ...  20 

3 

•   Merchandise  Dr.  To  Sundries 212    50 

To  Cash        50  j 

"    E.  G.  Folsom       ...  50 

"   Ivison  &  Phinney       .     .  112  50 

5 

1   Merchandise  Dr 62    50 

To  Dawson,  Warren  &  Hyde,  ||  62  |50 

7 

Bills  Receivable  Dr 500 

To  Bills  Payable  ....  500 

Cash  Dr 103    50 

To  Merchandise     .     .     .     .   ||  !     103 


6926 


25 


C92C>  25 


*  The  term  "  Sundries"  is  difficult  of  explanation  to  a  beginner;  and  many  teachers  and  a  few  authors  have 
thought  to  get  rid  of  the  difficulty  by  ignoring  the  term,  upon  the  principle  often  quoted,  that — 

"  Where  ignorance  is  bliss,  'tis  folly  to  be  wise ;" 

out,  like  most  attempts  of  this  kind,  it  falls  very  far  short  of  its  object;  for,  however  unnecessary  the  term  may  be 
in  journal  expressions,  its  convenience  will  secure  its  perpetual  use  by  practical  men,  and  the  sooner  it  is  com 
prehended  by  the  learner  the  better.  As  used  in  this  connection,  it  is,  as  will  be  readily  seen,  merely  a  caption 
for  the  Journal  entry,  indicating  that  the  entry  consists  of  sundry  debits  and  sundry  credits.  These  sundry 
debits  and  credits  being  afterwards  specifically  named,  and  their  amounts  extended,  it  is  easy  to  infer  that 
"Sundries"  is  not  used  as  a  Ledger  account,  but  merely  as  an  expression.  Its  convenience  will  be  more  readily 
apparent  in  posting  to  the  Ledger,  as  it  affords  an  expression  to  be  entered  under  the  Ledger  title.  There  are,  in 
reality,  four  kinds  of  journal  entries,  each  requiring  a  different  expression,  viz. :  1.  Those  consisting  of  one  debit 
and  one  credit ;  2.  Those  consisting  of  one  debit  and  several  credits  ;  3.  Those  consisting  of  one  credit  and  several 
debits ;  4.  Those  consisting  of  several  debits  and  several  credits.  Each  of  these  is  illustrated  in  this  journal,  and  a 
little  oareful  attention  will  make  the  student  sufficiently  acquainted  with  their  characteristics. 

46 


JOURNAL —SET  II. 

NEW    YORK,    FEBRUARY  1C,  1859. 


CV. 


Amount  brought  Forward  

fiQ9l» 

•'-, 

fiOOfl 

M 

i() 

2 

Real  Estate                       Dr.           To  Sundries  

10000 

1 

To  Cash  

1000 

2 

"    Mortgage  Payable*    .     . 
1° 

9000 

1 

Bills  Receivable               Dr  

200 

1 

To  Merchandise      .... 

200 

T! 

Meivtiandise                    Dr  

1600 

1 

To  Bills  Payable   .... 
15 

1<?00 

1 

Cash                                     Dr  

1 

To  Merchandise      .... 

•WM.W                                                  II       inn     1                 ^                • 

412 

50 

412 

50 

Expense                            Dr  

5 

I 

To  Cash  

18 

5 

I 

Sundries                              Dr.           To  II.  B.  Bryant   .... 

6250 

% 

5«OU 

1UUU 

\ 

Cash                                   Dr  ... 

O1  Kf\ 

2 

To  Union  Bank  Stock 
24    - 

2160 

1 

Sundries                            Dr.          To  Merchandise  

ciyc 

1 

Cash     

0/D 

John  \V.  Gantz 

200 

// 

375 

1 

PJxpense                            Dr  

of 

To  E.  G.  Folsom  .... 

07 

DO 

65 

i 

Cash                                 Dr  

i  £>n 

3 

To  Union  Bank  Stock     .     . 

OQ 

150 

Expense                             Dr  

150 

To  Cash   

i  ^n 

i 

28193 

75 

28493 

7.-i 

-1 

*  The  term  "  Mortgage  Pnyable"  is  but  another  name  for  Bills  Parable:  the  accounts  may  be  kept  separate  or 
toorther.  We  have  adopted  the  former  method,  for  the  purpose  of  illustrating  the  principle,  and  to  express  our 
preference.  There  in  a  distinction  between  a  promissory  note  and  a  mortgage  on  real  estate;  and  the  majority  of 
business  men  would  prefer  to  have  that  distinction  preserved  in  their  accounts. 


Dr. 


LEDGER —SET  II. 

.    B.    Bryant. 


18fJ9 
Feb. 

1859 
Feb. 

I 
18 

By  Sundries 

10*74  TS 

1 
8 

4624 
6250 

?» 

Dr. 


Cash.. 


Dr. 


Bills    Receivable. 


Dr. 


"ML  er  oh.and.ise . 


(Er. 


1859 

|   1859 

J*6. 

1 

To  Sundries 

1 

4429 

75 

Feb. 

3 

By  Mdse. 

1 

50 

" 

1 

Mdse. 

1 

20 

" 

10 

Real  Estate 

2 

1000 

" 

1 

H.  D.  Stratton 

1 

20 

" 

id 

Expense 

2 

5 

M 

8 

Mdse. 

2 

103 

BO 

a 

28 

M 

V 

'60 

" 

15 

" 

2 

412 

60 

1395 

« 

20 

Union  Bank 

2 

2160 

<« 

24 

Mdse. 

2 

200 

M 

27 

Union  Bank  Stock 

3 

150 

OTr. 


1859 

Feb. 

1 

To  Sundries 

1 

57 

50 

" 

7 

Bills  Payable 

2 

600 

" 

12 

Mdse. 

3 

200 

WT  M 

i 

Cr. 


1859 

1859 

Feb. 

1 

To  Sundries 

1 

1333 

60 

Feb. 

1 

By  Sundries 

2 

72 

« 

8 

" 

2 

212 

60 

' 

8 

Cash 

i 

103 

1 

« 

7 

Dawson,  W.  <fe  Hyde 

2 

62 

60 

< 

12 

Bills  Receivable 

3 

200 

>< 

14 

Bills  Payable 

3 

1600 

' 

15 

Cash 

3 

412 

6 

SX»  BO 

< 

24 

Sundries 

4 

575 

IMS 

Dr. 


.  ID.  Strsutton. 


<£r. 


1859 
Feb. 

1 

To  Sundries 

1 

20 

1859 
Feb. 

2 

By  Cash. 

1 

20 

Er.                             E.    Gr.    Folsom.                             &r. 

1859 
#& 

1 

To  Sundries 

1 

115 

1859 
Feb. 

3 
25 

By  Mdse. 
Expense 

115 

1 

3 

60 
65 

Dr.                            Bills    Payable.                            €r. 

1859 
Feb. 

1 

7 
14 

By  Sundries 
Bills  Receivable 
Mdse. 

1 
2 
8 

1235 
500 
1600 

Dr. 


LEDGER— SET  II. 

J~.    3D.    Oomstock. 


<Tr. 


1859 
Feb. 

1 

By  Sundries 

96 

Dr.                             S.    S.    Faokard.                             Cr. 

1859 
Feb. 

1 

To  Mdse. 

1 

52 

Dr.                       Ivison    <Sz>    3Pni: 

tiney.                       Cr. 

1859 
Feb. 

8 

By  Mdse. 

1   ||     112     50 

Cr. 

Dr.           H)awson3    "Warren 

&    Hyde. 

1859 
i  \Feb' 

5 

By  Mdse. 

i 

62 

60 

Dr. 

IF 

2 

Lea 

10000 

LJ 

Ss1 

:a- 

te.                          «r. 

1859 
Feb. 

10 

To  Sundries 

Dr.                      ^Miortgage 

__F 

1859 
Jife6. 

ayafole.                      Cr. 

10 

By  Real  Estate 

2 

9000 

Dr.                                   Expense.                                   Cr. 

1859 

16 

25 
28 

To  Cash 
E.  G.  Folsom 
Cash 

8 

3 

4 

5 
65 
160 

Dr.                      Union    Bank    Stock.                      Cr. 

1859 

18 

H.  B.  Bryant 

8    i  j  6250 

1859 
Feb.     20 
"       27 

By  Cash 

4 

2160 
150 

Dr. 

Unic 

|| 

2    |  1000 

>n 

Bi 

I 

i 

=LD 

.k.                               Cr 

1859 
Feb. 

18 

To  H.  B.  Bryant 

Dr.                         «Jonn    "V7".    Oantz.                         Cr. 

1859 

24 

To  Mdse. 

4 

875 

GENERAL    STATEMENT,— SET    II. 


GENERAL  STATEMENT. 


In  the  preceding  Ledger  (Set  II.,)  we  have  the  current  condition  of  II.  B.  Bryant's  business 
on  the  28th  of  February,  as  far  as  that  condition  can  be  shown  by  the  Ledger,  without  closing 
the  accounts.  This  part  of  the  labor  we  leave  for  the  student;  but  shall  give,  in  this  connec 
tion,  a  statement  which  will  afford  him  efficient  aid.  It  is  essential  that  the  principles  of  this 
statement,  as  also  the  peculiar  form  and  method  of  enforcing  these  principles,  be  clearly  com 
prehended,  as  herein  lies  the  key  to  much  that  at  first  seems  mysterious  and  incompre 
hensible.  It  will  be  seen  that  this  statement  differs  from  the  previous  one  (Set  1.,)  only  in 
form  and  arrangement. 

Trial  Balance. 


I'ijferences. 

Face  of  Ledger. 

Ledger  Accounts. 

Face  of  Ledger. 

Differences. 

(5290 

757 
1845 

52 

10000 

220 
2!  '40 
1000 
375 

75 

50 
50 

1 

7495 
757 
3208 
20 
115 

52 

10000 

220 
5250 
1000 
375 

75 

50 

50 

H.  B.  Bryant  .... 

10874 
1205 

1303 
20 
115 
3335 
90 

112 
02 

9000 
2310 

75 

50 
50 

10874 

3335 
96 

112 
62 

9000 

75 

50 
50 

.     Caah  

.     Bills  Receivable 
Merchandise      

.     H.  D.  Stratton      .... 
.     E.  G.  Folsom  

Bills  Payable  

J.  D.  Comstock    .... 
.     S.  S.  Packard 
Tvison  &  Phinney  .... 
Dawson,  Warren  &  Hyde  . 
.     Real  Estate 
Mortgage  Payable     .     . 
Expense  

Union  Bank  Stock      .     . 
Union  Bank 
.     John  W.  Gantz 

Equilibrium     

S3480 

i  •< 

28493 

75 

28493 

75 

23480 

75 

i 

il 

Inventory  of  Unsold  Property. 


140  yds.  English  Broadcloth  .     .     @  $3.00  .     . 
200    do    Domestic  Cassimere.     .     @     1.00  .     . 
2  do/en  Soft  Hats     @  24.00  .     . 

420 

200 

48 

1  5  reams  Foolscap  Paper  .     .     .     @    3.50  .     . 
100  sets  Spencerian  Writing  Books  @       75  .. 
38  Gold  Pens  @     1.25  .     . 

52 

75 
47 

50 
50 

150  Bbls.  Flour    @    8.50  .     . 

1275 

£  1  IS 

ou  onares  Union  JJ.ink  otock  .     .     (fs     Lvov 
Store  and  Fixtures  valued  at  

3100 

i  •-      U 

17218 

.    . 

50 


GENERAL    STATEMENT,  — SET    II. 


Statement  of  Losses  and  Gains. — Representative  Accounts. 


MERCHANDISE, 


REAL  ESTATE, 

EXPENSE, 

UNION  BANK  STOCK, 


Proceeds  from  sales 1363  00 

Value  of  that  unsold  (per  Invoice)  2118  00 

Total  proceeds 3481  00 

Cost    .  .  3208  60 


Gain 


272  60 


Value  of  property  unsold    ...   1 2000  00 
Cost    .  .  10000  00 


Gain 2000  00 

Outlay 

Proceeds  sales  and  dividend     .     .     2310  00 
Value  of  unsold 310000 

Total  proceeds 6410  00 

Cost    .  ,     6250  00 


Gain 


160  00 


(Jain 


Losses. 


220 


Qaint 


272   50 


2000 


160 


2432   50      2432   50 


Statement  of  Resources  and  Liabilities. — Real  Accounts  and  Inventories 


1st.  From  Inventories  of  Unsold  Property. 

MERCHANDISE 

UNION  BANK  STOCK 

REAL  ESTATE 


CASH, 


"2d.  from  Ledyer  Accounts. 

Amount  Received 7495  75 

"       Disbursed 1205  00 

Balance  on  hand   .                         ,  6290  75 


BILLS  RECEIVABLE, 

BILLS  PAYABLE, 
;  J.  D.  COMSTOCK, 
i  S.  S.  PACKARD, 

IVISON  &  PHINNEY, 

DAWSON,WARREN  &  HYDE  We  owe  them 


Notes  received,  and  on  hand 
Notes  issued  and  unredeemed 
We  owe  him  .  .  .  ,(  . 

He  owes  us 

We  owe  them 


UNION  BANK, 
JOHN  W.  GANTZ, 
MORTGAGE  PAYABLE, 
IT.  B.  BRYANT, 


Deposits  in  our  favor 

He  owes  us 

Mortgage  issued  and  outstanding  .... 

His  net  investment 10874  75 

"     "     gain 2212_60 

His  present  interest    ....        13087  25 


Resources.       Liabilities. 


2118 

3100 

12000 


6290  75 
757  50 

52 


1000 
375 


3335 

96 

112  50 
62  50 


9000 


13087  25 
25693  25  25693  25 


51 


EXEKCISES    FOR    THE    LEARNER— 2n    SERIES. 

The  theory  enforced  by  the  preceding  "  General  Statement,"  is  one  that  must  perpetually 
govern  the  record  of  business  transactions,  and  one  that  will  afford  ample  basis  for  explanation 
to  those  not  thoroughly  familiar  with  the  science  of  Double  Entry.  It  is,  simply,  that 
all  gains  or  losses  in  business  are  substantiated  by  the  actual  increase  or  decrease  of  net 
resources.  As  simple  as  this  proposition  may  appear,  it  will  require  not  a  little  well-directed 
mental  effort  to  comprehend  it  in  all  its  special  relations  and  applications. 

The  student  is  now  required  to  "  Close  up"  the  Ledger  according  to  instructions  in  Set  I. 


EXERCISES   FOR  THE  LEARNER. 

SECOND  SERIES. 

Feb.  1st,  Commenced  business  with  the  Resources  and  Liabilities  shown  in  Balance 
account,  Ledger  A.*  Sold  John  D.  Hinde  on  %,  50  bbls.  Flour,  @  $11.  Bo't  of  John 
Gundry  for  cash,  200  sacks  Coffee,  13,000  Ibs.  @  9  c.  2d,  Accepted  J.  D.  Williams'  Draft 
on  us  @  10  days,  in  favor  of  E.  C.  Bradford,  in  full  of  his  %.  3d,  Bo't  of  D.  C.  Collins 
500  bbls.  Flour,  @  $8;  Paid  him  cash,  $1500;  order  on  R.  C.  Spencer,  $133.75;  our  note 
for  balance,  due  in  four  months.  4th,  Paid  cash  for  sundry  expenses,  $15.  Sold  to  J.  A. 
.Harper  for  cash,  200  bbls.  Flour,  @  $8.25.  5th,  Received  cash  of  Hiram  A.  Pryor,  in  full 
for  his  note  of  $950.  6th,  Paid  our  note  in  favor  of  C.  S.  Sill,  given  him  on  the  4th  ult.,  in 
cash,  $150.  7th,  Rec'd  cash  of  E.  B.  Rockwell,  in  full  of  %.  Paid  Store  rent  in  cash,  $150. 
8th,  Sold  Samuel  Jones  on  his  note,  300  bbls.  Flour,  @  $8.50.  10th,  Sold  J.  H.  Bell  on  %, 
10  pieces  Calico,  @  $3.75.  15th,  Received  from  the  executors  of  my  deceased  father's  estate, 
in  cash,  $*200.  16th,  Paid  cash  for  acceptance  favor  of  J.  D.  Williams,  2d  inst.  20th,  Sold 
Henry  A.  Wise,  10  pieces  figured  Silk,  @  $10.  Received  in  payment  his  draft  @  10  days  on 
John  Brown.  22d,  Bo't  of  James  Buchanan  on  %,  6  pipes  of  Wine,  720  gallons,  @  $3.50. 
25th,  Sold  our  sight  draft  on  J.  D.  Hinde,  to  balance  his  a/c,  for  which  received  cash. 
28th,  Discounted  our  note  of  3d  inst.,  favor  of  D.  C.  Collins,  due  in  four  months  from  date. 
Paid  for  face  of  note,  less  discount  for  3  months  @  7  per  cent.,  in  cash,  $2324.84. 

Trial  Balance. 


Differences. 

Face  of  Ledger. 

.     .     .     Stock      

Face  of  Ledger. 

Differences 

3437 
3547 
2650 

165 
37 

16 
50 

50 

8897 
8435 
3600 
133 
250 
2666 
150 
550 
165 
37 

75 
25 

50 

7275 
5459 
4887 
950 
133 
250 
2666 
150 
550 

2520 
41 

75 

84 
50 

75 
25  \ 

41 

7275 

2520 
41 

75 
41 

.     .     .     Cash  
.     .     .     Merchandise     .... 
Bills  Receivable    .     .     . 
.     .     .     R.  C.  Spencer  .... 
.     .     .     E.  B.  Rockwell     .     .     . 
.     .     .     Bills  Payable  .... 
.     .     .     J.  D.  Williams     .     .     . 
.     .     .     J.  D  Hinde     .... 

.     .     .     J.  H.  Bell    ! 

.     .     .     J.  Buchanan      .... 

9837 

16 

24S84 

50 

248S4 

50 

9837 

10 

i 

*  This  is,  of  course,  the  Ledger  connected  with  the  First  Series,  the  result  of  which  the  student  is  supposed  to 
have  shown  according  to  directions. 

52 


EXERCISES    FOE   THE    LEARNER— 2o    SEEIES. 
Inventory  of   Property  Unsold. 


25  pieces  Merrimac  Prints @  $5 

200  sacks  Coffee,  13000  Ibs.      .....     @ 

6  pipes  Wine,  720  gals @    3.50 


.  ...1 

125 

)9    .     .     . 

1170 

30    ... 

2520 

3*15 

Balance. 


Resources. 
Cash     

3437 

16 

Liabilities. 
J.  Buchanan   .... 

2520 

Merchandise  .... 
Bills  Receivable  .     .     . 
J.  H.  Bell  

3815 
2650 

37 

50 

II.  B.  Bryant  .... 

7419 

66 

9939 

66 

9939 

66 

The  student  will  see  the  importance  of  carrying  these  transactions  through  the  necessary 
books  to  their  final  result,  as  shown  in  the  above  Balance  account.  Let  him  not  omit  to  make 
out  a  General  Statement,  and  close  the  Ledger  in  strict  accordance  with  the  instructions  on 
these  points. 

53 


We  give  below  two  of  the  most  common  and  essential  auxiliary  books  in  use,  the  Cash 
Book  and  the  Bill  Book.  A  moment's  inspection  will  suggest  the  great  advantage  of  these 
books,  as  showing  special  facts  not  easily  gathered  from  any  other  source.  The  Cash  Book, 
when  kept,  is  closed  every  night,  and  the  balance — which  must  agree  with  cash  items  on 
hand — brought  down  as  a  basis  for  the  next  day's  business.  This  necessity  of  having  the 
difference  between  the  receipts  and  disbursements  of  cash,  as  shown  by  the  two  sides  of  the 
Cash  Book,  agree  with  the  cash  on  hand,  is  the  best  possible  safeguard  against  errors  and 
emissions,  and  one  which  we  shall  more  fully  exemplify  hereafter. 


Csush.    Book. 

CASH  RECEIVED. 


Feh 

1 

4429 

75 

u 

U 

Mdse»,    ....     Sold  8.  8.  Packard       

20 

M 

2 

II.  D.  Stratton,    .     Rec'd  on%    

20 

M 

8 

Mdse,,    ....      Sold  J.  H.  Goldsmith   

103 

50 

<t 

15 

"           ....      Sold  D.  L.   Wing     

412 

50 

«> 

<>0 

Union  Bank  Stock,    Sold  B.  McGann     

2160 

M 

04 

Mdse.,     .      .            .      Sold  J.  W.  Gantz     

200 

K 

27 

Union  Bank  Stock,    Rec'd  for  Dividend       ..... 

150 

7495 

75 

7405 

75 

To  Balance  .               .     From  old%   

6290 

75 

Bill    Book. 


Ko 

When  Rec'd. 

Drawer  or  Endorser. 

Drawee  or  Maker. 

In  Whose  Favor. 

For  What  Rec'd. 

Where  Payable. 

1 

2 

Feb. 
« 

1 

7 

B.  McGann. 
H.  B.  Bryant. 

S.  S.  Packard. 
Digby  V.  Bell. 

H.  B.  Bryant, 
do        do 

Investment. 
Accommodat'n. 

Our  Office, 
do      do 

8 

M 

12 

H.  B.  Bryant. 

J.  T.  Calkins. 

do        do 

Merchandise. 

do      do 

Bill    Book:. 


When  Issued 

Drawer  or  Endorser. 

Draioee  or  MaTcer. 

IK.  Whose  Favor.    For  What  Given. 

Where  Payab1* 

1 

Jan. 

9 

Francis  &  Loutrel 

H.  B.  Bryant. 

F.  &  Loutrel           Merchandise. 

College  Bant 

2 

11 

14 

Smith  &  Co. 

do        do           Smith  &  Co.                    do 

do        do 

O 

" 

10      Peter  Cooper. 

do        do 

W.  H.  Beebe.      j  To  Balance  <%.    i        do        do 

4 

Feb. 

7  ',!  Digby  V.  Bell.                  do        do           !  Digby  V.  Bell.     !  Accommodat'n.            do        do 

5 

M 

14  !   S.  S.  Guthrie. 

do        do           I  A.  M.  Clapp.        •  Merchandise. 

do       do 

SET  II. 


The  Bill  Book  should  never  be  omitted  in  any  business  dealings  with  notes,  either  payable 
or  receivable ;  and  especially  is  it  important  to  keep  a  record  of  the  amount  and  condition  ol' 
notes  payable. 

It  will  be  seen  that  the  entries  made  in  these  auxiliaries  are  taken  fiom  the  transactions 
of  Set  II.,  and  hence  the  cash  on  hand,  notes  on  hand,  and  notes  outstanding,  as  here  shown, 
will  be  found  to  agree  with  the  balance  shown  in  the  proper  Ledger  accounts. 

The  forms  submitted  are  those  in  general  use,  and  are  sufficiently  suggestive. 


Oa,sli    Book. 

CASH  DISBURSED. 


Feb. 

3 

Bv  Mdse.,    ....        fin't  of  Ivhon  d'  PJiinney 

so 

a 

M 
U 

10 
16 

28 

"     Real  Estate,     .      .        Paid  <ni  Store  and  Fixtures     .     .     . 
"    Expense,     .       .      .        Paid  Drat/man  in  full         .... 
.      .       Paid  Clerk's  salary  and  Store  rent   . 

1000 
5 
150 

1205 

K 

"    Ez.iJ.ncc      .      .      .       A?nou:iiox  .*w:««i       ...... 

6290 

75 

^-"""' 

74!*;) 

75 

i 

Receivable. 


Date. 

TV™** 

When  Due. 

When  and  how 

7,or. 

MmlA. 

Year.   \J*n 

Ftb   War 

Apr 

to, 

Jun 

J'll    [tug 

&f 

Oct 

A-o« 

DM 

disposed  of. 

1859 

Jan. 

12 

60  d's. 

1859 

IB 

57.50  j 

« 

Feb. 

»T 

30  d's. 

1859 

A 

500 

* 

M 

!*•' 

SO  d's. 

1859 

14 

n 

200 

3Psiya/ble. 


Date. 

Time. 

When  Due. 

J7»'n<. 

}'rhen  and  how 
redeemed. 

1859 

tfmtk. 

r«ar. 

Jan 

Ftb 

tfar   \Apr 

May 

JM 

Jul 

Juy 

&p 

Ocl 

y« 

o.« 

Jan. 

9 

90  d's. 

1859 

9 
T2 

235 

1859 

« 

14 

40  d's. 

1859 

23 

1000 

1859 

M 

10 

10  d's. 

1859 

is 

500    ij  Jan. 

1859 

Feb. 

7 

80  d's. 

1859 

9 

500 

1859 

" 

14 

60  d's. 

1859 

1  5 

1  .1 

1600 

55 


QUESTIONS    FOR   REVIEW. 


QUESTIONS   FOR  REVIEW,  —  S  ET  II 


IN  the  previous  questions  under  this  head,  we  have  referred,  by  number,  to  the  written  answers  in  the 
preceding  remarks.  We  shall  hereafter  secure  to  the  student  the  advantage  of  framing  his  own  answers, 
aiming,  however,  to  ask  no  questions  upon  which  instructions  have  not  been  previously  given. 

1.  Where  are  the  Resources  and  Liabilities  shown  at  the  commencement  of  Set  II.  obtained  ?  2.  Can  Gains^ 
and  Losses  be  shown  at  the  commencement  of  business  ?  3.  Why  not  ?  4.  What  has  become  of  the  gain 
shown  to  have  been  realized  in  the  month  of  January  ?  5.  How  does  the  interest  of  the  proprietor  at  the 
commencement  of  Set  II.  vary  from  his  interest  at  the  commencement  of  Set  I.  ?  6.  What  has  effected  this 
difference  ?  7.  When  is  it  proper  to  increase  the  credit  side  of  Stock  account  ?  8.  When  the  debit  side  ? 
9.  Is  the  term  "  Sundries "  used  as  a  Ledger  account ?  10.  For  what  purpose  is  it  used?  11.  How  will  its 
convenience  be  most  apparent  ?  12.  How  many  kinds  of  Journal  entries  are  there,  and  what  are  they  ? 
13.  What  is  meant  by  the  term  ''Mortgage  Payable?"  14.  What  is  the  difference  in  effect  between  a 
Mortgage  Payable  and  a  Bill  Payable?  15.  Is  there  any  difference  ?  16.  How  may  Ledger  accounts  are 
opened  in  Set  II.  ?  17.  How  many  of  them  are  canceled?  18.  Which  of  these  Ledger  accounts  exhibit 
Resources?  19.  Which  Liabilities  ?  20.  Which  Gains  ?  21.  Which  Losses  ?  22.  What  is  the  distinction 
between  the  accounts  of  "  Union  Bank,"  and  "  Union  Bank  Stock  ?"  23.  What  will  be  the  first  step  in 
ascertaining  the  gain  or  loss  in  Merchandise  account  ?  24.  If  the  net  cost  of  merchandise  exceeds  the  value 
of  merchandise  unsold,  will  the  account  show  a  gain  or  a  /oss  /  25.  Why  do  you  carry  the  value  of 
merchandise  unsold  to  the  credit  of  the  Merchandise  account  ?  26.  Why  make  the  entry  in  red  ink  ? 
27.  Can  you  give  a  rule  for  the  use  of  red  ink  entries  in  the  Ledger  ?  28.  In  transferring  a  red  ink  entry  to 
another  account  why  do  you  always  carry  the  amount  to  the  opposite  side  of  the  new  account  ?  29.  What 
Ledger  account  in  Set  II.  corresponds  with  Stock  account  in  Set  I.  ?  30.  What  does  II.  B.  Bryant's  account 
represent,  as  it  stands  on  the  Ledger  ?  31.  How  much  does  it  fail  to  show  his  interest  in  the  business  on  the 
28th  February  ?  32.  Where  will  you  jrot  the  amounts  which  will  make  up  the  difference  ?  33.  Is  it  necessary 
that  a  "  Loss  and  Ga.n"  account  should  be  opened?  34.  If  not  opened,  to  what  account  would  it  be  proper 
to  carry  the  losses  and  gains  at  the  close  of  business?  35.  What  advantages  are  gained  by  opening  a  "  Loss 
and  Gain "  account  1C  36.  Is  it  necessary  to  open  a  Balance  account  ?  37.  If  a  Balance  account  is  no1 
opened,  how  can  the  resources  and  liabilities  be  represented  on  the  Ledger  ?  38.  Is  it  customary  in  business 
to  open  a  Balance  account?  39.  What  is  the  theory  of  the  "General  Statement"  as  given  in  Set  II.  ? 
40.  What  are  the  auxiliary  books  given  in  connection  with  this  set?  41.  For  what  purpose  is  the  Casli  Book 
used?  42.  How  often  is  the  Cash  Book  closed?  43.  With  what  must  the  difference  in  the  sides  agree  ? 
44.  What  is  the  advantage  of  the  daily  test  ?  45.  For  what  purpose  is  the  Bill  Book  used  ?  46.  What  is 
the  particular  convenience  of  the  Bill  Book?*  47.  With  what  account  in  the  Ledger  will  the  uncanceled 
notes  in  the  Bill  Book  Receivable  agree  ?  43.  In  the  Bill  Book  Payable  ? 


*  The  Bill  Books  in  common  use  have  the  records  of  Bills  Payable  in  one  part,  and  Bills  Receivable  in  the  other,  conversely 
arranged,  sc  that  each  seems  to  be  at  the  commencement  of  the  book.  It  is  usual  to  put  the  last  day  of  grace  in  the  "  When  due" 
column,  although  some  insist  upon  including  the  day  upon  which  the  note  is  written  to  fall  due.  YV'heu  both  dates  are  specified,  it 
LH  d  me  io  the  form  of  a  fraction,  similar  to  the  example  shown. 

56  * 


SET    III. 

1  «»>  i 

DAY-BOOK,    JOURNAL, 
COMMISSION   SALES   BOOK,  ACCOUNTS  SALES. 

[Continuation  of  Set  JIJ] 


BUSINESS     ADVERSE. 


DAY-BOOK—SET  III. 

NEW    YORK,    MARCH   1,   1859. 


The  following  Resources  and  Liabilities  are  from  IT.  B.  Bryant's  Ledger 
B.     The  business  to  be  continued  under  his  name. 

Resources. 

Merchandise  as  per  Inventory 2118  00 

Union  Bank  Stock,  real  value 3100  00 

Real  Estate,  estimated  at 12000  00 

Cash  on  hand 6290  75 

Bills  Receivable,  notes  on  hand 757  50 

S.  S.  Packard  owes  on  % 52  00 

John  W.  Gantz      do             375  00  ; 

Union  Bank,  amount  on  deposit 1000  00 

Liabilities.* 

Bills  Payable,  outstanding  notes         3335  00 

J.  D.  Comstock,  balance  due  him 96  00 

Ivison  &  Phinney     "         "     them 11250 

Dawson,  Warren  &  Hyde,  balance  due  them 62  50 

Mortgage  Payable 9000  00 

Shipped  per  Peoples'  Line,  and  consigned  to  Sheldon  &  Co.,  Albany,  to  be 

sold  on  our  %  and  risk, 

140  yds.  English  Broadcloth    .     .     .  @  $3  50     .     .   490  00 
200   do  Domestic  Cassimere    ...  @    1  25     ..  250  00—740  00 

Paid  drayage  on  same  in  cash 1  00 

741 

2 

Sold  James  Monroe,  for  cash,  2  doz.  Soft  Hats,  @  $26 52 

Received  per  N.  Y.  and  E.  R.  R.,  from  J.  R.  Wheeler  &  Co.,  Buffalo,  to 
be  sold  on  their  ^  and  risk, 

500  bbls  Flour,  invoiced @  $8  00 

5000  bush.  Wheat @  $1  25 

Paid  transportation  charges,  in  cash :      100 

3 

Sold  S.  R.  Gray,  Albany, 

50  Sets  Spencerian  Writing  Books @  88c.  44  00 

15  Reams  Foolscap  Paper @  $3  70       55  50 

38  Gold  Pens @  $1  50       57  00 

Received  in  Payment  Ivison  &  Phinney's  Draft  on  us  for  $112  50 

Cash  for  balance 44  00—156  50 .' 

4 
Received  Cash  for  rent  of  offices  in  second  story         


39848 


75 


*  We  have  varied  this  statement  from  the  former,  for  the  purpose  of  illustrating  the  different  methods  of  open 
ing  books.  The  Liafiilitif-s  here  enumerated  are  simply  those  amounts  owing  outs'ule  the  concern.  The  amount 
owing  to  the  proprietor  is,  of  course,  the  difference  between  the  sum  of  these  outside  liabilities  and  the  sum  of  all 
the  resources,  and,  instead  of  being  shown  in  one  amount,  as  in  Set  II.,  will  be  indicated  by  the  difference  between 
the  debit  and  credit  of  the  Stock,  or  H.  B.  Bryant's  account. 

58 


DAY-BOOK—SET  III. 

NEW    YORK,    MARCH    4,    1859. 


Amount  brought  Forward          •  39848 


75 


Paid  J.  D.  Comstock  Cash,  in  full  of  % I         QQ 

5 

Sold  Wm.  H.  Crocker,  on  his  note  @  sixty  days, 

500  bbls.  Flour,  (J.  R.  W.  &  Co.'s  Consignment)  @  $9          ....      4500 

Received  per  Steamer  New  World,  from  M.  B.  Scott,  Cleveland,  to  be 
sold  on  his  %  and  risk, 

800  bush.  Corn,  invoiced       @  75c 

2000  do    Oats,         "  @  60c 

500     do    Wheat,     "  @  $1  38 

i  Paid  Freight  and  Insurance,  in  cash !       175 

0 

/    Sold  J.  C.  Bryant,  for  cash, 

5000  bush/Wheat,  (J.  R.  W.  &  Co.'s  consignment)  @  $1  50       .     .     ,      7500 

Closed  J.  R.  Wheeler  &  Co.'s  Consignment,  and  rendered  them  an  Ac 
count  Sales  of  the  same. 

Our  charges  for  Storage  and  Advertising, 8     25  00 

Our  Commission  on  Sales, 300  00 

J.  R.  Wheeler  &  Co.'s  net  proceeds 11575  00 

A  1 1/  \J\J 

Shipped  per  Steamer  Swiftsure,  and  Consigned  to  Cobb  &  Co.,  New  Haven, 
to  be  sold  on  our  %  and  risk, 

100  bbls.  Flour  from  Store,  valued  at  $9 900  00 

800  bush.  Corn,  (M.  B.  S.'s  Consignment)  @  80c.       .     .     .         640  00 

Paid  Cash  for  Insurance — premium  and  policy 8  70 

1548    70 

Paid  Dawson,  Warren  &  Hyde  Cash  to  balance  % 62    50 

/   Received  Cash  of  S.  S.  Packard  in  full  of  % 

9 

Sold  Charles  Claghorn,  for  Cash, 
/       2000  bush.  Oats,  (M.  B.  S.'s  Consignment)  @  75c.     .     .     .       1500  00 

500  bush.  Wheat,         do  do  @  $1  50      .     .         750  00 

2250 

// I 

Closed  M.  B.  Scott's  Consignment,  and  rendered  him  an  Account  Sales  of 
the  same. 

Our  charges  for  Storage  and  Advertising 40  00 

Our  Commission  on  sales 72  25  i! 

M.  B.  Scott's  net  proceeds,  remitted  in  cash 2602  75 

2715 

70(547 


59 


DAY  BOOK,  SETHI 

NEW   YOKK,    MARCH   1O,   1859. 


70647 

Or 

in 

'/ 

375 

/ 

v/ 

The  steamer  on  which  we  shipped  goods  to  Sheldon  &  Co.,  Albany,  was 
sunk  by  collision,  and  our  goods,  which  were  rescued  in  a  damaged  con 
dition,  and  upon  which  there  was  no  insurance,  were  sold  at  auction 

1° 

150 

v7 

Received  from  C.  S.  Dole  &  Co.,  Chicago,  to  be  sold  on  their  ^  and  risk, 
500  bbls.  Extra  Superfine  Flour, 
1000  do    Superfine                do 
3000  bush.  Rye, 

QAA 

IP 

oUU 

v/ 

Sold  E.  R.  Felton,  at  thirty  days,  on  <%;, 
500  bbls  Superfine  Flour,  (C.  S.  D.  &  Co.'s  Consignment,  @  $8  00 

// 

4000 

y 

D.  V.  Bell  has  returned  our  note  issued  Feb.  7,  and  we  have  surrendered 

KAA 

v 

IK 

Paid  Cash  for  Taxes  on  Real  Estate         150  00 

Also  for  Clerks'  Salary  to  date      125  00 

IB 

275 

/ 

H.  B.  Bryant  has  drawn  Cash  for  private  use       

500 

V 

// 

/ 

Received  Cash  of  S.  S.  Packard  for  his  note  now  due    

57 

^n 

v/ 

/ 

Received  Cash  of  J.  T.  Calkins  in  full  for  his  note    

OAA 

/ 

// 

V 

Received  advice  from  Cobb  &  Co.,  New  II<iven,  of  the  sale  of  150  bbls. 
Flour  and  800  bush.  Corn,  shipped  them  on  the  7th  inst., 
Net  proceeds  remitted  in  Cash       

1200 

78205 

45 

60 


DAY  BOOK,— SET  III. 

NEW   YORK,    MARCH    3O,    1859. 


y 


y 
y 


y 


y 

y 

y 
y 


Amount  brought  forward 
20 


Sold  John  R.  Penn,  for  cash, 

500  bbls  Extra  Superfine  Flour,  (C.  S.  D.  &  Co.'s  Consignment) 


22 


Sold  for  Cash,  to  E.  H.  Bender,  Albany, 
30  Shares  Union  Bank  Stock  @  $100 


25 


Paid  our  Note  in  Cash,  favor  of  Smith  &  Co.,  due  Feb.  26      .       1000  00 
Interest  due  on  same  to  date 5  83 


Paid  Cash  for  our  Note  of  the  14th  ult.,  at  five  months,  favor  of  A.  M. 

Clapp, 
Face  of  Note     ................... 

Cash  paid       ................       1565  57 


78205    45 


4500 


3000 


1005  i  83 


1600 


Discount  off  to  July  18 


34  43 

1GOO  00 


Sold  J.  H.  Goldsmith,  for  Cash 

500  bbls.  Superfine  Flour,  (C.  S.  D.  &  Co.'s  Consignment)  @  $8  50     . 


Accepted  J.  R.  "Wheeler  &  Co.'s  Draft  on  us  @  three  days  sight 


4250 


11575 


27 


Closed  C.  S.  Dole  &  Co.'s  Consignment,  and  rendered  them  an  Account 
Sales — 3000  bushels  Rye  remaining  unsold, 

Our  charges  for  Storage  and  Advertising 50  00 

Our  Commission  on  Sales 318  75 

C.  S.  Dole  &  Co.'s  net  proceeds     . 12081  25 


Paid  our  Note  favor  of  Francis  &  Loutrel,  in  Cash 


Remitted  C.  S.  Dole  &  Co.  Cash  to  balance  % 

—   31 


Paid  sundry  Expenses  this  month,  in  Cash 


61 


12450 


235 


12081 


75 

128977 


JOURNAL— SET  III. 

NEW   YORK,   MARCH   1,   1859. 


Dr. 


Cr. 


Sundries                            Dr.          To  H.  B.  Bryant   .... 

25693 

25 

!£llo 

olUU 

Cash      

izOOO 

75 

, 

vZvO 

50 

S  S  Packard      

7o7 

0:5 

37o 

// 

1(JUU 

II.  B.  Bryant                    Dr.          To  Sundries  

Bills  Payable    .... 
J.  D.  Comstock     .     .     . 
Ivison  &  Phinney  .     .     . 
Dawson,  Warren  &  Hyde 
Mortgage  Payable     .     . 
// 

IzoUb 

3335 
96 
112 
62 

9000 

50 
50 

Shipment  to  Albany        Dr.           To  Sundries      

7J.1 

"  Merchandise      .... 
«  Cash  

740 
i 

"  Shipment  to  Albany"  is  a  new  account,  opened  to  represent  a  particular 
enterprise,  and  although  it  relates  to  merchandise,  it  is  distinct  from  the 
merchandise  in  store,  and  is  given  this  new  name  to  mark  that  distinction. 
It  is  as  though  we  had  sold  our  merchandise  for  $740,  and  immediately 
invested  the  same  in  this  adventure.    The  account  is  debited  with  its  cost, 
and  merchandise  and  cash  credited,  as  per  formula  on  page  17. 

0 

Cash                                 Dr  

To  Merchandise     ....... 
// 

52 

52 

J.  R.  Wheeler  &  Co.'s  Consignment   

To  Cash  

100 

The  account  here  opened  —  J.  R.  "Wheeler  it  Co.'s  Consignment  —  is  pre 
cisely  the  same,  in  effect,  as  would  be  an  account  with  J.  R.  Wheeler  & 
Co.,  although  it  really  represents  the  property  of  that  firm,  which  we  re 
ceive,  as  commission  merchants,  to  sell.      Instead,  therefore,  of  debiting 
the  Consignment  account  with  the  value  of  the  property,  we  debit  it  only 
with  what  it  has  cost  us. 

3 

100 

Sundries                            Dr.          To  Merchandise  

156 

50 

Cash  

112 

50 

Ivison  &  Phinney's  draft  on  us  is  simply  their  order  for  the  amount  we 
owe  them,  and  for  which  they  stand  credited  on  our  books.     If  we  accept 
or  pay  the  draft,  we  must,  of  course,  debit  them,  which  will  close  their 
account. 

4   . 

44 

Cash                                  Dr  '' 

To  Real  Estate       .... 

500 

500 

398.18 

2L 

39848 

75 

^= 

62 


JOURNAL,— SET  III. 

NEW    YORK, 


Cr 


Amount  brought  Forward  .     . 

30848 

7^ 

'-JGQ/IO 

A 

*. 

J.  D.  Comstock                Dr 

To  Cash. 

96 

Ql\ 

y/ 

Bills  Receivable               Dr 

To  J.  R.  Wheeler  &  Co.'s  ) 
Consignment    .     .     .     .  j 

4500 

4500 

M.  B.  Scott's  Con-  )         _ 

To  Cash  

Cash                                  Dr 

tyr  Art 

To  J.    R.  Wheeler's   Con-) 
signment      J 

/oUU 

7500 

J.  R.  Wheeler  &  Co.'s) 
rv.vc.;,,.,,                      r    ^Jr.            lo  Sundries. 

i  ionn 

To  Storage  and  Advertising 
"  Commission  

25 

QA.A 

"  J.  R.  Wheeler  &  Co.     . 
The  entry  above  is  made  for  the  purpose  of  exhibiting  on  our  books  the 
net  amount  owing  to  J.  R.  Wheeler  &  Co.,  as  the  result,  of  our  business 
with  them  so  far  ;  and  as  their  Consignment  account  was  used  to  show 
the  facts  connected  with  the  sale  of  their  property,  we  can  ascertain  from 
this  account  how  much  they  are  entitled  to,  as  net  proceeds,  which  must  be 
the  difference  between  the  sides  of  that  account,  when  its  entire  cost  and 
proceeds  are  properly  shown  ;  in  this  case.  $11575.     The  effect  of  this  en 
try  will  be  to  close  the  Consignment  account,  and  carry  its  results  to  the 
account  of  J.  R.  Wheeler  &  Co. 

oUU 
11575 

Shipment  to  New  Haven  Dr.          To  Sundries  
To  Merchandise      .... 
"  M.  B.  Scott's  Consignment 
"  Cash    

1548 

70 

900 
640 

ro 

Dawson,  Warren  )           -^ 
&IT    i                 r           Dr. 

Hyde             J 
To  Cash   ! 

62 

50 

AO 

-.  ,1 

O« 

.Ml 

Cash                                 Dr  

CO 

To  S.  S.  Packard  .... 

OSa 

52 

Cash                                   Dr.      . 

f)i)r.{\ 

To  M.  B.  Scott's  Consignment 

2250 

M.  B.  Scott's  Consignment  Dr.         To  Sundries  

OT1  ^ 

To  Storage  and  Advertising 
"  Commission  

4,1  1O 

40 

"  Cash   

72  1 

•J-> 

2602 

/.) 

70047 

95 

70647 

9.-I 

1 

63 


JOURNAL—  SET  III. 

NEW   YORK,   MARCH   1O,   1859. 


Cr. 


Amount  brought  Forward 70647    95  i  70647    95 

10 

Cash  Dr 375 

ToJ.  W.  Gantz     ....  375 

11 

Cash  Dr 150 

To  Shipment  to  Albany  .     .  150 

Shipment  to  Albany  is  treated  precisely  as  any  property  or  representative 
account ;  having  been  debited  with  its  cost,  we  now  credit  it  with  its  pro 
ceeds.  The  difference  will  be,  in  this  case,  our  loss. 

C.  S.  Dole  &  Co.'s  )       Dr 

Consignment          f  : 

To  Cash  300 

13 

E.  R.  Felton  Dr. 4000 

To  C.  S.  Dole  &  Co.'s  Con- )  40oo 

signment  J 

Bills  Payable       •  Dr 500 

To  Bills  Receivable     .     .     .  jj  500 

15 

Sundries  Dr.          To  Cash 275 

Real  Estate j      150 

Expense j       125 

16   - 

Private  Account  Dr :       500 

To  Cash  .......  500 

According  to  the  principles  already  expressed,  it  would  be  proper  to 
debit  H.  B.  Bryant  with  this  amount,  as  he  has  drawn  it  from  the  busi 
ness  for  his  own  private  use.  "  Private  Account,"  then,  is  simply  a  sub 
division  of  H.  B.  Bryant's,  or  Stock  Account,  and  should,  eventually,  be 
closed  into  this  account.* 

Cash  Dr ,         57    50 

To  Bills  Receivable     ,    .     .  57    50 

Cash  Dr. 200 

To  Bills  Receivable    ...  I      200 


77005    45    77005    45 


"Some  authors  teach  the  propriety  of  opening  a  "  Private  Expense"  account  for  transactions  of  this  kind, 
c.osing  it  into  Loss  and  Gain,  the  same  as  the  general  Expense  account  of  the  business.  It  requires  no  great  tact 
to  see  the  fallacy  of  this  reasoning — if,  indeed,  it  is  properly  so  called — as,  in  such  a  case,  the  prosperity  or 
adversity  of  the  business  would  depend,  not  on  the  real  amount  of  gain  or  loss,  but  upon  how  much  was  drawn  out 
for  private  use.  There  is  no  more  justice  in  debiting  Loss  for  sums  drawn  from  a  concern  by  the  sole  proprietor, 
than  there  would  be  for  sums  drawn  by  a  partner.  The  authors  who  propagate  this  fallacy,  usually  give  two  rulea 
for  journalizing — both  "  infallible," — one  for  stock  books,  and  another,  aad  different  one,  for  partnership  books, 

64 


JOURNAL —SET  III. 

NEW   YORK,    MARCH   18,   1859. 


Or. 


Amount  brought  Forward 77005    45      77005    43 

18 

Cash  Dr |       1200 

To  Shipment  to  New  Haven  1200 

20 


Cash 


Cash 


Dr. 


Dr. 


To  C.  S.  Dole  &  Co.'s  Con 
signment 


22 


To  Union  Bank  Stock  .     .     . 
25 


4500 


3000 


Sundries  Dr.  To  Cash         

Bills  Payable 1000 

Interest 5    83 

It  should  be  borne  in  mind  that  notes,  like  cash,  ought  always  to  be 
debited  and  credited  with  the  value  written  upon  them.  If  they  are 
really  worth  more  or  less  than  this  expressed  value,  that  difference 
mu.st  be  shown  in  some  other  account.  In  the  case  above,  the  face 
of  the  note  is  $1000 ;  but  the  worth  of  the  note,  with  the  interest  due 
upon  it,  is  $1005.83 ;  and  this  is  the  amount  we  are  obliged  to  pay,  in 
order  to  cancel  it.  We  therefore  debit  Bills  Payable  with  the  face  of 
the  note,  and  Interest  with  the  amount  we  pay  for  Interest. 


4500 


3000 


1005    83 


Bills  Payable 


Dr. 


To  Sundries 
To  Cash    . 
"  Interest 


1600 


In  this  case,  the  note  is  really  worth  few  than  its  expressed  value,  as 
we  are  obliged  to  pay  for  it  only  $1565.57,  which  is  £34.43  less  than 
its  face.  We  here  debit  Bills  Payable  with  the  face  of  the  note,  ac 
cording  to  principles  laid  down,  and  credit  Cash  for  the  amount  of 
cash  paid,  and  Interest  for  the  difference,  that  being  the  amount  pro 
duced  by  Interest,  or  by  paying  our  note  before  it  is  due.* 


Cash 


Dr. 


To  C.  S.  Dole  &  Co.'s 
Consignment  . 


I 


J.  R.  Wheeler  &  Co.  Dr. 


To  Bills  Payable 


4250 


11575 


1565    57 
34    43 


4250 


11575 


104136    28    104136    28 


*The  difficulty  experienced  by  teachers  in  explaining  the  debit  and  credit  of  Interest  arises  most  frequently 
from  the  fundamental  error  of  definition.  Webster  defines  Interest — "Premium  [cash]  paid  for  the  use  of  money." 
This  definition  answers  Webster's  purpose  admirably;  but  the  accountant  who  accepts  it  for  the  purpose  of  apply 
ing  any  rule  for  journalizing,  will  most  assuredly  get  befogged;  for  interest  is  not  what  is  received  or  paid  for  the 
use  of  money,  but  the  use  ofmonei/  itself.  As  well  might  one  say  that  labor  is  what  is  received  or  paid  for  services 
rendered.  To  make  this  distinction  plain,  let  the  student  bear  in  mind  that  whoever  uses  the  money  upon  which 
interest  is  to  be  paid,  paysyor  the  ttse:  in  other  words,  pays  for  the  interest.  When  defined  in  this  way,  he 
will  have  no  difficulty  in  applying  any  rule  or  principle  competent  to  distinguish  debits  and  credits. 

i  65 


JOURNAL— SET   III. 

NEW   YORK,   MARCH    27,   1859. 


104136 
12450 

235 

12081 
75 

28 
25 

10413G 

50 
318 
12081 

235 
12081 
75 

28 

75 
25 

25 

27 
C  S  Dole  &  Co  's  )    Dr           To  Sundries  

Consignment        j                     "    Storage  and  Advertising  . 
"    Commission        .... 
"     C.  S.  Dole  &  Co.         .     . 

30 
Bills  Payable               Dr      

To  Cash    

C  S  Dole  &  Co           Dr  

To  Cash    

31 

To  Cash    

128977 

5!5 

128977 

53 

We  have  thought  proper  to  omit  the  Ledger  in  this  Set,  believing  the  student  to  be  fully 
capable  to  post  the  accounts  without  assistance  of  this  kind.  We  shall  adhere  to  this  plan 
hereafter,  except  in  cases  where  some  new  principle  or  application  may  be  otherwise  more 
clearly  shown.  The  result  of  this  business  will  differ  from  that  shown  in  the  preceding  Sets, 
exhibiting,  instead  of  a  net  gain,  a  net  loss.  This  fact  will  of  course,  be  apparent  in  the  Loss 
and  Gain  account — the  debit  side  of  that  account  being  the  larger — which  will  be  closed  "  By 
Stock,"  and  the  result  carried  to  the  debit  side  of  Stock  (II.  B.  Bryant's)  account.  Before 
attempting  to  show  the  result  of  the  business,  by  closing  the  Ledger  or  making  a  Statement, 
the  student  must  not  forget  to  close  "  Private  Account"  into  H.  B.  Bryant's  (Stock)  account, 
it  having  already  been  explained  that  Private  Account  was  merely  a  subdivision  of  Stock  ac 
count.  This  might  have  been  done,  and  very  properly,  too,  by  a  regular  Journal  entry,  but 
the  result  is  the  same,  and  the  method  here  suggested,  besides  being  more  simple  and  direct, 
is  equally  intelligible. 

In  order,  however,  that  the  student  may  be  made  familiar  with  the  various  methods  of 
closing  Ledger  accounts,  we  shall  exemplify  in  the  succeeding  Set  the  manner  of  producing 
all  the  results  through  the  Journal.  This  latter  method  is  practised  to  considerable  extent  ir 
business  houses,  and  particularly  in  joint  stock  concerns. 

We  have  here  a  somewhat  novel  feature,  indicated  in  the  Inventory  as  "  Interest  Payable, 
due  on  Mortgage."  This  represents  the  interest  which  has  accumulated  and  is  unpaid  on  the 
mortgage  held  against  us ;  and  is  as  much  a  liability  as  the  mortgage  itself.  In  closing  up 
the  Interest  account,  this  amount  ($84)  should  be  brought  in  on  the  debit  side  in  red  ink, 
"  To  Interest  Payable,"  and  carried  to  the  Balance  account  as  a  liability.  Were  the  busi 
ness  to  be  continued  under  the  same  proprietorship,  this  accumulating  interest  might  be 
allowed  to  run  on  without  mention  until  paid,  when  it  would  be  charged  to  Interest  %, 
thereby  decreasing  the  gains ;  but  as  it  is  necessary  to  show  the  exact  state  of  the  business 
at  this  time,  all  the  liabilities  rqust  be  shown. 

The  student  will  please  make  his  Ledger  conform  to  the  following  Trial  Balance,  and 
cl  >se  it  in  accordance  with  the  Statement  which  follows. 


TRIAL    BALANCE— INVENTORY. 


Trial   Balance. 


Balances.         Total  Footings. 

Ledger  Accounts.                               Total  Footing*.          Bala>ux». 

209 
100 

11«:>0 
11337 

4500 

1000 

591 

348 
4000 

200 
500 

50 
05 

70 

12006 
2118 
3100 
12150 
30421 
5257 
52 
375 
1000 
3335 
96 
112 
62 

741 

12000 
2890 
1548 
12750 

4000 
5 

11575 
200 
500 

12081 

25 

50 

50 
50 

70 

88 

25 
53~ 

H.  B.  Bryant   25693    25 
Merchandise     1848    50 

13087 

11575 

9000 

28 
115 
691 

2r» 

00 

Union  Bank  Stock      !      3000 

Real  Estate  500 

Cash  19083    60 

Bills  Receivable    757    50 

S.  S.  Packard  52 

J.  W.  Gantz    375 

Union  Bank      

Bills  Payable  14910 

J.  D.  Comstock     96   ' 

Ivison  &  Phinney  ,        112    50 

Dawson,  Warren  &  Hyde  ....              62    50 
Mortgage  Payable     9000 

Shipment  to  Albany  <        150 

J.  R.  Wheeler  &  Co.'s  Consignment      i  12000 
M.  B.  Scott's  Consignment  ....         2890 
Shipment  to  New  Haven     ....          1200 
C.  S.  Dole  &  Co.'s  Consignment  .     .     \  12750 
E.  R.  Felton     

Interest  34    43 

Storage  and  advertising  115 

J.  R.  Wheeler  &  Co  11575  i 

Expense  

Private  Accoimt    ' 

C.  S.  Dole  &  Co  <    12081    25 

•J1-19G    85 

128977 

128977    53      34496 

95 

II 

1 

INVENTORY. 
Property  Remaining   Unsold,   March   31. 


50  sets  Spt'ncorian  Writing  Books 
Real  Estate,  valued  at  .... 


37 
12000 


50 


Liabilities  not  shown  on  Ledger. 


Interest  Payable.     Due  on  Mortgage 


84 


67 


STATEMENT,— SET    III. 
Losses  and  Gains. 


Losse 

i. 

Gain 

K 

MERCHANDISE,                     Cost    2118  00 

Proceeds  from  Kales    .       1848  50 
Mdse.  unsold  (per  Inv.)         37  50    1886  00 

Loss    •       232  00 

232 

UNION  BANK  STOCK,           Cost    8100  00 

Proceeds       3000  00 

1  C\C\ 

REAL  ESTATE,                         Proceeds  from  rent      .       500  00 
Value  of  u?isold  .    .     12000  00  12500  00 
Cost    —  ~  —  ;   12150  00 

Gain  350  00 

SHIPMENT  TO  ALBANY,       Cost  741  oo 

350 

Proceeds      150  00 

Loss    591  00 

INTEREST,                             Cost    .    .    •    '     89  83 

591 

Proceeds  .        34  43 

STORAGE  &  ADVERTISING,  Proceeds     

55 

40 

115 

COMMISSION,                              "      

691 

200 

SHIPMENT  TO  NEW  HA  YEN,  Cost   1548  70 

Proceeds      1200  00 

Loss    348  70 

O  AQ 

TA 

o4o 

7U 

1527 

10 

1527 

iu 

10 

___» 

Resources  and  Liabilities. 


1st.  Property  Unsold. 

Resource*. 

Liabilities 

37 
12000 

11337 

4500 
1000 

4000 

50 
65 

"15 

H 

11575 

9000 

84 

12216 

32875 

I  ._ 

tn± 

15 
15 

2d.  Ledger  Accounts. 

BILLS  PAYABLE,                     Outstanding  Notes     

H.  B.  BRYANT,                       Capital  Invested  .(net)  ....       13087  25 
Drawn  out  (Private  %)  .  500  00 
Net  loss  371  10      871  10 

Present  interest  in  the  concern  .     .12216  15 

32875 

[===== 

68 


H.    B.    BRYANT'S    BOOKS    CLOSED. 

From  the  foregoing  statement  the  student  will  be  enabled  to  close  up  this  Ledger  with 
certainty,  and  to  produce  the  results  in  his  Balance  account  which  are  exhibited  under  the 
head  of  Resources  and  Liabilities  there  shown.  The  only  difference  between  this  and  the  pre 
ceding  sets  is,  that  the  business  has  been  a  losing  instead  of  a  prosperous  one,  and  that,  conse 
quently,  the  net  resources  of  the  concern  are  diminished. 

Mr.  Bryant  now  proposes  to  change  his  business,  and  to  take  in  a  partner,  Mr.  H.  D. 
Stratton,  who  is  to  furnish  an  equal  amount  of  capital.  The  new  concern  will  commence  with 
a  cash  capital  and  with  no  liabilities.  A  new  set  of  books  will  be  opened.  This  will  leava 
Mr.  Bryant  to  close  up  his  old  business  in  hi*  own  bocks. 

The  Memoranda  below  are  for  that  purpose,  and  the  student  is  requi7-ed  to  write  up  the 
transactions  given,  and  produce  a  Balance  Sheet  of  the  result  before  commencing  the  next  set. 

In  closing  up  the  business  of  H.  B.  Bryant,  as  per  memoranda,  it  will  not,  of  course,  be 
necessary  to  open  a  new  Ledger,  nor  even  new  accounts  in  the  old  Ledger ;  particularly,  if 
there  be  sufficient  space  under  the  old  accounts  for  the  few  necessary  entries.  The  opening 
entries  below,  enumerating  resources  and  liabilities  are  supposed  to  be  taken  from  the  last 
Balance  account.  The  same  purpose  would  be  effected  by  bringing  the  balances  down  under 
their  proper  accounts,  instead  of  transferring  them  to  the  Balance  account.  This  method  is 
shown  at  length  in  the  succeeding  set. 


Memoranda— H.  B.  Bryant's  Books  Continued. 

April  1.  The  following  is  a  statement  of  the  Resources  and  Liabilities  of  H.  B.  Bryant's 
private  books,  as  taken  from  the  Balance  account  of  his  Ledger : 

RESOURCES.— Mdse  on  hand,  $37.50;  Real  Estate,  $12000 ;  Cash,  $11337.65;  Bills  Re 
ceivable,  $4500 ;  Union  Bank,  $1000;  E.  R.  Fel ton's  indebtedness,  $4000. 

LIABILITIES. — Bills  Payable  outstanding,  $11575;  Mortgage  Payable,  $9000;  Interest 
due  on  same,  $84;  Bryant's  net  investment,  $12216.15. 

1.  Invested  in  the  concern  of  Bryant  and  Stratton,  Cash,  $10000,*  2.  Received  Cash  of 
E.  R.  Felton,  in  full  of  %,  $4000.  3.  Sold  Bryant  &  Stratton  Store  and  Fixtures  for  $12500. 
Transferred  Mortgage  for  $9000 ;  Interest  due  on  same,  $84 ;  received  Cash  for  balance, 
$3416.  3.  Paid  our  acceptance  favor  of  J.  R.  Wheeler  &  Co.,  $11575.  Gave  in  payment 
W.  IT.  Crocker's  Note,  due  May  7,  $4500,  less  discount  off  34  days,  $29.75 ;  Cash  for  balance, 
$7104.75. t  10.  Sold  James  Atwater,  Lockport,  for  Cash,  50  sets  Spencerian  Writing  Books, 
@  80  cents,  $40.  15.  Deposited  in  Union  Bank,  Cash,  $1688.90.  30.  Drew  from  Union  Bank, 
and  invested  in  Bryant  &  Stratton's  concern,  $2688.90. 


*  The  account  with  Bryant  &  Stratton  should  be  treated  in  II.  B.  Bryant's  books  the  same  as  any  personal  ar- 
count.  Mr.  Bryant  has,  in  reality,  lent  this  money  to  Bryant  &  Stratton.  He,  therefore,  should  debit  them  and 
credit  cash.  Sec  corresponding  entry  on  Bryant  &  Stratton's  Books,  Set  IV. 

t  The  note  which  we  hold  against  W.  H.  Crocker  is  really  worth  its  face,  less  the  interest  for  the  time  it  has  yet 
to  run,  and  will  be  received  only  for  its  real  value,  $4470.25.  In  this  transaction,  therefore,  wo  pay  for  our  not*, 
$11575,  and  for  the  discount  on  W.  H.  Crocker's  note,  $2H.7o.  Our  entry,  then,  is,— Debit*  :  Bills  Payable,  $11.375; 
Interest,  $29.75—  Credits:  Bills  Receivable,  $4500;  Cash,  £7104.75. 

69 


COMMISSION    BUSINESS. 
Trial  Balance. 


Difference*. 

Footings. 

Footings.              DifferenfM. 

\\ 

37 
12000 
18793 
4500 

50 
65 

.     .     H.  B.  Bryant  .... 
.     .     Merchandise     .... 

12216 
40 
12500 
18793 
4500 

15 
65 

12216 
2 

500 

15 

50 

.     .     Cash  

.     .     Bills  Receivable    .     .     . 

2688 

90 

.     .     Union  Bank      ....           2088 

90 

11575 
9000 
4000 

.     .     Bills  Payable  .     .     .     .         11575 
.     .     Mortgage  Payable     .     .          9000 
.     .     E.  R.  Felton    ....          4000 

12688      90 
20      75 

12688 
29 

90 
75 

.     .     Bryant  &  Stratton     .     . 

75313 

70 

12718 

05 

7531:} 

70 

1 

12718 

65 

1 

! 

Balance  Account. 


Resources. 
Bryant  &  Stratton    .     .     . 

12688 

90 

Liabilities. 
II.  B.  Bryant    

12688 

90 

The  above  Balance  account  shows  the  final  result  of  the  three  months'  business  of  II.  B. 
Bryant,  embraced  in  the  foregoing  three  Sets,  and  most  clearly  demonstrates  the  fundamental 
principle  for  which  we  have  contended.  It  will  be  apparent  that  this  result  could  as  well,  and 
much  more  easily,  have  been  shown  without  closing  the  Ledger  at  the  end  of  each  month; 
but  the  student,  if  he  has  faithfully  followed  his  instructions,  will  not  find  it  necessary  to  in 
quire  why  this  was  not  done.  We  might  have  presented  a  greater  variety  of  transactions  had 
we  chosen  a  different  kind  of  business  for  each  Set ;  but  that  would  have  deprived  us  of  one  of 
our  chief  objects — that  of  exhibiting  the  method  of  opening  a  new  set  of  Books  from  the 
Balance  account  of  an  old  Ledger,  and  the  continuation  of  the  same  business  from  one  set  to 
another.  Having,  as  we  think,  faithfully  accomplished  this  part  of  our  design,  we  shall  seek 
new  attractions  and  illustrations  in  other  channels. 


COMMISSION  BUSINESS. 

SALES  BOOK  AND  ACCOUNTS  SALES. 

On  the  three  following  pages  we  give  a  few  brief  examples  of  the  special  forms  necessary 
in  a  Commission  business.  They  are  not  submitted  as  models,  but  as  forms  most  commonly 
in  use.  The  Commission  Sales  Book  on  pages  72  and  73  contains  all  the  particulars  connect 
ed  with  the  three  consignments  which  comprise  a  large  share  of  our  business  in  Set  III.,  and  the 
Accounts  Sales  on  the  opposite  page  are  simply  abstracts  of  those  special  sales,  such  as  the  com 
mission  merchant  sends  to  his  principal  upon  the  "closing  cut"  of  a  consignment.  We  have 
varied  the  form  in  these  Accounts  Sales,  that  the  student  may  become  familiar  with  the  different 
methods  of  expressing  the  same  result,  in  use  among  business  men. 

70 


ACCOUNTS    SALES,  — SET    III. 


Account  Sales  of  { 


50500o 


on       and  risk  of  J.  R.  Wheeler  &  Co. 


Mar.     5       Sold  Win.  II.  Crocker,  on  his  Note  @  sixty  days, 


i    6  !    Sold  J.  C.  Bryant,  for  Cash, 

5000  bush.  Wheat,  @  $1.50     ........  7500  00 

Charges. 

2  i    Paid  Freight,  in  Cash        ...........  100  00 

Q  I    Storage  and  Advertising         ..........  25  00 

Commission,  2£  %  on  812000     .........  300  00 


J.  R.  W.  &  Co.'s  net  proceeds        

Due  by  Equation,  March  30. 


NEW  YORK,  March  6,  1859. 


II.  B.  BRYANT, 

per  Packard. 


12000 


11575 


M.  B.  Scott — In  Account  Sales  with  H.  B.  Bryant. 


1859 

j 

i    1859 

Mar. 

1 

To  Cash  paid  Freight  and  Ins.    .    . 

175 

MarH 

7 

By  800  bush.  Corn,  @  80  c.    .     .    . 

640 

4 

"   Storage  and  Advertising  .    .    . 

4fl 

Taken  to  our  account. 

''   Commission  2*  %  on  $2390. 

72 

•4 

9 

By  Cash,  Sold  C.  Claghorn, 

"   M.  B.  Scott's  net  proceeds   .    . 

;   260-2 

78 

2000  bush.  Oats  @  75  c.       $1500 

Remitted  herewith. 

500  bush.  Wheat  @  $1  50      750 



22.-.0 

E.  E. 

;  "2890 

H.  B.  BRYANT, 

2851 

j-  

per  Packard. 

r»f  (500  bbls.  Extra  Superfine  Flour,  ) 

or  \  1000  do   Superfinef  do  ?  '  [ 


cj     TWIa    K,    f*n 

.  b.  uoie  &,  t/o. 

Bv  II.  B.  BRYANT. 


P>firrelx 
FUmr. 

Ear  r  eh 
Fljur. 

Mar. 

*•-— 

13       E.  R.  Felton,  @  thirty  days         

500        @  f  8  00                         4000 
@    9  00                          4500 

500        @    8  50                           4250 

1"00                                                  1-J7.-.0 

20       Cash     500 

25       Cash          

Charges. 

12       Paid  Freight  in  Gush     

Net  proceeds  to  Cr.  as  cash,  March  UD       

•    •    *                           318     75         fiHS     75 
ionai     o? 

11.  B.  BRYANT, 
per  Packard. 

71 


AUXILIARY  BOOKS, 


C  omrnission 

This  Book  is  used  for  the  convenience  of  the  Commission  Merchant,  that  he  may  be  able 
to  see,  at  a  glance,  the  condition  of  each  Consignment. 


1S59 


J.  R.  Wheeler  &  Co.'s 


Afar.   2 

600 

5000 

' 

To  CASH,                                       Paid  Transpt'n  Charges 

100 

«     6 

STORAGE  &  ADVERTISING, 

25 

COMMISSION,                          ^\  %  on  $12000.    .    .    . 

300 

49ft 

J.  R.  WHEELER  <Ss  Co.,        Net  Proceeds      .... 

11575 

600 

6000 

Due  by  Equation  Mar.  30* 

12000 

I860 ////// 


M.  B.   Scott's 


tfav.   5 

800 

2000 

600 

Per  Steamer  New  World. 

To  CASH,                                  Paid  Freight  and  Ins.  . 

175 

"     9 

STORAGE  &  ADVERTISING, 

40 

72 

25 

£0 

287 

25 

CASH,                                    Net  Proceeds  remitted  . 

2602 

75 

800 

2000 

600 

2890 

! 

1 

£ 

£ 

7 

£* 

y'    /  <* 

£ 

Cp 

/  . 

1  / 

1859 

i 

£ 

/$ 

C.  S.  Dole  &  Co.'s 

Mar.  12 

600 

1000 

3000 

Per  People's  Line. 

To  CASH,                                    Paid  Freight.    .    . 

800 

"   27 

STORAGE  &  ADVERTISING, 

50 

COMMISSION,                          On  $12750  @  2}  #   . 

318 

76 

668 

75 

C.  S.  DOLE  &  Co.,              Net  Proceeds    .    .    . 

12081 

25 

Due  by  Equation  Mar.  29 

600 

1000 

3000 

12750 

*  The  metlod  of  equating  time  is  fully  explained  in  that  portion  of  the  work  devoted  to  "  Commercial  Calcula 
tions." 

72 


SET  III. 


Sales  Book. 

It  will  be  seen  that  the  entries  on  this  Book  correspond  with  those  on  the  Day  Book,  and 
its  use  in  this  connection  will,  it  is  hoped,  give  the  student  a  better  understanding  of  the 
nature  of  Commission  transactions. 


1859 


Consignment. 


Mar.  6 

By  BILLS  KECEIVABLK,     Sold  W.  H.  Crocker  on  his 

Note  @  60  days, 

600 

@  $9  00      .... 

4500 

"     6 

By   CASH,                               Sold  J.  O.  Bryant, 

5000 

@  $1  60      .... 

75uO 

12000 

600 

6000 

12000 

Consignment. 


Mar.   7 

By  SHIP'T.  TO  N.H.,  Assumed  and  Ship'  'd  Cobb  &  Co. 

800 

@  80  cts.  .... 

640 

«     9 

By  CASH,                                  Sold  C.  Claghorn, 

2000 

@  76  cts.  .    .    .    . 

1500 

600 

@$1  63  .    .    .    . 

750 

2250 

800 

2000 

600 

2890 

1859      f     f     f 

Afar.  13 

600 

By  E.  R.  FELTON,               Sold  him  @  80  days, 
@  $8  00  .    .    .    . 

4000 

"   20 

600 

CASH,                                 Sold  Jno.  R.  Penn, 
@  $9  00  .     .     .     . 

4500 

«   28 

600 

3000 

CASH,                                 Sold  J.  H.  Goldsmith, 
@  $8  60  .    .    .    . 

Untold. 

4250 

12760 

600 

1000 

3000 

12760 

78 


EXERCISES  FOR  THE  LEARNER.— THIRD  SERIES. 


EXERCISES  FOR  THE  LEARNER. 

THIRD   SERIES. 

Memoranda. 

March  1st,  Commenced  business  with  the  Resources  and  Liabilities  as  shown  in  the  Balance 
account  of  Ledger  B.*  2d,  Sold  L.  S.  Bliss,  for  cash,  25  pieces  Merrimac  Prints,  @  $5.75.  3d, 
Received  from  Joseph  Gary,  Albany,  to  be  sold  on  his  %  and  risk,  200  bbls.  Flour,  invoiced  at 
$8;  10,000  Ibs.  canvassed  Hams,  invoiced  at  11  c.  Paid  freight  on  same,  in  cash,  $100.  4th, 
Shipped  N.  C.  Winslow,  Cleveland,  to  be  sold  on  our  %  and  risk,  200  sacks  Coffee,  13,000 Ibs. 
@  9  c. ;  6  pipes  Wine,  720  gals.,  @  $3.50  ;  paid  cash  for  Insurance  on  same,  $50.  5th,  Sold 
W.  H.  Hollister,  on  his  note  at  60  days,  200  bbls.  Flour,  (Gary's  Consignment,)  @  $9.  Re 
ceived  cash  in  full  of  John  Brown's  acceptance,  dated  Feb.  20,  at  10  days,  $100.  7th,  Ship 
ped  per  steamer  Isaac  Newton,  and  consigned  to  J.  G.  Deshler  &  Co.,  Buffalo,  to  be  sold  on 
our  %  and  risk,  102  boxes  Sugar,  each  500  Ibs.  @  5  c.,  which  we  purchased  of  Samuel  Jones, 
giving  in  full  payment  therefor  his  note  of  Feb.  8,  for  $2550.  9th,  Sold  John  J.  Cape,  at 
10  days  on  %,  10,000  Ibs.  canvassed  Hams,  (Gary's  Consignment,)  @  11  c.  12th,  Closed 
Gary's  Consignment,  and  rendered  him  an  Account  Sales  of  the  same.  Our  charges  for  storage 
and  advertising,  $25  ;  commission  2|  %  on  $2,900,  $72.50.  Joseph  Gary's  net  proceeds, 
$2702.50.  Due  by  equation  April  23.  14th,  Received  of  L.  S.  Paine,  Tonawancla,  to  be  sold 
on  his  %  and  risk,  2000  bush.  Corn,  invoiced  at  80  c. ;  1000  bush.  Wheat,  invoiced  at  $1.75  ; 
paid  freight  in  cash,  $150.  15th,  Sold  Stephen  A.  Douglas,  for  cash,  1,000  bush.  Wheat,  (Paine's 
Consignment,)  @  $1.90  ;  Sold  Horace  Greeley,  for  cash,  2,000  bush.  Corn  (Paine's  Consignment,) 
©  90  c.  16th,  Closed  Paine's  Consignment,  and  rendered  him  Account  Sales.  Our  charges  for 
storage,  etc.,  amount  to  $15.  Our  commission,  @  2^  %  on  $3700,  $92.50.  L.  S.  Paine's  net 
proceeds  remitted  in  cash.  20th,  Received  advice  from  N.  C.  Winslow,  Cleveland,  of  the  sales 
of  Coffee  and  Wine  shipped  him  on  the  4th  inst.  Our  net  proceeds  of  the  same  amount  to  only 
$2500,  which  he  has  remitted  us  in  cash.  21st,  J.  H.  Bell  pays  us  cash  to  balance  %,  $37.50, 
22d,  Paid  James  Buchanan's  draft  on  us  for  $2520,  in  cash.  25th,  Received  advice  from  J.  G. 
Deshler,  Buffalo,  of  the  sales  of  the  sugar  sent  him  on  the  7th  inst.,  our  net  proceeds  of 
which  are  $2700,  and  for  which  he  has  remitted  us  his  note  @  10  days  from  March  17th.  Re- 
3eived  cash  of  John  J.  Cape,  in  full  of  his  indebtedness.  26th,  Closed  our  %  with  Joseph 
Gary,  due  by  equation,  April  23 ;  amount  due  him  $2702.50  ;  discount  off,  in  our  favor 
$  14.70.  Paid  him  W.  H.  Hollister's  note,  due  May  7th,  for  $1800,  less  discount  for  42  days. 
Cash  for  balance,  $902.50. f  30th,  Paid  clerk  hire  and  rent  in  cash,  $175.  Received  cash  in 
full  for  J.  G.  Deshler's  note  of  the  17th,  due  this  day. 

*  Second  Series. 

\  Tn  cc«es  cf  this  kind,,  where  a  debit  of  interest  may  offset  a  credit  of  the  same  amount,  it  may  be  optional 
with  the  accountant  whether  or  not  he  make  any  entry  to  the  Interest  account.  If  it  be  desirable  to  show  the  total 
amount  received  and  paid  for  interest,  it  will  be  necessary  to  enter  all  the  debits  and  credits  of  the  account,  whether 
they  cancel  or  not. 

74 


EXERCISES    FOR    THE    LEARNER. 


Trial  Balance. 


Balai 

6378 
1240 

175 

.ces. 

41 

Total  Footings. 

j    Total  Footings. 

Halanoet. 

3815 
7150 
13718 

37 
2520 
2(.)00 
3740 
2550 
1100 

2702 
3700 
14 
175 

41 

50 

50 

70 

.     .    Stock.       ......    ) 

7419 
3833 
7150 
7340 
37 
2520 
2900 
2500 
2700 
1100 
40 
165 
2702 
3700 
14 

66 
75 

50 

50 

70 

7419 

18 

150 

40 
105 

66 
"5 

.     .     Merchandise  .     .         .     . 
.     .     Bills  Receivable      .     .     . 

.     .     J.  II.  Bell      

.     J.  Buchanan  
Gary's  Consignment     .     . 
.     .     Shipment  to  Cleveland     . 
.     .     Shipment  to  Buffalo     .     . 
.     John  J.  Cape      .... 
.     .     Storage  and  Advertising  .    ; 
Commission  .... 

Joseph  Gary  

.     .     L.  S.  Paine's  Consignment    : 

.     .     Expense    ....          .    : 

7703 

41 

41103 

11 

41103 

11 

7793 

41 

Balance  Account. 


Resources. 

6378 

41 

Liabilities. 

Stock  .     .     . 

1 
6378     41 

TO  THE  STUDENT. 

It  is  presumed  that  you  have,  so  far,  followed  out  the  design  of  the  work  in  its  practical 
and  progressive  development  of  the  principles  of  Accounts,  omitting  nothing  which  has  been 
prescribed,  because  you  could  not,  for  the  moment,  appreciate  all  its  benefits.  If  you  have 
pursued  this  policy,  you  cannot,  at  this  stage,  fail  to  see  the  advantages  derived  from  these 
series  of  "  Exercises  for  the  Learner."  Our  object  in  instituting  this  feature  was  to  shield 
you  from  the  temptation  of  passing  over  the  work  without  the  trouble  of  thinking.  We  know 
the  strength  of  such  temptations,  and  we  know,  also,  the  utter  fruitlessness  of  the  issue,  when 
they  prevail. 

We  have,  so  far,  confined  our  record  of  transactions  to  the  old  Italian  method  of  historical 
Day  Book,  with  Journal  separate.  We  did  so  on  account  of  its  greater  simplicity,  and  because 
we  did  not  wish  to  distract  the  mind  from  more  important  considerations  which  it  was  neces 
sary  to  enforce.  As  you  are  now  more  thoroughly  grounded  in  the  great  truths  of  the  science, 
we  shall  henceforth  give  a  little  attention  to  the  more  practical  forms  in  use,  and  to  a  greater 
scope  and  variety  of  entries  than  heretofore.  We  wish  you  particularly  to  note  the  peculiar 
form  of  the  Journal  Day  Book  introduced  in  the  following  Set,  that  you  may  be  able  to  ex 
press,  in  this  manner,  any  conceivable  transaction,  combining  all  the  essential  points  of  the 
separate  Day  Book  and  Journal.  Very  few  business  houses  adopt  the  old  method  of  first 
entering  transactions  in  a  historical  Day  Book,  and  journalising  therefrom.  Where  more 
severely  practica.  forms — for  the  purposes  of  condensation — are  not  in  use,  the  Journal  Day 
Book  meets  with  great  favor,  as  being  both  plain  and  practical. 

75 


QUESTIONS    FOR    REYIEW. 


QUESTIONS  FOR  RE  VI  E  W,  —  S  ET  1 1 1 


1.  In  what  particular  does  the  statement  on  opening  the  books  in  this  set  differ  from  previous  statements  1 
2.  What  liabilities  can  there  be  to  a  business  except  to  outside  parties  ?  3.  How  can  you  ascertain  what  the 
concern  owes  to  the  proprietors  or  stockholders  ?  4.  Is  this  amount  always  apparent  ?  5.  Why  not  ? 
6.  What  does  the  account  "  Shipment  to  Albany "  represent  ?  7.  In  what  particular  does  it  differ  from 
Merchandise  account  ?  8.  What  is  represented  by  the  account  "  J.  R.  Wheeler  <fe  Co.'s  Consignment  Y" 
9.  Should  his  account  be  debited  with  the  value  of  the  property  consigned  to  us  ?  10.  How  would  such  an 
entry  affect  us  ?  11.  When  the  property  represented  in  "  Consignment"  account  is  disposed  of,  why  do  you 
cancel  the  account  ?  12.  How  do  you  determine  the  net  proceeds  of  a  Consignment  ?  13.  What  is  represented 
by  •"  Storage  and  Advertising  "  account  ?  14.  What  by  "  Commission  ?"  15.  What  is  the  nature  of  a  draft  ? 
16.  Why  do  you  debit  Ivison  &  Phinney  with  the  face  of  their  draft?  17.  In  what  particular  does  II.  B. 
Bryant's  "  Private  account"  differ  from  his  Stock  account  ?  18.  How  is  "  Private  account"  sometimes  closed  ? 
19.  Why  is  it  not  proper  to  represent  the  balance  of  such  an  account  as  a  gain  or  a  loss  ?  20.  Would  the 
eame  rule  apply  to  Partnership  as  to  Stock  books  in  this  regard  ?  21.  With  what  amounts  ought  notes  and 
cash  always  to  be  debited  and  credited  ?  22.  If  they  are  really  worth  more  or  less  than  the  face,  how  ought 
the  difference  to  be  shown  ?  23.  What  is  the  chief  difficulty  in  explaining  the  debit  and  credit  of  interest  ? 
24.  Will  Webster's  definition  of  "Interest"  suffice  as  a  basis  for  journalizing?  25.  What  is  a  correct 
definition  of  "  Interest "  as  the  accountant  should  view  it  ?  26.  Is  the  business  represented  in  Set  III.  a 
gaining  or  losing  business  ?  27.  How  can  you  ascertain  ?  28.  How  will  a  loss  in  business  effect  the 
proprietors'  account  ?  29.  How  should  the  account  of  Bryant  &  Stratton  be  treated  in  Mr.  Bryant's  private 
books  ?  30.  How  should  the  interest  due  on  "  Mortgage  Payable  "  have  been  represented  at  the  close  of  the 
March  business  ?  31.  How  could  it  have  been  done  ?  32.  Would  this  have  increased  or  decreased  the  loss  ? 


GENERAL   QUERIES. 

83.  In  opening  a  Set  of  Books,  what  is  the  first  consideration  ?  34.  What  will  always  be  the  difference 
between  the  resources  of  a  concern  and  its  out-tide  liabilities  ?  35.  Does  Stock  account  in  an  individual  busi 
ness  always  represent  tke  invested  capital  ?  36.  When  does  it  not?  37.  Will  Stock  account  and  the  Repre 
sentative  accounts,  taken  together,  always  represent  the  invested  capital  ?  38.  Why  are  the  Representative 
accounts  so  called  ?  89.  Are  they  less  real  than  the  accounts  technically  so  called  ?*  40.  If  the  increase  and 
diminution  of  resources,  commonly  called  gains  and  losses,  should  be  carried  immediately  to  Stock  or  Partners' 
Accounts,  would  there  exist  any  necessity  for  Representative  accounts  ?  41.  What  would  the  difference  be 
tween  the  debit  and  credit  sides  of  Merchandise  account  represent  in  that  case  ?  42.  How  many  methods  are 
there  of  indicating  the  loss  or  gain  in  business  ?  43.  What  are  they  ?  44.  In  what  way  can  these  two  methods 
be  made  to  prove  each  other  ?  45.  In  a  final  exhibit  of  resources  and  liabilities,  what  becomes  of  the  Repre 
sentative  accounts  ? 


*  To  one  who  has  looked  carefully  at  the  distinction  between  Real  and  Representative  accounts,  as  shown  in  this  treatise,  it 
will  be  apparent  that  Representative  accounts  are  temporarily  used  for  convenience'  sake,  containing  the  gains  and  losses  which 
are  finally  to  be  carried  to  Stock  or  Partners'  accounts,  thereby  increasing  or  decreasing  the  net  investment ;  while  Real  accounts 
are  permanent,  exhibiting  perpetually,  In  the  difference  between  their  sides,  exact  resources  or  liabilities.  'While  Representative 
accounts  must  always  cease  to  exist  by  being  absorbed  into  the  accounts  which  they  represent,  whenever  an  exhibit  of  the  u 
tion  of  the  business  'a  necessary,  Real  accounts  form  the  essential  matter  of  all  such  exhibits. 

76 


SET    IV. 

1  <^>  i 

JOURNAL    DAY   BOOK, 

COMMISSION  SALES  BOOK,  INVOICE  BOOK,  FORMS  OF  NOTES, 
DRAFTS,    LETTERS,    ETC. 

LEDGER  CLOSED  WITHOUT  BALANCE  ACCOUNT;  ALSO,  BY  JOURNAL  ENTRIES. 


PARTNERSHIP    BUSINESS:    PROSPEROUS. 


REMAKES    Oft    SET   IV. 


REMAKES  ON  SET  IV. 

In  the  transactions  of  this  Set,  we  have  introduced  several  new  features,  which  will  require 
more  than  a  passing  thought  from  the  student. 

FIRST. —  The.  form  of  original  entry — combining  the  Day  Book  and  Journal,  This  form  is 
the  most  practical  in  use  for  general  purposes,  and  is  adopted,  in  essence,  by  accountants,  in 
every  department  of  business.  Its  chief  advantages  are  in  dispensing  with  a  separate  Journal, 
and  in  bringing  the  Day  Book  and  Journal  entries  into  such  immediate  connection  as  to  leave 
no  room  to  doubt  their  identity.  The  only  objection  that  can  be  urged  against  it  is  the  diffi 
culty  of  making  the  entry  intelligible,  as  well  as  symmetrical.  As  there  can  exist  no  transac 
tions  more  difficult  of  expression  than  those  given  in  this  Set,  we  think  this  objection  should 
have  very  little,  if  any,  force.  However,  the  student  will  often  find  his  ingenuity  taxed  to  the 
utmost  in  submitting  transactions  to  this  form. 

SECOND. —  The  different  methods  of  considering  Mdse.  Co.  transactions.  It  will,  of  course, 
be  understood  that  by  "  Merchandise  Companies"  is  meant  the  temporary  copartnerships  ex 
isting  between  the  consignor  and  consignee,  having  reference  to  the  sale  of  particular  consign 
ments  of  merchandise.  The  nature  of  this  species  of  copartnership  differs  from  that  of  a  gen 
eral  copartnership  only  in  its  duration,  and  the  manner  of  conducting  its  sales.  In  Mdse.  Co. 
business,  one  of  the  partners — the  consignee — is  the  commission  merchant,  and,  in  that  capacity, 
receives  and  disposes  of  the  property  as  he  would  of  a  simple  consignment ;  the  only  difference 
being  that  he  is  interested  in  the  gains  and  losses.  The  two  methods  alluded  to,  and  which  are 
fully  illustrated  in  the  two  months  comprising  this  Set,  differ  only  as  regards  the  opening  and 
closing  entries.  In  the  first  method — exemplified  by  the  three  Mdse.  Co.  accounts,  "  A,"  "  B," 
and  "  C,"  in  the  month  of  April — the  principle  recognized  is,  that  the  holder  of  the  property 
is  responsible  for  it.  Thus,  when  we  receive  from  Logan,  Wilson  &  Co.  an  invoice  to  be  sold 
on  joint  %,  we  debit  "  Mdse.  Co.  A"  with  the  invoice  and  expenses,  and  credit  the  consignors 
with  the  cost  of  the  invoice,  thus  making  ourselves  responsible  for  the  property  as  though  it 
were  all  our  own.  The  consignor's  entry,  if  recognizing  the  same  principle,  will  be  to  debit 
us  for  the  entire  cost  of  the  merchandise.*  In  the  second  method,  shown  by  the  three  Mdse. 
Co.  accounts,  "  D,"  "  E,"  and  "  F,"  the  principle  recognized  is  that  the  owner  of  the  property 
is  responsible.  Thus,  when  we  receive  from  Wm.  K.  Sadler,  merchandise  to  be  sold  on  joint 
account,  we  debit  "  Mdse.  Co.  D"  with  our  own  share  only,  and  credit  the  consignor.  The 
consignor's  entry,  in  this  case,  if  made  to  correspond  with  ours,  would  be  to  debit  us  for  our 
share,  and  "  Shipment  in  Co.  to  New  York,"  for  his  share. 

Where  there  are  more  than  two  parties  interested,  if  the  accounts  are  kept  by  the  first 
method,  the  consignee  should,  as  before,  debit  the  Mdse.  Co.  account  with  its  entire  cost — in 
voice  and  expenses — and  credit  the  consignor  with  their  (the  consignee's  and  consignor's)  joint 
share,  and  any  other  party  or  parties  with  his  or  their  share.  The  consignor  would,  in  such  a 
case,  debit  the  consignee  with  their  joint  share,  and  each  of  the  other  parties  with  his  or  their 
share.  The  other  parties  would,  if  making  an  entry  to  correspond,  debit  the  consignee  and 
credit  the  consignor  each  for  his  own  share. 

Where  there  are  more  than  two  parties  interested,  and  the  accounts  are  kept  by  the  second 
method,  the  consignee  should  debit  "  Mdse.  Co."  account  for  his  own  share  and  all  the  charges, 
and  credit  the  consignor  for  his  (the  consignee's  share).  The  consignor,  on  the  other  hand, 
should  debit  each  of  the  parties  for  their  respective  shares,  and  "  Ship't  in  Co."  for  his  own 

*  The  supposition,  in  all  these  cases,  is  that  the  consignor  furnishes  from  his  own  resources  the  property  shipped. 

78 


REMARKS    ON    SET    IV. 

share.     Each  of  the  other  parties  should  debit  "  Shipment  in  Co.,"  and  credit  the  consignor 
each  for  his  own  share. 

The  examples  given,  it  is  hoped,  will  fully  illustrate  these  several  points,  and  fasten  tho 
principles  upon  the  mind  of  the  learner.  As  will  be  seen  in  the  results,  the  only  difference  in 
the  two  methods,  is  a  simple  matter  of  time.  By  the  first  method,  the  consignee  is  considered 
as  responsible  for  the  property  when  he  receives  it,  and  by  the  second,  when  he  has  dis2)osed  of 
it.  The  final  result  is  the  same  in  either  case. 

We  do  not  submit  these  separate  methods  because  we  deem  our  understanding  of  them  so 
essential  in  the  conduct  of  Mdse  Co.  accounts, — although  it  is  essential  in  this  regard, — but 
because  the  more  the  learner  permits  himself  to  dwell  upon  these  principles,  and  the  better 
he  comprehends  them  in  all  their  bearings,  the  more  thorough  and  available  will  be  his  knowl 
edge  of  the  science.  He  will  learn  little  by  copying  the  Journal  where  the  opening  and  closing 
entries  are  made  ready  to  hand,  and  the  calculations  upon  which  they  are  based  are  performed 
by  the  author,  but  in  applying  the  principles  in  writing  up  the  "  Exercises"  which  follow,  he 
will  have  ample  opportunity  to  test  his  proficiency.  We  need  hardly  say,  that,  so  far  as  abso 
lute  right  and  responsibility  are  concerned,  the  second  method  is  the  correct  and  philosophical 
one — the  principle  recognized  being  that  the  owner  of  the  property  is  responsible.  The  only 
advantage  possessed  by  ihejirst  method  is,  that  the  "Mdse.  Co."  account  shows  its  entire  cost 
at  the  commencement. 

The  student  will,  doubtless,  find  it  difficult  to  classify  Mdse.  Co.  accounts,  as,  in  their  current 
condition,  they  are  neither  Real  nor  Representative.  It  is  for  this  reason,  mainly,  that  it  is 
deemed  best  to  close  them  by  a  Journal  entry,  when  the  property  they  represent  is  disposed 
of.  They  might  be  made  either  Real  or  Representative.  Thus,  by  debiting  them  with  all 
the  cost,  and  our  share  of  the  gain — (or,  crediting  with  our  share  of  the  loss)  the  difference 
will  represent  what  we  owe  to  the  parties  interested,  the  account  becoming  thus  Real.  Or 
by  debiting  them  with  all  the  cost  and  the  gains  of  the  other  parties  (or  crediting  with  the 
loss  of  other  parties),  the  difference  will  represent  our  gain  or  loss,  and  the  account  thus 
becomes  Representative.  The  learner  will  gain  much  by  looking  at  this  matter  in  all  its 
bearings. 

THIRD. —  The  different  methods  of  closing  the  Ledger.  In  the  month  of  April,  the  Ledger 
is  closed  without  the  use  of  a  Balance  account,  by  bringing  down  the  resources  and  liabilities 
under  their  proper  accounts.  This  is  the  business  method ;  and  if  each  month  is  supposed  to 
represent  a  year,  this  would  be  a  fair  example  of  the  manner  of  closing  business  books  at  the 
end  of  each  year,  forming  a  basis  of  resources  and  liabilities  for  the  next  year's  accounts. 
The  method  of  closing  the  Ledger  by  Journal  entries,  as  exemplified  in  the  month  of  May,  is 
usual  in  a  large  proportion  of  business  houses,  though  requiring  more  labor,  and  possessing 
no  advantage  over  the  method  heretofore  explained.  The  usual  entry  in  bringing  down  re 
sources  and  liabilities  is  :  "  Old  account,  Dr.  To  New  account,"  and  the  reverse.  The  "  Bal 
ance"  account  is  precisely  the  same  as  "  New  account." 

FOURTH. — A  larger  variety  of  auxiliary  forms.  We  have  purposely  introduced  a  great 
variety  of  auxiliaries  that  the  student  may  become  familiar  with  forms.  We  shall  hereafter 
indicate  how  a  majority  of  these  books  might  be  used,  in  connection  with  the  Journal,  to  con 
tain  the  record  of  original  entries.  This  practice  is  becoming  very  prevalent  in  the  larger 
business  houses,  where  it  is  essential  for  the  purposes  of  dividing  labor  and  avoiding  unneces 
sary  writing.  For  instance,  one  clerk  may  keep  the  Invoice  Book,  another  the  Sales  Book, 
another  the  Cash  Rook,  etc.,  and  each  of  these  may  be  so  kept  as  to  post  directly  from  them 
to  the  Ledger,  instead  of  passing  all  the  transactions  through  the  Journal.  Or,  the  Book 
keeper  may  himself  prefer  to  keep  these  special  books  separate,  and  at  the  same  time  avoid 
unnecessary  repetitions  of  the  same  entry. 

79 


JOURNAL  DAT  BOOK —SET  IV. 

NEW   YORK,    APRIL   1,   1859. 


H.  B.  Bryant  and  H.  D.  Stratton  have  this  day  entered  into 
copartnership,  under  the  style  and  firm  of  "  Bryant  &  Strat 
ton,"  in  the  prosecution  of  a  general  Commission  and  Groce 
ry  Business  ;  to  invest  in  equal  amounts,  and  participate  alike 
in  gains  and  losses. 

:    CASH  Dr. 10000 

To.  H.  B.  BRYANT  .    .  10000 
For  amount  of  his  investment. 
.    i     _________ 

EAST  EIVER  BANK  Dr 10000 

To  H.  D.  STRATTON          .     .  10000 
For  amount  of  his  investment. 
//    

STORE  AND  FIXTURES  Dr.  To  SUNDRIES 12500 

Bo't  of  H.  B.  Bryant  Ids  store  and  fixtures. 
To  MORTGAGE  PAYABLE  Assumed  mortgage  on  the  property     .     .  9000 

"  INTEREST  Due  on  mortgage  to  date 84 

"  CASH  For  balance 3416 

3 

MERCHANDISE  Dr 3900 

To  HOPE  &  Co 3900 

Bo't  on  %, 

5  casks  Brandy,  300  gals.  @  $2  .     $  600 
200  bbls.  Mess  Pork,  @  $9     .      .       1800  i 
30,000  Ibs.  Bacon  Sides,  @  5c.    .    _Jj>00 

_  __    //     

EXPENSE,  Dr 75 

To  CASH        75 

Paid  for  set  of  Books. 
//    

MDSE.  Co.  A.  Dr.  To  SUNDRIES 3900 

Received  from  Logan,  "Wilson  &  Co.,  Pitts-  !! 
burgh,  to  be  sold  on  our  joint  %  and 
risk,  each  £, 

800  kegs  Nails,  @  $3    .     .     .     .       2400 
20,000  Ibs.  Lead,  @  7  c.    .     .     .       1400 

To  LOGAN,  WILSF  N  &  Co.  Their  invoice  as  above 3800 

"  CASH,  Paid  freight 

4 

MDSE.  Co.  B.  Dr 4000 

To  NlLES  &  KlNNE, 

Received  from  N.  &  K.,  Buffalo,  to  be  sold 
on  our  joint  a/c  and  risk,  each  -J-, 

600  bbls.  Flour,  @  $8 4000 

5 

,    CASH  Dr 1400 

To  MDSE.  Co.  A., 
Sold  Win.  H.  Woodbury, 

400  kegs  Nails,  @  $3  50 1400 


45775 


45775 


80 


JOURNAL  DAT  BOOK— SET  IV. 

NEW    YOKK,    APRIL    6,    1859. 

Amounts  brought  forward 45775 

G 

BILLS  RECEIVABLE  Dr 3300 

To  MDSK.  Co.  A. 
Sold  Robert  Uaywood,  on  his  note,  @  thirty 

days, 

20,000  Ibs.  Lead,  @  9  c.    .     .     .       1800 
400  kegs  Nails,  @  $3  75   .     .     .       1500 

4  j  MDSE.  Co.  A.  Dr.  To  SUNDRIES 800 

Closed  company  sales  with  Logan,  Wilson  <fe 
Co.,  and  rendered  them  an  account  of 
the  same. 

To  STORAGE  &;  ADVER 

"  COMMISSION  Our  charges  @  2|  %  on  $4700    .... 

LOGAN  &  WILSON     Their  £  net  gain, 

4     "  Loss  AND  GAIN         Our    "      " 

NILES  &  KINNB  Dr.  To  SUNDRIES 2915 

Shipped  them  to  be  sold  on  our  joint  %, 

each  \, 

20  hhds.  Sugar,  24,000  Ibs.  @  5  c.      1200 
100  bags  Coffee,  14,000  Ibs.  @  10  c.      1400 
100  boxes  Raisins,  @  $3     ....     300 
Bo't  of  Acker,  Merrall  &  Co.,  on  our  note  at 
ninety  days, 

To  BILLS  PAYABLE          For  above  note, 

"  CASH  Paid  insurance  $  %  on  $3000      .... 

g 

CHARLES  STETSON  Dr 4500 

To  MDSE.  Co.  B. 
Sold  him  @  thirty  days, 

600  bbls.  Flour,  @  $9, 

MDSE.  Co.  B.  Dr.  To  SUNDRIES 500 

Closed  sales  in  company  with  Niles  <t  Kinne, 
of  Buffalo,  and  rendered  them  an  Ac 
count  Sales. 
To  STORAGE  &  ADVER.    Our  charges 

"  COMMISSION  2£  %  on  $1500 \ 

"  NILES  &  KINNB  Their  ^  net  gain 

"  Loss  AND  GAIN  Our    "      "          

9 

SUNDRIES  Dr.  To  MERCHANDISE, 

Sold  Austin  Packard, 

80,000  Ibs.  Bacon,  @  6  c 

CASH  Received 800 

j  5    BILLS  RECEIVABLE  His  note  @  thirty  days,  for  balance      .     .          1000 


45775 


3300 


10 

117  50 
336  25 
336  25 


2900 
15 


4500 


59590 


20 
112  50 
183  75 

183  7? 


1800 


59590 


81 


JOURNAL  DAY  BOOK— SET  IV. 

NEW   YORK,    APKIL    9,   1859. 

59590  59590 


Amounts  brought  forward 


LOGAN,  WILSON  &  Co.         Dr. 


To  BILLS  PAYABLE      .     . 
Accepted   their   draft  on  us  @  thirty  days 
sight,  favor  Geo.  K.  Chase  <fe  Co.  in  full 
of  their      . 


4136    25 


4136   25 


MDSE.  Co.  C. 


Dr.         To  SUNDRIES      .... 
Received  per   Merchants'  Line,  from  Pliny 
Moore,  Troy,  to  be  sold  on  joint  %  of 
himself,  S.  G.  Payn,  Albany,  and  our 
selves,  each  -J-,  as  per  contract, 
1000  bbls.  Flour,  @  $8  50     .      . 
For  his  and  our  $  above  invoice 


8700 


To  PLINY  MoORE              For  his  and  our  £  above  invoice      .      .     .  5666    67 

"    S.  G.  PAYN                       «     fc                «                   ...  2833   33 

'     CASH  Paid  Freight 200 

STEAMER  EMPIRE  STOCK       Dr.         To  SUNDRIES 

Bo't  of  Daniel  Drew,  £  Steamer  Empire,  for     10000 

To  CASH  Paid  in  hand 5000 

"  BILLS  PAYABLE  Gave  our  note  @  ninety  days,  for  .     .     .  5000 

13 

SUNDRIES  Dr.         To  MDSE.  Co.  C. 

Sold  "Warren  P.  Spencer,  Buffalo, 

1000  bbls  Flour,  @  $10 10000 

BILLS  EECEIVABLE  His  note  @  forty  days,  for 7000 

CASH  For  Balance 3000 

MDSE  Co.  C.  Dr.         To  SUNDRIES      ....         1300 

Closed  sales  in  company  with  Moore  &  Payn, 
and  rendered  them  each  an  Account 
of  the  same. 

To  STORAGE  &  ADVER.    Our  charges 30 

"  COMMISSION  2£  %  on  $10000 250 

"  PLINY  MOORE  His  \  net  gain 040 

"S.G.  PAYN  «      «      «         340 

•'  Loss  AND  GAIN          Our     "      "         340 

15 

CASH  Dr |        900 

To  MERCHANDISE, 
Sold  J.  W.  Lusk,  Cleveland, 

6  casks  Brandy,  300  gals.,  @  $3       .     .  900 

16 

MERCHANDISE  Dr.         To  SUNDRIES, 

Bo't  of  Acker,  Merrall  &  Co. 

30  hhds.  Sugar,  30,000  Ibs.,  @  6  c. 

To  CASH  Paid  in  hand 

'  ACKER,  MER.  &  Co.    Balance  on  % 1000 

96426    25    96426   25 


82 


JOURNAL  DAY  BOOK —SET  IV. 

NEW    YOEK,   APRIL   18,   1859. 


2 
3 

7 

5 

2 
3 

3 

4 

6 
rt 
3 
2 

7 
2 

Amounts  brought  forward      
18 

SUNDRIES 
EXPENSE 
H.  D.  STRATTON 

Dr.         To  CASH         .... 
Paid  Clerk  hire  to  15th       
,  Priv.  Paid  him  on  %    .     .     . 

20 

SUNDRIES 
INTEREST 

Dr.         To  BILLS  RECEIVABLE  . 
Austin  Packard  has  discounted  his  note  in 
our  favor,  due  May  12th. 
Proceeds  of  note  

Discount  off,  22  days    ...... 

/t 

NlLES  &  KlNNE 

Dr.      

To  Loss  AND  GAIN  .     . 
Received  an  Account  Sales  of  the  Mdse.  sent 
them  to  be  sold  on  joint  account,  on  the 
7th  inst.     Our  -J  net  gain  as  above. 

22 

SUNDRIES 

S.  G.  PAYN 
FLINT  MOORE 

Dr.        To  SUNDRIES 
Shipped  S.  G.  Payn,  Albany,  to  be  sold  on 
joint  %  of  S.  G.  Payn,  Pliny  Moore  of 
Troy,  and  ourselves,  each  £. 
30  hhds.  Sugar,  30,000  Ibs.  @  6£  c.  $1950 
Freight  on  same  .....             60 

$2000 
For  his  and  our  f-  above  invoice     ... 
For  his  A-  . 

To  MERCHANDISE         As  above  

"  CASH 

Paid  Freight       

25 

H.  B.  BRTANT,  1 

To  EAST  RIVER  BANK   . 
Drew  on  private  %. 

To  EAST  RIVER  BANK  . 
Paid  their  draft  on  us  favor  of  R.  Courter. 

28 


CASH 


96426    25      96426   25 


50 
150 


995    73 
4    27 


300 


1333    34 
666    66 


200 


968    75 


Dr- 1500 

To  STORE  AND  FIXTURES 
Received  rent  for  upper  apartments,  to  date. 


200 


1000 


300 


10259 


1950 
50 


200 


968   -75 


1500 


102595 


83 


JOURNAL  DAY  BOOK —SET  IV. 

NEW   YORK,    APRIL    28,    1859. 

Amounts  brought  forward 102595  102595 

28 

STEAMER  EMPIRE  Dr 250 

To  STEAMER  EMPIRE  STOCK  250 

For  our  share  of  earnings  of  last  trip,  as  per 
statement  rendered  this  day. 

29 

EXPENSK  Dr 159 

To  CASFI 159 

Sundry  expenses  to  date,  as  per  Expense 
Book. 

30 

Loss  AND  GAIK  Dr 115 

To  S.  G.  PAYN       ...  115 

For  our  J-  net  loss  on  shipment  of  Sugar  for 
joint  %  of  Payn,  Moore  and  ourselves, 
of  the  2:id  inst.,  as  per  Account  Sales 
this  day  received. 
// 

CASH  Dr 2688    90 

To  IT.  B.  BRYANT  .     .    .  2G88   90 

Amount  invested  this  day. 

105807   90    105807   90 


NEW   YORK,   MAY   1,    1859. 


MDSE  Co.  D.  Dr.       To  SUNDRIES     .... 

Received  from  \Vm.  K.  Sadler,  Philadelphia, 

to  be  sold  on  our  joint  %  each  £, 
100  bbls.  Cider  Vinegar,  fat  $7         $  700 
60    do.    Linseed  Oil.  (g)  $40   .         2000 
40  h'f  kegs  White  Lead,  @  $3  120 

$2820 

To  WM.  K.  SADLER.    For  our  |  above  invoice 

"  EAST  RIVER  BANK  Paid  freight  per  check 


1400 


EAST  RIVEH  BANK 


Dr. 


Deposited. 


To  CASH 


8500 


9960 


1410 
50 


8500 


9960 


84 


JOURNAL  DAY  BOOK —SET  IV. 

NEW    YORK,   MAY   3,   1859. 


Amounts  brought  forward 
2 


9960 


9960 


SUNDRIES  Dr.  To  SUNDRIES 

Shipped  R.  W.  Hoadley,  Philadelphia,  to  be  sold 

on  joint  a/c ,  each  ^, 

200  bbls.  Mess  Pork,  @  $9        .     .      $1800 
Dray  age  charges        ......       18 

$1818 

R.  W.  IToADLET  For  his  |  above  invoice 909 

SHIPMENT  IN  Co.  1        "   our  J  .     .          QQQ 

To  MERCHANDISE         As  above 1800 

"  CASH  Paid  dray  age       ....  ...  18 

3 

CASH  Dr 750 

To  MDSE.  Co.  D 750 

Sold  J.  R.  Bigelow, 

100  bbls.  Cider  Vinegar,  @  $7  50. 

//  

INSURANCE,  Dr 37    50 

To  CASH        37   50 

Effected  insurance  for  $5000  on  any  property 

that  may  be  in  our  warehouse. 
//  

HANNA,  BEASER  &  Co.  Dr 2370 

To  MDSE.  Co.  D. 

Shipped  them  to  Detroit,  as  per  their  order, 
50  bbls.  Linseed  Oil,  @  $45          .      .     2250 
40  h'f  kegs  White  Lead,  @  $3     .      .        120 

Payable  @  sixty  days. 
// 

MDSE.  Co.  D.  Dr.  To  SUNDRIES 1660 

Closed  sales  in  company  with  "Wm.  K.  Sadler, 

and  rendered  him  an  Account  Sales. 
To  CHARGES  Storage,  Advertising  and  Insurance    ...  50 

"  COMMISSION  2^  %  on  $3120 73 

"  WM.  K.  SADLER.     For  his  £  Invoice  $1410,  and  net  gain  $61      .  1471 

"  Loss  &  GAIN,  "    our  \  net  gain 

5 

EXPENSE  Dr 150 

To  EAST  RIVER  BANK       .     .  150 

Paid  advertising  bills  of  New  York  Herald  per 
check. 

6 

MDSE.  Co.  E.  Dr.  To  SUNDRIES 2500 

Received  of  F.  A.  Boyle  <fe  Co.,  New  Orleans,  to 
be  sold  on  joint  %  of  themselves,  Camp 
bell  <fc  Strong,  and  ourselves,  each  \. 
TOO  hhds.  Sugar  @  $60        ...      $6000 

To  F.  A.  BOTLE  &  Co.  For  our  \  invoice 

"  EAST  RIVER  BANK  Paid  freight  per  check -  500 


19245    50    19245    50 


85 


JOURNAL  DAY  BOOKLET  IV. 

NEW   YORK,    MAY    6,    1859. 

Amounts  brought  forward 19245    50    19245   50 

• 

MDSE.  Co.  F.  Dr.  To  SUNDRIES 4000 

Received  from  H.  D.  Van  Syckel,  St.  Louis,  to 
be  sold  on  our  joint  % ,  each  -J-, 

500  bbla.  Pork,  @  $9 $4500 

250    do    Lard,  50,000  Ibs.,  @  5  c.     .     2500 

$7000 

To  H.  D.  VAN  SYCKEL  Our  |  above  invoice 3500 

"  EAST  RIVER  BANK  Freight  per  check 500 

Q 

SUNDRIES  Dr.  To  MDSE.  Co.  E. 

Sold  Win.  A.  Holley,  Fort  Edward, 

100  hhds.  Sugar,  @  $75  ......  "7500 

BlLLS  RECEIVABLE        Received  in  payment,  Erastus  Corning  8  note, 
dated  January  1,  1859,  due  one  day  after 

date, 5000 

INTEREST  Due  to  date  on  above  note 123    47 

CASH,  For  balance 2376    53 

______„.. _„  // 

MDSE.  Co.  E.  Dr.  To  SUNDRIES 5000 

Closed  Mdse.  Co.  E.,  and  rendered  Account  Sales 

of  the  same  to  F.  A.  Boyle  and  Campbell 

&  Strong,  New  Orleans. 

To  CHARGES  Storage,  Advertising,  etc 50 

COMMISSION  2i  %  on  $7500 187   50 

F.A.BOYLE  His  net  proceeds 2254    16 

CAMPBELL  &  STRONG  Their  net  proceeds 2254    17 

Loss  AND  GAIN  Our  \  net  gain 254    17 

CASH  Dr 3300 

To  BILLS  RECEIVABLE       .     .  3300 

R.  Haywood  has  paid  his  note,  due  this  day. 

EAST  RIVER  BANK  Dr 4000 

To  CASH 4000 

Deposited. 

12 

SUNDRIES  Dr.  To  EAST  RIVER  BANK      .     .  4657   50 

Paid  on  mortgage,  favor  of  Wm.  B.  Astor. 

MORTGAGE  PAYABLE  Amount  applied  on  mortgage 4500 

INTEREST  In  full  to  date 157    50 

___    10 

Io 

BILLS  PAYABLE  Dr 4136    25 

To  EAST  RIVER  BANK       .     .  4136  25 

Paid  our  acceptance,  favor  Logan,  Wilaon  <fc  Co., 
due  this  day. 


51839    25    51839 


86 


JOURNAL  DAY  BOOK— SET  IV. 

NEW    YORK,    MAY   13,    1859. 

Amounts  brought  forward      .     .     .     .     .        51839    25    51839    25 

HOPE  &  Co.  Dr 3900 

To  BILLS  PAYABLE        .     .     .  3900 

Accepted  their  draft  on  us  payable  @  ten  days 
sight. 

1 J. 
i~* 

CASH  Dr 4750 

To  MDSE  Co.  F. 
Sold  E.  A.  Charlton, 

500  bbls.  Pork,  @  $9.50 4750 

i  F: 

Lv 

HANNA,  BEASER  &  Co.  Dr 275 

To  Loss  AND  GAIN  ....  275 

Received  advice  from  H.  B.  <fe  Co.,  Detroit,  of 
an   error  in   an   Account   Sales   of  last 
year's  business,  in  which  we  were  credit 
ed  too  little  by  the  above  amount. 
// 

SUNDRIES  Dr.  To  HANNA,  BEASER  &  Co.      .  2645 

Sold  our  draft  on  them  @  thirty  days  sight. 

CASH  Net  proceeds 2GOO    05 

INTEREST  Discount  and  Exchange  off 44    95 

CASH  Dr 2000 

To  MDSE.  Co.  F 2000 

Sold  Theron  W.  Woolson 

250  bols.  Lard,  50,000  lbs.,@  4  c. 

SUNDRIES  Dr.  To  SUNDRIES, 

Closed  "  Mdse.  Co.  F.,"  and  rendered  H.  D.  Van 
Syckel,  St.  Louis,  an  Account  Sales  of 
the  same. 

MDSE.  Co.  F.  To  close  % 2750 

Loss  AND  GAIN.  Our  \  net  loss 434 

To  CHARGES  Storage,  Cooperage,  etc 

"  COMMISSION  2*  %  on  sales      » 

"  II.  D.  VAN  SYCKEL  His  |  invoice $3500 

Less  £  net  loss 484  38 

Leaves  net  proceeds . 

II.  D.  VAN  SYCKEL  Dr 6515    62 

To  CASH 65.5    62 

Remitted  him  in  full  of  %. 

CASH  Dr 7000 

To  BILLS  RECEIVABLE        .     .  7000 

Received  payment  in  full  for  W.P.  Spencer's  note 
of  the  13th  ApriL 


82159    24    82159    24 


87 


JOURNAL  DAY  BOOK— SET  IV. 

NEW    YOKK,    MAY   SO,    1859. 


Amounts  brought  forward 
23 


EAST  RIVER  BANK 


Dr. 


To  CASH 


K.  W.    HoADLEY 


Deposited. 
25 
Dr. 


WM.  K.  SADLER 


To  SHIPMENT  IN  Co.  1 
Received  an  Account  Sales  of  200  bbls.  Mess 
Pork,  shipped  him  on  the  2d  inst.    Our 
net  proceeds  as  above. 

26 

Dr 

To  BILLS  PAYABLE       .     . 
Accepted  his  draft  on  us  @  thirty  days  sight, 
favor  of  B.  McGann,  for  amount  his  due. 


82159 


10000 


800 


BILLS  PAYABLE 


CASH 


Dr. 


To  CASH 

Paid  our  acceptance  favor  of  Hope  <fe  Co., 
due  this  day. 

ou 

<£o 

Dr 

To  CHARLES  STETSON 


To  Balance  %. 

30 
ACKER,  MERRALL&  Co.        Dr.     . 


H.  B.  BRYANT 


To  CASH 
To  Balance  %. 

01 

01 

Dr. 


To  H.  B.  BRYANT,  Private 
For  amount  charged  to  H.  B.  B.'s  private 
account,  now  carried  to  his  Stock  ac 
count. 


H.  D.  STRATTON 


Dr. 


To  H.  D.  STRATTON,  Private 
For  amount  charged  to  Private  account,  now 
carried  to  Stock  account. 


INTEREST 


Dr. 


To  H.  B.  BRYANT        .     . 
Allowed  7  %  on  his  additional  investment 
of  April  30. 


2881 


3900 


4500 


1000 


200 


24 


15 


105605 


82159 


10000 


800 


24 


2881 


3900 


4500 


1000 


200 


92 


150 


15 


68 


105605  92 


88 


JOURNAL  DAY  BOOK,— SET  IV. 

NEW    YORK,    MAY    81.    1859. 


8 

8 
f> 

CLOSING  ENTRIES. 

15000 
2500 

4500 

09 
4575 

50 
21337 

37 

18 

82 
146 

15 
213 

150 

5000 

25 

434 

10781 
18      64656 

09 
50 
37 

82 

15 

25 

18" 

BALANCE 

Dr  15000 

To  STORE  AND  FIXTURES  . 
Valuation  of  property. 
// 

STORE  AND  FIXTURES 

Dr  2500 

To  Loss  AND  GAIN       .     . 
For  increase  in  value  of  property. 
// 

MORTGAGE  PAYABLE 

To  BALANCE       .... 
Amount  due  on  mortgage. 
// 

BALANCE 

Dr.                                                              4575 

To  CASH        

Amount  on  band. 
//• 

BALANCE 

To  EAST  RIVER  BANK 
Balance  on  deposit. 
// 

INTEREST 

Dr.                                                             IQ 

To  BALANCE       .... 
Amount  due  from  us  to  date  on  mortgage. 
// 

Dr  J4g 

BALANCE 

To  INTEREST        .... 
Amount  due  us  to  date  on  E.  Coming's 
note. 
// 

Loss  AND  GAIN 

Dr.                                                           91  Q 

To  INTEREST       .... 
Cost  over  proceeds  of  Interest. 
// 

Loss  AND  GAIN 

Dr  -if-f) 

To  EXPENSE        .... 

Balance  of  Expense  account. 
// 

BALANCE 

Dr.                                                         ^ftftA 

To  BILLS  RECEIVABLE  .     . 
Note  on  hand,  (E.  Coming's). 
// 

COMMISSION 

m    T                n                                434 

lo  Loss  AND  GAIN       .     . 

Gain  on  Commission. 
// 

BILLS  PAYABLE 

To  BALANCE  

Our  outstanding  notes. 

64656 

II 

i 

M 


89 


JOURNAL  DAY  BOOK,— SET  IV. 

NEW    YORK,    MAY    81,    1859. 


fl 

8 
6 

8 
0 

8 
7 

? 

4 

7 

4 

7 

8 
4 

8 
8 

8 
8 

4 

1 
1 

1 

8 

1 

8 

Amo 

64656 
5340 

1954 

10000 
250 
1709 
109 
37 
150 
4254 
2254 
2680 

15785 
13130 

18 
01 

99 

50 

16 
17 
40 

14 
57 

PLINY  MOORE 

DP  

Amount  due  him. 

S.  G.  PAYN 

Dr  

To  BALANCE  

Amount  due  him. 

BALANCE 

Dr  

To  STEAMER  EMPIRE  STOCK 
Valuation  of  our  interest  in  Steamer  Empire. 

.    /x 

BALANCE 

Dr  

To  STEAMER  EMPIRE   .     . 
Amount  due  us. 

BALANCE 

Dr  

To  E.  W.  HOADLEY    .    . 
Balance  due  us. 

/r 

Loss  AND  GAIN 

Dr  

To  SHIPMENT  IN  Co.  1    . 
Our  loss  on  shipment. 

Loss  AND  GAIK 

Dr.     .     .  

To  INSURANCE     .... 
Cost  of  insurance. 

CHARGES 

n 
Dr  

To  Loss  AND  GAIN      .     . 
Gain  on  storage,  advertising,  etc. 

F.  A.  BOYLE  &  Co. 

Dr  

To  BALANCE       .... 
Amount  due  them. 
// 

CAMPBELL  &  STRONG 

Dr  

To  BALANCE       .... 

Amount  due  them. 

Loss  AND  GAIN 

To  II.  B.  BRYANT 
*'  II.  D.  STRATTON 

Dr.  To  SUNDRIES       .... 
Net  gain  carried  to  Partners'  %. 

,, 

H.  B.  BRYANT 

Dr  

To  BALANCE       .... 

For  amount  his  net  capital. 

II.  D.  STRATTON 

Dr  

To  BALANCE        .... 
For  amount  his  net  capital. 

12231  1 

12 

I 

64656 


18 


5340  J01 


1954  99 


10000 


250 


1709 


109 


37  50 


150 


4254 


2254 


16 


17 


1340  20 
1340  20 


15785  14 


13130  57 


122311  12 


EJr. 


LEDGER— SET  IV. 

H.    B.    Bryant. 


rffr.  j  81     7b  EalaKca 

May     31    To  H.  B.  B.  private 
"      31         Balance 

Ll     14629    8 

1859 
Apr. 

H 
It 

1 
30 
80 

1 
31 
81 

By  Cash 
Loss  and  Gain 

By  Balance 
Interest 
Loss  and  Gain 

1      10000 
6        2088 
L4        1940 

14629 

Ll     14629 
9             15 
11        1S40 

15985 

00 
86 

k 

26 
68 
20 

14 

i 

14629  1  28 

9         200 
11     15785    14 

15985    14 

Ji  = 
May 

Br.                           H.  ID.  Stratton.                           CTr. 

1  'ss^  j 
^^r.    i 

>0  i  To  llal&noe 

Ll     11949    SI 

1859 
Apr. 

1 

80 

By  East  River  Bank 
Loss  and  Gain 

By  Balance 
Loss  and  Gain 

1      10000 
1.4      1940 

37 

11940    37 

11940 

11     11940 
11       1340 

37 

S7 
20 

May     31    To  H.  D.  S.  private 
Balance 

9          150 
11     13130    67 

May 

1 
81 

13280    57 

13280 

t 

j 

®r.                     Store    and.    Fixtures.                     <£r. 

1859 
4;>r.     3 

To  Sundries 

1      12500 

U      11500 

14000 

1859 
Apr.    1 

28 

30 

By  Cash 

/-o:.«iijoe 

By  Balance 

6        1500 
ll     18500 

14000 

May      1 

"      8] 

To  Balance 

Loss  and  Gain 
1 

•"J 

Ll     12500 
11       2500 

May    S 

tl 

8      15000 
15000 

—  . 

15000 

i 

[ 

&r.                      !M!ortgage    Playable.                      Cr. 

1859 
.J%    12    To  East  River  Bank 
"       31         Balance 

7       4500 
8       4500 

1859 
Apr. 

3 

By  Store  Fixtures 

1       9000 

9000 

9000 

i 

91 

LEDGER —SET  IV. 


Dr. 


QTr. 


.859 

: 

-     --  •  • 

j       1 

1859 



' 

i  

-  —  • 

Apr. 

I 

To  H.  B.  Bryant 

1 

10000 

Apr. 

3 

By  Store  and  Fixtures 

!  1 

8416 

" 

6 

Mdse.  Co.  A 

;    1 

1400 

" 

" 

Expense 

1 

75 

" 

9 

Mdse. 

2 

800 

" 

4 

Mdse  Co.  A. 

i 

100 

" 

13 

Mdse.  Co.  C. 

3 

3000 

a 

7 

Kiles  &  Kinne 

2 

15 

" 

15 

Mdse. 

3 

900 

" 

9 

Mdse.  Co.  C. 

3 

200 

" 

20 

Bills  Receivable 

4 

995 

|73 

" 

:  12 

Steamer  Empire  Stock 

3 

6000 

28 

Store  and  Fixtures 

4 

1500 

" 

16 

Mdse. 

3 

800 

" 

80 

H.  B.  Bryant 

5 

2688 

90  i 

" 

18 

Sundries 

4 

200 

tt 

22 

" 

4 

50 

" 

29 

Expense 

5 

159 

u 

g 

J5<sia««c< 

21284 

68  j 

21284 

6? 

May 

I 

To  Balance 

L2 

11269 

68 

May 

1 

By  East  River  Bank 

5 

8500 

" 

3 

Mdse.  Co.  D. 

fi 

750 

" 

2 

Sundries 

6 

18 

" 

8 

M*se.  Co.  E. 

7 

2376 

63 

« 

3 

Insurance 

6 

37 

60 

" 

9 

Bills  Receivable 

Y  ! 

3300 

» 

10 

East  River  Bank 

7 

4000 

" 

14 

Mdse.  Co.  F. 

8 

4750 

u 

17 

11.  D.  Van  Syckel 

8 

6515 

02 

" 

15 

Hanna,  Beaser  &  Co. 

8 

2600 

05 

" 

23 

East  River  Bank 

9 

100(10 

" 

17 

Mdse.  Co.  F. 

8 

2000 

" 

27 

Bills  Payable 

9 

8900 

" 

17 

Bills  Receivable 

8 

7000 

tt 

30 

Acker,  Merrall  &  Co, 

9 

1000 

H 

27 

Chas.  Stetson 

9 

4500 

" 

31 

Balance 

10 

4575 

09 

38546 

21 

88546 

21 

Dr. 


East    River    Bank. 


1859 

Ajir.    1     To  H.  D.  Stratton 


May 


1  To  Balance 
1     Cash 
10 

23 


10000 


10000 


81331 


25 


25 


QTr. 


1859 

• 

Apr. 

25 

By  II.  B.  Bryant 
Niles  &  Kinne 

4 

4 

200 
968 

75 

" 

80 

Balanct 

8881 

88 

10000 

00 

May 

1 
5 

By  Mdsp  Co.  D. 
Expense 

5 

6 

50 
150 

" 

6 

Mdse.  Co.  E. 

» 

600 

« 

7 

Mdse.  Co.  F. 

7 

500 

H 

12 

Sundries 

7 

4C.57 

50 

H 

13 

Bills  Payable 

7 

4136 

25 

" 

31 

Balance 

10 

21337 

50 

1 

31331 

25 

LEDGER,— SET  IV. 


Dr. 

4 

L4 

In 

te 

27 

78 

res 

1859 
Apr. 

t. 
8 

«Tr. 

1859 
Apr. 

20 
8 

To  Bills  Receivable 
Loss  and  Gain 

To  Mdse.  Co.  E. 
East  River  Bank 
11  anna,  B.  &  Co. 
11.  B.  Bryant 
Balance 

By  Store  and  Fixtures 

By  Balance 
Loss  and  Gain 

1 

84 

84 

146 

213 

859 

83 
L5 

84 

^fay 

M 

8 
12 
5 
81 
81 

7 
7 
8 
9 
10 

123 
157 
44 
15 

18 

47 

60 
95 
68 
87 

97 

1 

May 

31 

10 
10 

S59 

Dr.                                   Expense. 

Cr. 

1859 
Apr. 

u 

3 

18 
29 

To  Cash 

M 

To  East  River  Bank 

1 

4 
5 

75 
50 
169 

1859 

By  Loss  and  Gain 
By  Loss  and  Gain 

u 

98« 

284 

284 

Man 
I 

5 

Dr. 

9         150 

May 

81 

= 

150 

ISTiles    <Sz 

.      1* 

1859 
Apr. 

Linne,                           Cr. 

1859 

<•!/•/•.     6 
"       20 
"       25 

To  Sundries 
Loss  and  Gain 
East  River  Bank 

2 

4  ! 

2915 
800 
968 

75 

4 
8 

By  Mdse.  Co.  B. 

U                II 

2 
8 

4000  j 
183   !  78 

4183 

75! 

4183 

75 

~ 

I 

1859 
Apr. 

Dr. 

8 

1ft 
80 

To  Sundries 
Loss  ami  Gain 

To  Balance 

^ 

j 

3 

Eerc 

8900 
1800 
T50 

3ll 

anc 

1859 
Apr. 

iis 

9 

15 
22 
80 

se. 

By  Sund»  es 
Cash 
Sundries 
Salanc. 

By  Sundries 

2 
8 

4 

L6 

Cr. 

1800 
9(K> 
1950 

6450 

6450 

*« 

1 

1800 

1 

= 

May 

\ 

2 

.! 

1800 

93 


JDr. 


Loss    and.    Grain. 


Qlr. 


1859 

1859 

1 

Apr.    30     ToS.  G.  Payn 

"        «  i         Expense 

5 
Lt 

115 

284 

Apr. 

6      By  Mdse.  Co.  A.                   2 
8           Mdse.  Co.  B.                    2 

836 
183 

25 

75 

"                     //.  B.  Brvant 

T  1 

194-                " 

13          Mdse.  Co.  C.                    8 

340 

u 

" 

H.  JD.  titratton 

1940 

37  -I! 

20           Niles  <fe  Kinne                  4         800 
30          Store  and  Fixtures         LI      1500 

'                    Interest                            L3         79 

73 

'            |         Mdse.                                L  3       750 

'     :       1         Storage  and  Adver.        L  5         60 

'                    Commission                     i,5       480 

Steamer  Empire  Stock  L6       250 

4279 

78  ii 

4279 

73 

Mar,    17     To  Mdse.  Co.  F. 
"       31            Interest 

12       484    37      May 
10       213    15 

— 

3     ^y  Mdse.  Co.  D.                  6 
8           Mdse.  Co.  E.                    7 

61 

254 

17 

"        "            Expense 
"       "  1         Shipment  in  Co,  1 
"     i    "  !          Insurance 

10        150 
11        109 

11          87    50        " 

15           Hanna,  Beaser  &  Co.       8         275 
31           Store  and  Fixtures          10      2500 
"            Commission                     10       434 

25 

H 

Sundries 

11 

2680 

40 

"           Charges                           1 

L        16<) 

3674 

42 

8674 

42 

Hope    <3z>    Oo. 


1859 
May 

13 

To  Bills  Payable 

8 

8900 

1859 
Apr. 

3 

-**=:  — 
By  Mdse. 

1 

3900 

• 

Dr. 


iMIdse.    Oo. 


Qlr. 


1859 
Apr, 

4 
6 

To  Sundries 
i> 

2 

2 

8900 
800 

1859 
Apr. 

5 
6 

By  Cash 
Bills  Receivable 

1 
2 

1400 
3300 

4700 

4700 

1 

1 

Dr. 


Logan,  "Wilson   <Sz>  Oo. 


1859 

Apr.     9      To  Bills  Payable 


1859 

8      4136   25     Apr.    4     By  Mdse.  Co.  A. 
6 


QTr. 

1 .    8800 
2        336    25 


4136    25 
_L_ 

T 


LEDGER— SET  IV. 


Cir 

JX- 
i 

2 

adse. 

4000 
600 

c< 

185S 
Apr 

D. 

T 
8 

B.                               Cr 

— 

1859 
Apr. 

4 
8 

To  Miles  <t  Kinne 
Sundries 

By  Chas.  Stetson 

2       4500 

4500 

4600 

&r.                        Bills    Receivable.                        <£r. 

1859 
Apr. 

I 
5 
9 
13 

To  Mdse.  Co.  A. 
Mdse. 
Mdse.  Co.  C. 

Balance 
Mdse.  Co.  E. 

2 
2 
3 

8300 
1000 
7000 

1859 
Apr. 

20 
80 

By  Sundries 
Balance 

By  Cash 
Balance 

4       1000 
1.0.  10800 



11300 

11300 

May 

1 
8 

* 

10300 
6000 

May 

M 

9 

22 
31 

7!      3300 
8       7000 
6000 

15300 

15300 

j 

^ 

1859 
Apr. 

a 

<3c 

6 
8 
18 

Hr.              Storage    and 

vertising.               <£r. 

SO 

To  IMS  and  <7«u;i 

L4 

By  Mdse.  Co.  A. 
Mdse.  Co.  B. 
Mdse.  Co.  C. 

2           10 
2           20 
3           30 

60 

60 

EJr.                                Commission.                               <£r. 

Apr. 

30 

To  Js*s  and  Gain 
Loss  and  Gain 

L4 

490 



1859 
Apr. 

6 
8 
14 

By  Mdse.  Co.  A. 
Mdse.  Co.  B. 
Mdse.  Co.  C. 

By  Mdse.  Co.  D. 
Mdse.  Co.  E. 
Mdse.  Co.  F. 

2        117 
2         112 
3         250 

480 

50 
50 

50 

75 

25 

480 

May 

81 

434 

25 

May 

8 

8 
17 

6          ?8 
7        187 
8         168 

434 

434 

25 

CDr                             Bills    Bayable.                            Cr. 

13 

27 
81 

To  East  River  Bank 
Cash 
Balance 

L5 

12080 

36  ' 
25 

1859 
Apr. 

6 
9 
12 

1 
13 
26 

By  Niles  <fe  Kinne 
Logan,  Wilson  <fe  Co. 
Steamer  Empire  Stk. 

By  Balance 
Hope  <fe  Co. 
Wm.  K  Sadler 

2        2900 
8        4136 
3        6000 

12036 

18     12036 
8        3900 
»        2881 

25 
25 

12036 

11 

14 

4136    25 
8900 
10781 

May 
u 
II 

25 
2ft 

18817    28 

18817 

1 

I 

95 


HDr. 


LEDGER —SET  IV. 

Ch.a,rles    Stetson. 


1859 
Apr. 

8 

To  Mdse.  Co.  B. 

2 

4500 

1859 

28 

By  Cash 

9 

4500 

Dr.                           IMidse. 

Co.    C.                                <Cr 

1859 

10 
13 

To  Sundries 

M 

8 

8 

8700 
1300 

1859 
Apr. 

13 

By  Sundries 

8 

10000 

10000 

10000 

Dr.                              IFliny   Ivloore.                              <£r. 

1859 

22 

30 

To  Sundries 

Balance 

To  Balance 

4 

L6 

666 

0840 

66 

01  i 

1859 

10 
14 

By  Mdse.  Co.  C. 
By  Balance 

3 

3 

5666     67 
340 

6006 

6006     67 
5340     01 

May    31 



6340 

01      May 

~*~ 

L6 

Dr. 

e 

L    G 

1333 

19C-1 

3-.  !3Pa 

1859 
34      Apr. 
f 

sT 

yn.                                 €r. 

1859 
Apr. 

22 

80 

To  Sundries 
Balance 

To  Balance 

1 

10    By  Mdse.  Co.  C. 
80         Loss  and  Gain 

8 
3 
6 

2833     33 
840 
115 

3288 

3288     33 

May    31 

15       1954 

99      May 

1 

By  Balance 

L6 

1954     99 



j 

iii 

Or.                Steamer    Empire    Stock.                <Er. 

1859 
.4/yr. 

12 

To  Sundries 
To  Balance 

3 
4 

10000 
950 

i 

1859 
Apr. 

28 
*0 

By  Steamer  Empire 
By  Balance 

6    1 

260 

10000 

10250 

10250 

4% 

31 

10000 

May 

81 

18  ji  10000 

i 

1 

Dr.                 -A-oker,    Ivdlerrall    <Sz>    Co.                 €r. 

1859 
May 

30 

To  Cash 

1 
9 

1000 

1859 

16 

By  Mdse. 

8 

1000 

Dr.                      H. 

ID  .     StrattOIl—  PRIVATE.                          <£r. 

1859 
^jyr. 

18 

To  Cash 

1859 
4    1     160               May    81 

By  H.  D.  S.,  Stock 

9 

160 

1 

LEDGER —SET  IV. 


B.    Bryant— I'K 


1859 

Apr.  }  25    To  East  River  Bank 


200 


1859   | 

May    31     By  II.  B.  B.,  Stock 


Dr. 


Steamer    Empire. 


Cr. 


200 


Cr. 


1859 
Apt: 


28 


To  Steamer  Empire  Stk. 


5 

250 

1859 
May 

31 

By  Balance 

11 

250 

Dr. 


Co.    ID. 


Cr. 


1859 

i        li 

1859 

-  —  : 

May 

1 

To  Sundries 

5 

1460 

May 

3 

By  Cash 

6 

750 

b 

1660 

" 

4 

Haiiua,  B.  «fe  Co. 

6 

2370 

3120 

8120 

_ 

!     l! 

Dr. 


"Wm.    K.    Sadler. 


Cr. 


1859 
May 

26 

To  Bills  Payable 

9 

2881 

I 

1859 
May 

1 
4 

By  Mdse.  Co.  D. 

1 

6    1 
6 

1410 
1-171 

28»1 

2881 

l! 

Dr. 


Hrloaclley. 


Cr. 


1859 
May 


To  Sundries 


25          Shipment  in  Co.  1 


i 

1859 

6  ! 

909 

May 

31 

By  Balance 

9    1 

SIM. 

1709 

-—.  1 

IJ 

~~ 

11 


1709 


1709 


Dr. 


Shipment    in    Co.    1. 


Cr. 


1859 

May     2     To  Sundries 


jj 

1859 

1                                               1 

6 

909 

May    25     By  R.  W.  Iloadley                9 

800 

| 

" 

31           Loss  and  Gain 

11 

10'." 

909- 

=±- 

909 

~ 

Dr. 

1859 

May     8     To  Cash 


Dr. 


Insurance. 


Cr. 


1859 


6  37     50      May    31     By  Loss  and  Gain 


11 


87 


tft 


Irlanna,   Beaser   &z   Co 


Cr. 


1859 
May 

4     To  Mdse.  Co.  D. 
15           Loss  and  Gain 

6 

8 

2870 
275 

\ 

1859 
May 

15     By  Sundries 

8 

2*4ft 

2645 

' 

j 

2645 

97 


dr. 


LEDGER —SET  IV. 

Oh.  surges. 


CTr. 


1859 
May 

31 

To  Loss  and  Gain 

11 

150 

1859 
May 

4 
8 
18 

By  Mdse.  Co.  D. 
Mdse.  Co.  E. 
Mdse.  Co.  F. 

6 

7 
8 

50 
60 
60 

1  — 

150 

150 

[1 

dr. 

^ 

6 

7 

Cds« 

2500 
5000 

Oo.    E.                               QTr. 

1859 
May 

6 

8 

. 
i  To  Sundries 

1859 
May 

8 

By  Sundries 

7 

7500 

. 

7500 

7500 

—  ii  
II 

&r.                     F.    J±.    Boyle    c 

5z>    Oo.                       €r. 

1859 

May 

31 

To  Balance 

11 

4254 

16 
16 

1859 
May 

6 
8 

By  Mdse.  Co.  E. 

6 
7 

2000 
2254 

4254 

10 
1C 

4264 

dr.                               I^Edse    Oo.    !F\                              OTr. 

1859 

7 

IS 

To  Sundries 

7 
8 

4000 
2750 

1859 
May 

15 
18 

By  Cash 

8 

8 

4750 
2000 

6750 

6750 

dr.                        H. 

T>.    Van    Syokel.                      «tr. 

1859 
A/ay 

17 

To  Cash 

8 

J 

6515 

62  j 

1859 
May 

7 
18 

By  Mdse.  Co.  F. 

i 

8500 
3015 

62 

02 

6515 

62 

6516 

- 

dr.                     Campbell    <3z> 

Strong.                     £r. 

1859 
May  i  31    To  Balance 

16 

2254 

17 

1859 
May 

8 

By  Mdse.  Co.  E. 

sj 

2245 

17 

i 

il 

dr. 

B; 

15000 
4575 
21337 
146 
5000 
10000 
250 
1709 

68018 

3l« 

09 
50 
82 

i 
41 

=tnc 

1859 
May 

H 
If 

e. 

81 

Cr. 

May 

H 
H 
X 

31 

To  Store  and  Fixtures 
Cash 
EatJt  River  Bank 
Interest  Receivable 
Bills  Receivable 
Steamer  Empire  Stk. 
Steamer  Empire 
R.  W.  Hoadley 

10 
10 
10 

10 
10 

11 
11 
11 

By  Mortgage  Payable 
Interest  Payable 
Bills  Payable 
Pliny  Moore 
S.  G.  Payri 
F.  A.  Boyle 
Campbell  &  Strong 
H.  B.  Bryant 
H.  D.  Stratton 

10  i 
10  i 
10 

11 
11 

11 
11 

4500 
18 
10781 
5340 
1954 
4254 
2254 
15785 
13130 

68018 

37 

01 
99 
16 

17 
14 
57 
41 

j 

98 

IT    " 

TRIAL    BALANCE— INVENTORY. 


Trial   Balance — April. 


Balani. 

11000 

11209 
8831 

284 
1050 

10300 
4500 

9750 

150 

200 
250 

Mft 

63 
25 

Total  Fuotin. 

12500 

21284    ( 

10000 
4    $ 
284 
4183    1 
5700 
115 

4700 
4136    S 
4500 
11300 

4500 
10000 
666    ( 
1333    i 
10000 

150 

200 
250 

7«. 

.     .     IT.  B.  Bryant  (Stock)     .     .   1 
.     .     II.  D.  Stratton  (Stock)  .     .   j 
.     .     Store  and  Fixtures     .     .     . 
.     .     Mortgage  Payable      ... 
J3       .     .     Cash    

Total  Foo 

12688 
10000 
1500 
9000 
10015 
1168 
84 

4183 
4650 
1160 
3900 
4700 
4136 
4500 
1000 
60 
480 
12036 

10000 
6006 
3288 
250 
1000 

ings. 

90 

75 

75 

25 

25 

67 
33 

Palanc 

12688 
10000 

9000 

79 

1045 
3900 

60 
480 
12036 

5340 
1954 

1000 

es. 

90 
73 

25 

01 
99 

.     .     East  River  Bank   .... 

fa       .     .     Niles  &  Kinne  

.     .     Loss  and  Gain        .... 

.     .     Mdse.  Co.  A  
ga       .     .     Logan,  Wilson  &  Co.      .     . 
.     .     Mdse.  Co.  B  

Bills  Receivable    .... 
.     .     Storage  and  Advertising 

.     .     Bills  Payable   

.     .     Charles  Stetson      .... 
.     .     Mdse.  Co.  C  

,1;       .     .     Pliny  Moore     

54                 S.  G.  Payn  . 

.     .     Steamer  Empire  Stock  .     . 
•     .     Acker,  Merrall  &  Co.      .     . 
.     .     II.  D.  Stratton  (Private)     . 
.     .     H.  B.  Bryant  (Private)  .     . 
.     .     Steamer  Empire    .... 

57584 

88    105807    90 

105807 

90 

57584 

88 

INVENTORY. 
Property  Unsold  April  30. 


Store  and  Fixtures,  valued  at  cost 

Mdse.  on  hand 

Steamer  Empire  Stock,  at  cost.  . 


12500 

1800 

10000 


99 


TTCTAL    BALANCE— INVENTORY. 


Trial  Balance — May. 


Balances. 


Footings.* 


200 

.     .     H.  B.  Bryant     

150 

.     .     H.  D.  Stratton  

12500 

12500 

Store  and  Fixtures 

4500 

.     .     Mortgage  Payable      .     .     . 

4575 

09 

,   3S546 

21 

".    '.     Cash    

21337 

50 

31331 

25 

.     .     East  River  Bank    .... 

341 

60 

341 

GO 

150 

150 

Expense  . 

484 

37 

Loss  and  Gain   

5000 

15300 

.     .     Bills  Receivable     .... 

Commission       

8036 

25 

.     .     Bills  Payable    

.     .     Pliny  Moore      

250 

250 

.     .     Steamer  Empire    .... 

1709 

1709 

.     .     R.  W.  Hoadley      .... 

109 

909 

Shipment  in  Co.  1  .... 

37 

r>o 

37 

50 

Insurance       

Charges    

.     F.  A.  Boyle  . 

.     .     Campbell  &  Strong     .     .     . 

.     .     S.  G.  Pavn        

10000 

10000 

.     .     Steamer  Empire  Stock    .     . 

56009 

69 

124445 

18 

•, 

Footings. 

14644    04 

11940  ;37  !i 

I       i 
9000 

33971    12  ji 

0993    75 


590 

10300 

434 

18817 
5340 


800 


150 
4254 


1C, 


2254  .17 
1954    99 


Balances. 

14444    94 
11790    37 


4500 


105    80 

434   25 

10781 
5340    01 


150 

4254  16 

2254  17 

1954  99 


124445 

18 

56009 

INVENTORY. 
Resources  and  Liabilities  not  shown  in  Ledger  Accounts. 


Store  and  Fixtures,  valued  at 

Steamer  Empire  Stock 

Interest  due  us  on  Notes $146.82 

Less,  interest  due  from  us 18.37 


15000 
10000 

128    45 


*  The  amounts  in  this  column  do  not  comprise,  like  those  in  the  preceding  balances,  the  footings  ot  at  the 
Ledger  accounts,  but  such  only  as  do  not  balance  or  cancel.  The  footings  of  this  column  and  its  opposite  will  not, 
therefore,  tally  with  the  footings  of  the  Journal,  as  has  been  the  case  with  the  Trial  Balances  heretofore.  The 
method  here  adopted  is  the  one  most  iu  use  with  accountants,  but  does  not  afford  so  sure  a  test  of  the  correctness  ol 
the  Ledger. 

100 


SALES  BOOK. 


Sales. 


1859 
May 


3     By  Cash 

"   Hamia,  Beaser  &;  Co. 


Sold  J.  R. 

100  bbls.  Cider  Vinegar,         @  $7.50 
Shipped  them  to  Detroit,  per  their  order, 

60  bbls.  Linseed  Oil,     @  $45    .     .     .     . 

40  h'f  kegs  White  Lead,     @  $3     .     .     . 
Payable  at  eixty  days. 


$2250 
120 


750 


2370 


3120 


1859 

May 


8     By  Bills  Receivable 


"   Interest 
"   Cash 


Sales. 


Sold  Win.  A,  Holley,  Fort  Edward, 

100  hhds.  Sugar,         @  $75 

Received  in  payment  a  note  against  Erastus 

Corning  for 5QQO 

Interest  due  on  same  to  date    ....          .  103     47 

For  balance 2376    !  f>3 


7500 


Sales. 


1859 

May    14    By  Cash 


17     «    Cash 

"   Loss  and  Gain 


Sold  E.  A.  Charlton, 

600  bbls.  Pork,  @  $9.50  .  . 
Sold  Theron  W.  Woolson, 

250  bbls.  Lard,  60,000  Ibs.,  @  4  c. 
Our  net  loss  .  ,  . 


4750 

2000 

484 


7234 


109 


ACCOUNTS    SALES,—  SET   IY. 


Account  Sales  of  { 


20000 


,3'  }  on  joint  %  of  Logan,  Wilson  &  Co.,  and 
ourselves,  each  £. 


1859 

Apr.      5     Sold  for  Cash, 

400  kegs  Nails,  @  $3.50 1400 

6     Sold  R.  Haywood,  on  his  note  @  30  days, 

20,000  Ibs.  Lead,  @  9  cents $1800 

400  kegs  Nails,  @  $3.75 1500  33QO 

4700 
Charges. 

«        3     Paid  Cash  for  Freight 100 

**        6   ;  Storage  and  Advertising 10 

Commission,  2£  %  on  $4700 117.50 

Our  £  net  gain  on  Sales 336.25        563     75 

Logan,  Wilson  &  Co.'s  net  proceeds 4136     25 

Invoice,  800  kegs  Nails,  @  $3 2400 

20,000  Ibs.  Lead,  @  7  cents      .     .     .  1400 
%  net  gain 336.25 

Net  proceeds  as  above    ....      $4136.25 
K  B. 

Due  by  Equation,  May  2. 

BRYANT  &  STRATTON, 

NEW  YORK,  April  6,  1859.  per  Packard. 

_i_ 

Account  Sales   of   500  Bbls.  Flour  on  joint  %   of  Niles  &  Kinne  and 

ourselves,  each  £. 

1859 

Apr       8     Sold  Charles  Stetson  @  30  days,  on  %, 

500  bbls.  Flour,  @  $9 4500 

Charges. 

**        8     Storage  and  Advertising       $20 

Commission,  2£  %  on  $4500 112.50 

Our  i  net  gain 183.75        316    25 

4183    75 

Invoice,  500  bbls.  Flour,  @  $8    ....        4000 

£  net  gain 183.75 


Net  proceeds  as  above 


Due  by  Equation,  May  6. 


$4183.75 


NEW  YORK,  April  8,  1859. 


110 


ACCOUNTS    SALES,— SET    IV. 

Sales  of  1000  bbls.  Flour,  on  joint  %  of  Pliny  Moore,  Troy,  S.  G.  Payn, 
Albany,  and  ourselves,  each  J. 


1859 
Apr. 

u 
u 

13 

10 
13 

Sold  Warren  P.  Spencer, 
1000  bbls.  Flour,  @  $10      

10000 

3993 
6006 

33 

67 

Cash,  13000—  Note  @  forty  days,  $7000. 

....  $200 

.     .     .     .       30 

Commission  2£  %  on  $10000     

....     250 

.     .  317333 

.     040 

P.  Moore's  net  proceeds*      

Invoice  1000  bbls.  Flour  @  $8.50 
Your  and  our  §-  of  above    . 

ft  -,00 

....  5066  67 

.     .     .     .     340 

Net  proceeds  as  above  . 

.     .     .      $6006  67 

Due  by  Equation 

BRYANT 
NEW  YORK,  April  13,  1859. 

,  May  14. 

&  STRATTON, 
per  Packard. 

_  (  100  bbls.  Cider  Vinegar,  ) 

Sales  of  «  so    do  Linseed  oil,    \  on  joint  %  of  W.  K.  Sadler  and  ourselves,  each  4. 

(  40  h'f  kegs  White  Lead, ) 


1859 

May 


Sold  J.  R.  Bigelow,  for  cash, 


750 


100  bbls.  Cider  Vinegar,  @  $7.50 

3   |  Assumed  and  shipped  on  our  own  %,  @  sixty  days, 

50  bbls.  Linseed  Oil,  @  $45 $2250 

40  h'f  kegs  White  Lead,  @  $3 120      2370 


Charges. 


3 


Freight  per  check 50 

Storage,  Advertising  and  Insurance 50 

Commission  2£  %  on  $3120' 78 

Our  \  net  gain 61 

W.  K.  Sadler's  net  proceeds 

Invoice  100  bbls.  Cider  Vinegar,  @  $7  .  .  .  .  700 
50  do  Linseed  Oil,  @  40  ....  2000 
40  h'f  kegs  White  Lead,  @  $3  .  .  .  120 

2820 

Net  gain 61 

Net  proceeds  as  above $2881 

Due  by  Equation,  June  20. 


3120 


239 


2881 


NEW  YORK,  May  3,  1859. 


BRYANT  &  STRATTON, 

per  Packard. 


A  duplicate  of  this  statement  is  sent  to  S.  G.  Payn. 
Ill 


ACCOUNTS    SALES,  — SET    I  V. 


Sales  of  100  hhds.  Sugar  on  joint  %  of  F.  A.  Eoyle  &  Co.,  N.  O.,  Campbell 
&  Strong,  and  ourselves,  each  \. 


1859 

May     8      Sold  Wm.  A.  Hoi  ley,  Fort  Edward, 

100  hhds.  Sugarj  @  $75 7500 

--  Charge*.  • 

6     Paid  Freight $500 

u      i  8    i  Storage,  Advertising,  etc 50 

Commission  2$  %  on  $7500 187.50 

Campbell  &  Strong's  net  proceeds 2254.17 

Our  i  net  gain 254.17       3245    84 

F.  A.  Boyle  &  Co.'s  net  proceeds* 4254    16 

Invoice,  100  hhds.  Sugar,  @  $60    .     .     •     .     $6000 

Your  and  our  f  invoice        4000 

Your  i  net  gain 254.16 

Net  proceeds  as  above $4254.16 

Due  by  Equation,  May  8. 

BRYANT  &  STRATTON. 
NEW  YORK,  May  8,  1859. 

Bales  of  { HI  b™0s-  K; }  on  joint  %  of  H.  D.  Van  Syckel,  St.  Louis,  and  o; 

selves,  each  £. 

1859 

May    14    Sold  for  cash, 

500  bbls.  Pork,  @  $9.50 47f  0 

"       17    Sold  for  cash, 

250  bbls.  Lard,  50,000  Ibs.,  @  4  c 2000 

rj  6750 

(Jharqes. 

u        6     Paid  Freight $500 

"      17    Storage  and  Cooperage 50 

Commission  2£  %  on  $6750 168.75     718.75 

Less  our  \  net  loss       484.37        234   38 

H.  D.  Van  Syckel's  net  proceeds 6515   62 

Invoice  500  bbls.  Pork,  @  $9 4500 

250   do    Lard 2500 

7000 
Less  your  £  net  loss 484.38 

Net  proceeds  as  above $6515.62 

Due  by  Equation,  May  16. 

BRYANT  &  STRATTON. 

NEW  YORK,  May  17,  1859. 


*  A  duplicate  of  this  statement  is  sent  to  Campbell  &  Strong. 

112 


INVOICE    BOOK,— SET    IV. 


OUTWARD   INVOICE   BOOK. 

THIS  Book  contains  copies  of  invoices  of  merchandise  shipped  by  us,  •whether  on  our  own 
account  or  that  of  the  consignee,  or  on  joint  %  of  both.  These  copies  are  usually  taken  with 
a  copying  press,  and  are,  therefore,  exact  facsimiles  of  the  invoices  sent.  The  forms  here 
given  are  those  most  commonly  in  use. 

Invoice  of  Merchandise  Shipped  by  Bryant  &,  Stratton,  to  be  sold  on  joint 

%  of  Uiles  &  Kinne,  Buffalo,  and  themselves,  eacii  J- 


A 
A 


20  hhds.  Sugar,  24000  Ibs.,  @  5  c  ..........   §1200 

100  bags  Coffee,  14000  Ibs.,  @  10  c  ........     1400 


10  boxes  Raisins, 


@  $3      . 
Charges. 


400 


Insurance  £  </0  on  83000 


NEW  YORK,  May  6,  1859. 


BRYANT  &  STRATTON, 

per  Packard. 


2900 


15 
2915 


Invoice  of  Mdse.  shipped  S.  G.   Payn,  Alt  any,  by  Bryant  &   Stratton, 

to  be  sold  on  joint  %  of  S.  G.  Payn,  Pliny  Moore,  and  themselves,  each  J. 


30  hhds.  Sugar,  30,000  Ibs.,  @  6£  c  ...........  1950 

_  Charges. 


Freight  on  same 


50 

2000 


NEW  YORK,  April  22,  1859. 

E.  E. 


BRYANT  &  STRATTON 

per  Jtfnkcrd, 


113 


INVOICE    BOOK,— SET    IT. 


Invoice  of  Merchandise  shipped  R.  W.  Hoadley,  Philadelphia,  to  be  sold 

on  joint  %,  each  £. 


200  bbls.  Mess  Pork,  @  $9 


Paid  Drayage 


NEW  YORK,  May  2,  1859. 


Charges. 


BRYANT  &  STRATTON, 

per  Packard. 


18 


1818 


Invoice  of  Merchandise  shipped  Hanna,  Beaser  &  Co.,  as  per  their  order. 


50  bbls.  Linseed  Oil,        @  $45 2250 

40  h'f  kegs  White  Lead,  @  $3 120 


Payable  @  sixty  days. 


NEW  YORK,  May  3,  1859. 


BRYANT  &  STRATTON, 

per  Packard,    i 


2370 


KINSEY  &  HINDE,  Cincinnati. 
Terms :  4  Months. 


Invoice  of  Tea. 

Bought  of  STEPHEN  V.  ALBRO  &  Co. 


72  Chests 

Young  Hyson 

Tea. 

108 

100 

115 

105    119 

110 

109 

119 

108 

100    120 

112 

112 

122 

109 

112    121 

115 

120 

120 

106 

113    117 

102 

103 

118 

105 

no   104 

108 

117 

119 

119 

117    111 

109 

102 

117 

115 

115    111 

112 

115 

104 

117 

119    108 

114 

112 

102 

109 

106    115 

118 

108 

112 

109 

120    112 

120 

107 

120 

108 

104    100 

119 

105 

100 

112 

100    109 

107 

1318 

1353 

1332   1 

321   1847 

1346  8017 

Tare 

20  %  off  . 

1(503 

—  C414@30c. 

1924 

20 

.  

Charges.  • 

Drayage 

5 

Insurance 

10 

15 

1939 

2G 

NEW  YORK 

,  Jan. 

13,  1860. 

114 


INVOICE    BOOK,— SET   IV. 


Straw  Goods.* 

Messrs.  JOHN  CALDWELL  &  Co. 
Terms  :  8  Months.     Note  to  your  own  order. 


NEW  YORK,  February  13,  I860. 
Bought  of "T.  J.  G.  CLARK. 


«;    -.                               :  7i  —  rrrr—  

No.                                               33   Cases  assorted  goods. 

345 
51( 
27] 
40? 
23? 
45? 
421 
54? 
60c 
321 
214 
218 
311 
o7-, 
412 
415 
425 
54<J 
629 
456 
327 
454 
517 
612 
4512 
3857 
3672 
2887 
2850 
3756 
4289 
2432 
3162 

I           36  Fine  English  split  Straw  Bonnets      

.     .  @  $2.37  fc 

85 
84 
116 
28 
32 
36 
31 
68 
81 
94 
26 
92 
68 
78 
19 
23 
60 
82 
117 
122 
150 
215 
48 
98 
234 
99 
84 
68 
96 
38 
139 
63 
4 

50 
25 

75 
50 
25 

50 
35 

50 
?:. 
75 
25 
8'i 
94 
50 
72 
50 

83 
75 

50 

25 

50 
50 

04 

>           42              "                 "                 " 

.     .          2.00 

62  Embroidered  Hair  and  Lace  Bonnets     .... 

.     .          1.87J 

!           16  Neapolitan  Bonnets     .... 

.     .          1  75 

5           16  Pamela             "          

.     .          2.00 

}          42  15  End  Braid  "           

.     .          0  87£ 

(           42  1  1         «           "           

.     .          0.75 

I           42  Tulip  and  Coburg  Braid  Bonnets  

.     .          1.62£ 

I           36  Hair              "             "           "         

.     .          2.25 

42     "              Rustic       "           " 

.     .          2.25 

|           62  Pedal  Braid  Bonnets        

.     .          0.42£ 

1           50  Florence  "         "              

.     .          1.85 

22  Fancy  Lace  Braid  Bonnets  

.     .          3.12£ 

42      "         "      over  Frame  Braid  Bonnets. 

.     .          1.87$ 

3£  doz.  Canton  Braid  Riding  Hats      

.     .          5.50 

3^  "    Pedal  Braid  Bloomers       

.     .          6.50 

3^%  "    Hair  and  Fine  split  Straw  Riding  Hats    .     . 
5     "    Open  Hair  Lace  Riding  Hats     

.     .        18.75 
.     .         16.50 

6      '    Coburg  and  Hair            " 

.     .         10.62 

5           Fine  split  Straw  R.  H.  (trimmed)  .... 

.     .        24.50 

5      '    Pamela  and  Tulip    "             " 

oO  00 

6vW    '             "         Coburg    "             " 

.     .        35.00 

StV    '    Fine  Pedal                "             "           .... 

.     .         15.00 

4TV    '        "    Brown  Lace    "             "            .... 

.     .        21.00 

Sy^j    '    Men's  English  Dunstable  Hats  

.     .        42.00 

6     "    Mixed  Sennets          "             "     

.     .         16.50 

4.^  «    Colored     "                "             "     

.     .        18.00 

3^  »    White  Leghorn        "             "     

.     .        21.00 

4     "    Assorted     "             "             "     

2400 

3T8-j  "    Canton  R.  Brim  Hats  

.     .        1050 

SVH  "    Maracaibo  Hats            .          .               ... 

.     .        27  00 

3     "    Carracao        "     

.     .        21.00 

4A  "    Palm  Leaf    "     .     .     .     . 

.     .          0.95 

$•2690 

a  i 

&  &. 

*  This  and  the  preceding  Invoice  are  not  connected  with  the  transactions  ot'this  Set,  but  are  submitted,  in  this 
connecUot,  for  the  purpose  of  exhibiting  a  greater  variety 

w 


BANKING    AUXILIARIES. 


All  Banks  of  Deposit  furnish  their  dealers  with 
the  necessary  blanks  for  keeping  a  Bank  Account. 
These  are,  mainly,  a  Check-Book,  a  Pass-Book,  and 
Deposit-Checks,  all  of  which  are  here  exhibited. 

THE   CHECK-BOOK, 

As  will  be  seen,  is  a  book  of  blank-checks,  with  a 
margin  for  memoranda,  containing,  in  brief,  the  Bank 
Account.  The  checks  are  filled  and  torn  off,  leaving 
the  memoranda.  By  adding  deposits  and  deducting 
checks,  the  balance  in  bank  is  always  apparent. 
Many  houses  keep  no  other  bank  account  than  this, 
in  which  case,  the  balance  in  bank  is  always  included 
in  the  Cash  Account. 

THE  PASS-BOOK, 

Exhibited  below,  is  a  simple  memorandum  of  depos 
its,  in  which  the  receiving  teller  of  the  bank  enters  the 
date  and  amounts  deposited,  and  as  often  as  required 
the  checks  drawn  are  entered  up,  showing  the  bal 
ance  in  bank.  This  is  our  Receipt-Book  with  the  bank. 

The  following  example  is  intended  to  illustrate  a 
folio,  or  two  pages  : 


East 


Dr.  EAST  RIVER  BANK  IN  % 

WITH  BRYANT  <fc  SRATTON.  Cr. 

1^59 

1859 

Apr  1 

To  Cash  S 

10000 

AJJ.  25 

By  Cash.  Ok.  1 

200 

M«y\ 

"      S 

85UO 

"  25 

"       .Ck.  2 

90S 

75 

"  10 

"      S 

4000 

May  I 

"       .Ck.  8 

50 

••  23 

"      S 

IOOOO 

"    5 

"       .Ck.  4 

150 

"    6 

"        .Ck.  5 

500 

"    T 

"        .Ck.  6 

500 

"  12 

"        .Ck.  T 

4G57 

50 

"  13 

"        .Ck.  8 

4186 

25 

"18 

Baianct  

82500 

82500 

Balance 

21337 

50 

DEPOSIT-CHECKS 

Accompany  the  deposits,  and  contain  a  memoran 
dum  of  the  kind  of  funds  and  the  total  of  each  de 
posit.  The  receiving  teller  compares  these  items, 
and  if  correct,  enters  the  amount  in  the  Pass-Book. 


ill  EkST    RIVER    BANK, 

By   Jftlyant   tfi 

New  York,    Gd/U.   1,  1859. 


Bank  Bills. 

Specie 

Checks... 


950 

550 
1001)0 


116 


1859 

•*-—  ^* 

<s^k 

I 

gByuxdect 

IOOOO 

" 

25 

«;/<sy/i  , 

20O 

9800 

" 

25 

<&&**&&.  2 

968 

75 

8831 

2? 

<^% 

I 

tg&otQtfo.  3 

5° 

878l 

'5 

•• 

I 

®po<;t 

SjOO 

17281 

25 

" 

5 

«*/&/!  4 

150 

17131 

25 

•• 

6 

^4e^&Vo.  5 

500 

16631 

2  5 

•• 

7 

<$&e£eM>.  6 

500 

16131 

25 

" 

10 

<&</twt 

4OOO 

20I3I 

25 

" 

I  2 

^t,:ct  '&&.  7 

4657 

5° 

15473 

75 

" 

'3 

<%4*6te4g*.% 

4136 

25 

II337 

50 

23 

IOOOO 

21337 

CHECK-BOOK. 


No.  1. 


Swvafo 


25,  1859. 


2OO 


No.  2. 


M. 


No.  3. 


fin 


No.  4. 


fo* 


-u  6. 


968 


150 


500 


75 


No.  1.  New  York,  ©^5^/25,  1859. 

EAST    RIVER    BANK, 

Pay  to  2V.  J%.  ^ftyant.  or  Jlcarcr, 

?u>o  Ztfundttd—  -^  Dollars. 

200.  Jftlant 


No.  2.  New  York,  G-fyitS  25,  1859. 

EAST    RIVER    BANK, 

Pay  to  J§?.  ^(xn/et,  or  Bearer 

and    (^/ix/u-S'i^f  -^-^    Dollars 


No  3.  Neiv  York,  G*/fay  i,  1859. 

EAST    RIVER    BANK, 
Pay  to  cyf.    M    fine*.  or  Bearer, 

Dollars. 


No.  4.  New   York,  Gsfay  5,  1859. 

EAST    RIVER    BANK, 

Pay  to  GA^fuf  fyct£  c%cia/ct,  or  Bearer, 

One.  ffKmdutt  and  (^/'i/ty  ..... 

$150.  Jjftlyanf    ( 


Dollars. 


No.  5.  Neio  York,  &//ay  6,  1859. 

EAST    RIVER    BANK, 

Pay  to     ty/tit/tin  oTlatufic-iJafion  ^o.       or  Bearer, 

&ft-ve.  erCundted, —  Tt>  ij  Dollars. 

$500.  J&H 


No. 


New  York,- 


18 


EAST    RIVER    BANK, 

Pay  to  -  —or  Bearer, 


117 


NOTES,    DRAFTS,    ETC.— SET    IV. 

NOTES,   DRAFTS,  ETC.,— SET  IV. 


Receivable. 

13300.  NEW  YORK,  April  6,  1850. 

Thirty  days  after  date,  for  value  received,  I  promise  to  pay  Bryant  &  Stratton,  or  ord°r, 
Thirty -three  Hundred  Dollars,  at  the  East  River  Bank. 

ROBERT  HAYWOOD. 


$5000.  ALBANY,  January  1,  1859. 

One  day  after  date,  I  promise  to  pay  to  William  A.  Holley,  at  the  Bank  of  the  Capitol, 
Five  Thousand  Dollars,  value  received. 

ERASTUS  CORNING. 


$1000.  NEW  YORK,  April  9,  1859. 

Thirty  days  after  date,  I  promise  to  pay  to  the  order  of  Bryant  &  Stratton,  at  my  office, 
No.  79  Cedar  street,  One  Thousand  Dollars,  value  received. 

AUSTIN  PACKARD. 


$7000.  BUFFALO,  April  13,  1859. 

Forty  days  from  date,  I  promise  to  pay  Bryant  &  Stratton,  or  order,  at  the  International 
Bank  of  Buffalo,  Seven  Thousand  Dollars,  value  received. 

WARREN  P.  SPENCER. 


Payable. 

£2900.  NEW  YORK,  April  6,  1859. 

For  value  received,  ninety  days  from  date,  we  promise  to  pay  to  the  order  of  Acker, 
Merrall  &  Co.,  Twenty-nine  Hundred  Dollars,  at  the  East  River  Bank. 

BRYANT  &  STRATTON. 


$5000.  NEW  YORK,  April  12,  1859. 

Ninety  days  from  date,  we  promise  to  pay  Daniel  Drew,  or  order,  Five  Thousand  Dollars, 
value  received. 

BRYANT  &  STRATTON. 


£4 1 36  -flfr.  PITTSBURG-,  April  7,  1 859. 

At  thirty  days  sigjhfy  pay  to  the  order  of  Geo.  K.  Chase  &  Co.,  at  their  Banking  House, 
13  Cooper  Institute,  Forty-one  Hundred  Thirty -six  *f£0  Dollars,  value  received,  and  charge  to 
account  of  LOGAN,  WILSON  &  Co. 

To   Bryant  <&  .Stratton,  New  York. 

118 


NOTES,    DRAFTS,    ETC.— SET    IV. 

,-Q. 

$3900.  NEW  YORK,  May  13,  1859. 

I  ji 
At  ton  days  sigjit,  pay  to  the  order  of  George  A.  Crocker  Thirty -nine  Hundred  Dollars,  ana 

charge  to  account' of .-  HOPE  &  Co. 

To  Brya-nt  <t  Slratlon,  New  York. 


82881.  PHILADELPHIA,  May  25,  1859. 

At  thirty  days  sight,  pay  to  the  order  of  B.  McGann,  Twenty-eight  Hundred  Eighty-one 
Dollars,  at  the  Metropolitan  Bank,  value  received,  and  charge  to  account  of 

To  Bryant  <t  Sttrafton,  New  York.  WM.  K.  SADLER. 

&<f  I '     -iv 


LETTER    BOOK. 


Messrs.  Bryant  &  Stratton,  PTTTSBURG,  April  1st,  1859. 

New  York : 

GENTLEMEN  : — As  per  our  agreement  of  the  30th  ult.,  we  ship  you 

this  day,  (Invoice  enclosed),  800  kegs  Nails  and  20,000  Ibs.  Lead,  to  be  sold  on  our  joint  %. 
We  shall  leave  it  entirely  at  your  option  to  push  them  upon  the  market,  or  to  await  better 
prices.     Your  reputation  and  experience  afford  sufficient  guarantee  that  whatever  course  you 
may  see  fit  to  pursue  will  be  the  best. 

Very  truly,  yours, 

LOGAN,  WILSON  &  Co. 


Messrs.  Bryant  &  Stratton,  BUFFALO,  April  2d,  1850. 

New  York: 

GENTLEMEN: — Enclosed  you  will  find  Invoice  of  500  bbls.  Flour, 

which  we  ship  you  this  day  on  joint  %.  You  will,  perhaps,  find  it  best  to  take  advantage  of 
the  present  demand  in  your  city  to  close  out  the  sales  at  an  early  day.  However,  we  leave 
that  matter  to  your  own  good  judgment; 

Please  keep  us  advised  as  to  the  indications.  Yours, 

NILES  &  KINNE. 


Logan,  Wilson  &  Co.,  NEW  YORK,  April  6th,  1859. 

Pittsburg : 

GENTLEMEN  : — We  enclose  you  Account  Sales  of  the  Nails  and  Lead 

shipped  us  on  the  1st  inst.  Your  net  gain,  as  shown,  is  $336.23.  We  think  the  present  a 
favorable  time  for  this  class  of  sales,  and  shall  be  happy  to  join  you  in  any  reasonable 
amount. 

Let  us  hear  from  you  soon.  Respectfully, 

BRYANT  &  STRATTON. 
119 


LETTEE    BOOK. 

Messrs.  Niles  &  Kinne,  NEW  YORK,  April  1th,  1859. 

Buffalo  : 

GENTLEMEN  : — You  will  please  find,  enclosed,  Invoice  of  20  hhds.  S'igar, 
100  bags  Coffee,  and  100  boxes  Raisins,  to  be  sold,  as  per  our  agreement,  on  joint  %. 

We  have  an  excellent  opportunity,  in  prospect,  of  purchasing,  to  advantage,  in  this  line, 
and  shall  be  happy  to  learn  from  you  that  the  demand  will  warrant  a  fair  investment  We 
await  your  farther  advices. 

Respectfully, 

BRYANT  &  STRATTON. 

Afenars.  Wiles  &  Kinne,  NEW  YORK,  April  8th,  1859. 

Bu/alo : 

GENTS  : — Enclosed  please  find  Account  Sales  of  the  Flour  shipped  us 

on  the  2d  inst.  We  feel  satisfied  with  the  returns,  particularly  as  since  our  sales  were  effected, 
prices  have  materially  declined.  The  uncertainty  of  European  affairs  renders  the  provision 
market  extremely  unstable,  and  all  prognostications,  at  this  time,  unreliable.  We  have  no 
doubt,  however,  that  the  ultimate  tendency  will  be  favorable  to  investments,  and  do  not  hesi 
tate  to  advise  you  to  secure  any  good  bargains  which  the  present  seeming  depression  may  throw 
in  your  way. 

Truly,  yours, 

BRYANT  &  STRATTON. 

Messrs.  Bryant  &  Stratton,  TROY,  April  }0th,  1859. 

New  York  : 

GENTS: — 1  ship  you  to-day,  as  per  Invoice  enclosed,  1000  bids. 

Flour,  to  be  sold  on  joint  %  of  yourselves,  S.  G.  Payn,  Albany,  and  myself,  each  one-third. 
You  will  please  open  an  account  with  Mr.  Payn,  and  render  him  an  Account  Sales  of  his  one- 
third,  as  per  our  agreement.  I  have  charged  you  for  your  one-third  invoice.  Please  keep  me 
advised.  Yours, 

PLINY  MOORE. 


Pliny  Moore,  Esq.,  NEW  YORK,  April  13th,  1859. 

Troy  : 

SIR  : — We  send  you,  enclosed,  Account  Sales  of  Flour  shipped  us  on  the 
10th,  having  effected  the  sale  in  less  time  than  we  had  anticipated.  We  trust  the  result  will 
be  satisfactory.  You  now  stand  credited  on  our  Books  $6,006.67.  We  have  communicated 
with  Mr.  Payn.  We  think  the  present  a  favorable  time  to  invest  in  Flour,  and  shall  be  hupf^ 
to  join  you  in  speculation,  or  to  sell  for  you  on  commission.  We  await  your  further  orders. 

Respectfully, 

BRYANT  &  STRATTON. 


S.  G.  Payn,  NEW  YORK,  April  13th,  1859. 

Albany  : 

SIR  : — Enclosed  please  find  Account  Sales  of  Flour,  shipped  us  by  Pliny  Moore 
of  Troy,  as  per  our  understanding.  Your  one-third  net  gain  is  $340,  which  gives  you  a  total 
credit  on  our  books  of  $3,173.33. 

Respectfully,  yours, 

BRYANT  &  STRATTUN. 

o  120 


LETTER    BOOK. 

Messrs.  Bryant  &  Stratton,  BUFFALO,  April  18,  185D. 

Nfio  York : 

GENTS: — We  enclose  you  Account  Sales  of  the  Sugar,  Coffee  and 

Raisins,  shipped  us  on  the  7th  inst.    Your  net  proceeds  from  Sales,  including  Invoice  and  Gain, 
is  $8*215,  which  we  have  entered  to  your  credit. 

We  shall  be  happy  to  hear  from  you.  Respectfully, 

NILES  &  KIXNE. 

S.  G.  Payn,  Esq.,  NEW  YORK,  April  22,  1859. 

Albany : 

SIR — We  ship  you  this  day,  per  Merchants'  Line,  30  hhds.  Sugar  as 

per  enclosed  Invoice,  to  be  sold  on  joint  %  of  yourself,  Pliny  Moore,  Troy,  and  ourselves, 
each  \.     We  have  advised  Mr.  Moore,  and  he  will  look  to  you  for  an  account  of  the  sales. 
Please  write  to  us.  Truly  yours, 

BRYANT  &  STRATTON. 

Pliny  Moore,  NEW  YORK,  April  2*2,  1850. 

Troy : 

DEAR  SIR — We  enclose  you  Invoice  of  30  hhds.  Sugar,  shipped  this  day  to 
S.  G.  Payn,  Albany,  to  be  sold  on  joint  %  as  per  arrangement.  We  have  charged  you  with 
your  i  Invoice,  and  advised  Mr.  Payn  to  account  to  you  for  HIP  sales. 

Very  respectfully, 

BRYANT  &  STRATTON. 

Messrs.  Bryant  &  Stratton,  ALBANY,  April  20,  1850. 

New  York : 

GENTLEMEN — I  send  you  enclosed  an  account  of  the  sales  of 

Sugar  shipped  by  you  on  the  22d  inst.     Your  1  loss  on  sales  as  per  statement,  is  $115,  which 
reduces  your  net  proceeds  to  61218.34. 

I  regret  the  result,  but  have  done  the  best  I  could,  un.iei    the  circumstances.     The  rapid 
decline  in  Sugar  could  not  have  been  foreseen,  and  had   I  delayed  the  sales  another  day  the 

result  would  have  been  far  less  satisfactory. 

Respectfully  yours, 

S.  G.  PAYN. 

Messrs.  Bryant  &  Stratton,  PHILADELPHIA,  April  30,  1850. 

New  York : 

GENTS. — I  ship  you  this  day,  as  per  arrangement,  100  bbls.  Cider 

Vinegar,  50  do.   Linseed  Oil,  and  40  h'f  kegs  White  Lead,  to  be  sold   on  joint  %.     \  have 
charged  you  £  the  enclosed  invoice,  according  to  agreement.     Please  exercise  your  own  judg 

inent  in  the  matter  of  sales. 

Respectfully  yours, 

WM.  K.  SADLER. 

R.   W.  Hoadley,  Exq.,  NEW  YORK,  May  2,  1850. 

Philadelphia  : 

DEAR  SIR— We  enclose  you  Invoice  of  200  bbls.  Pork,  shipped 
you  this  clay,  to  be  sold  on  our  joint  yc.     Your  £  Invoice  (charged)  is  8000.     We  shall  trust 

entirely  to  your  judgment  in  effecting  sales. 

Truly  yours, 

BRYANT  &  STRATTON 

Q  121 


LETTEK    BOOK. 

//f/wwri,  Denser  d'  Co.,  NEW  YORK,  May  3,  1859. 

Detroit : 

GENTS. — Enclosed  we  send  you  Invoice  of  Oil  and  Load,  shipped  you 

this  day,  as  per  your  order  of  the  28th  ult.  We  possess  extraordinary  facilities  for  pur 
chasing  to  advantage  in  this  line,  and  shall  be  happy  to  merit  your  patronage.  We  trust  w« 
need  not  assure  you  that  your  orders  shall  receive  the  most  prompt  attention. 

Your  ob't  serv'ts,  . 
*  BRYANT  &  STRATTON 


Wm.  K.  Sadler,  Esq.,  NEW  YORK,  May  3,  1850. 

Philadelphia  : 

DEAR  SIR — We  enclose  you  Account  Sales  of  Vinegar,  Oil  and  Lead 

shipped  us  on  the  1st  inst.  We  think  we  were  fortunate  in  effecting  the  sales,  and  have  no 
doubt,  in  the  present  state  of  the  market,  that,  should  you  invest  pretty  heavily  at  your  for 
mer  figures  you  would  not  regret  it.  We  will  join  you  in  any  amount,  or  sell  for  ^ou  or. 
commission.  Truly  yours, 

BRYANT  &  STRATTON. 


Bryant  &  Stratton,  NEW  ORLEANS,  April  2G,  1850. 

New  York : 

GENTLEMEN — Your  favor  of  the  18th  is  just  at  hand.     Your  proposition 

for  a  special  copartnership  strikes  us  favorably,  and  we  have,  without  delay,  shipped  you  as 
per  Invoice  enclosed,  100  hhds.  Sugar,  to  be  sold  on  joint  %  of  yourselves,  Campbell  <Ss  Strong 
of  this  city,  and  ourselves,  each  1.  Campbell  &  Strong  are  advised  of  the  arrangement,  and 
you  will  please  communicate  with  them.  We  send  you  their  card,  and  beg  to  say  that  you 
will  find  them,  in  all  respects,  first-class  business  men.  Your  references  are  unexceptionable, 
and  it  shall  not  be  our  fault  if  our  mutual  interests  cease  with  this  experiment.  You  will 
please  exercise  your  own  judgment  in  conducting  sales,  and  have  no  delicacy  in  indicating  how 
we  may  be  of  service  to  you  in  any  direction.  We  are, 

With  much  respect, 
Yours, 

F.  A.  BOYLE  &  Co. 


Messrs.  Bryant  &  Stratton,  ST.  Louis,  May  1,  1°.50. 

New  York : 

GENTLEMEN — Your  Mr.  Stratton  called  on  me  to-day,  and  eft^cted 

arrangements  for  a  special  partnership  in  the  purchase  and  sale  of  provisions.  I  have  for 
merly  consigned  on  my  own  account  to  John  J.  Cape  of  your  city,  but  shall  be  glad  to  join 
you  in  speculation.  I  have  accordingly  shipped,  as  per  enclosed  Invoice,  500  bbls  Pork,  and 
200  bbls.  of  Lard,  one-half  of  which  I  have  charged  to  your  account. 

Hoping  that  the  result  of  this  small   adventure  may  be  such  as  to  encourage  a  more  ex 
tensive  and  permanent  arrangement,  I  bog  to  subscribe  myself, 

Very  truly  yours, 

II.  D.  VAN  SYCKEL. 
122 


LETTEE    BOOK. 

F.  A.  Boyle  d-  Co.,  NEW  YORK,  May  8,  1850. 

New  Orleans : 

GENTLEMEN — We  enclose  you  Account  Sales  of  the  Sugar  shipped  us  on 

the  20th  ult.     There  can  be  no  trouble  in  disposing  of  such  a  grade  at  fair  rates,  and,  if  ac 
ceptable  to  you,  we  should  like  the  experiment  and  risk  of  a  much  larger  Invoice- 
Very  truly  yours, 

BRYANT  &  STRATTOV. 


Messrs.  Bryant  &  Stratton,  DETROIT,  May  13,  1850. 

New  York : 

GENTLEMEN — We  send  you  enclosed  Account  Sales  of  the  Oil  and 

Lead,  shipped  us  the  3d  inst.     Your  net  proceeds,  as  per  statement,  has  been  carried  to  your 
credit.  Respectfully  yours, 

HANNA,  BEASER  &  Co. 


H.  D.  Van  SycJcel,  NEW  YORK,  May  17,  1859. 

St.  Louis: 

DEAR  SIR — Enclosed  please  find  Account  Sales  of  the  Pork  and  Lard 

shipped  us  on  the  1st  inst.  The  result  has  been,  greatly  to  our  regret,  unfavorable,  but  we 
cannot  attribute  it  to  any  fault  of  our  own.  Had  we  had,  from  indications,  any  reason  to 
expect  a  more  favorable  turn  of  the  market,  we  should,  of  course,  have  held  on ;  but  we 
chose  to  secure  both  ourselves  and  you  against  a  greater  sacrifice,  by  submitting  to  a  lesser. 
You  will  see  from  the  present  quotations  that  we  did  not  err  in  judgment. 

Yours  to  command, 

BRYANT  &  STRATTON. 


Mesars.  Bryant  &  Stratton,  PUTI.ADKLPHM,  May  24,  1850. 

New  York : 

GENTS. — I  send  you  enclosed  Account  Sales  of  the  Pork  shipped 
me  on  the  2d  inst. 

Hoping  you  will  find  the  result  satisfactory,  I  remain, 

Yours  truly, 

R.  W.   ITOADLEY. 


GENERAL  LETTER  OF  INTRODUCTION. 

BRYANT,  STRATTOX  A  PACKARD'S  MERCANTILE  COLLEGE,  £ 
To   Wliom  it  may  Concern:  IS  COOPKR  INSTITUTE,  NEW  YORK,  May  81,  1859.       ) 

The  bearer,  Mr.  John  F.  Simmons,  is  well  known  to  us  as  a  most 

estimable  young  man,  and  one  possessing  qualifications  which  will  render  him  serviceable  in 
any  position  of  trust.  He  is  a  thorough  accountant,  and  unusually  expert  and  correct  in  cal 
culations.  We  have  no  hesitation  in  recommending  him  to  the  public. 

Very  respectfully, 
S.  S.  PACKARD,  Resident  Principal. 

123 


EXERCISES    FOR    THE    LEARNER.— FOU  RTQ    SERIES. 
EXERCISES    FOR    THE    LEARNER. 

FOURTH   SERIES. 

In  the  following  transactions  \ve  have  endeavored  to  present  the  prominent  features  of  the 
preceding  Set,  leaving  the  student  to  apply  the  principles  without  any  special  instruction 
The  two  months'  business  will  represent  two  years'  as  in  Set.  IV.,  bringing  down  the  balances 
at  the  end  of  the  first  year  and  closing  finally  by  Journal  entries.  As  in  Set  IV.  also,  the 
two  methods  of  keeping  Mdse.  Co.  Accounts  are  represented,  to  which  the  attention  of  the 
student  is  particularly  called. 

Memoranda  for  April. 

April  1.  J.  H.  Goldsmith  and ,*  have  this  day  entered  into  co-partnership, 

each  investing  $8000  Cash.  The  firm  assumes  to  pay  for  J.  II.  Goldsmith,  a  note  in  favor  of 
II.  W.  Ellsworth,  dated  Jan.  15,  with  interest  @  0  %  from  date;  face  of  note  $300;  interest 
due  to  date,  $3.75.  9.  Paid  Cash  for  Store  Fixtures,  $1500,  and  for  rent,  six  months  in 
advance,  $750.  3.  Bo't  of  H.  G.  Reeve  &  Co.,  8  bags  Rio  Coffee,  1280  Ibs.,  @  10  c. ;  G  chests 
Young  Ilyson  Tea,  297  Ibs.,  @  65  c.  ;  10  boxes  Virginia  Tobacco,  350  Ibs.,  @  40  c.  Ac 
cepted  their  draft,  @  GO  days,  favor  of  Chas.  Strong,  for  the  amount.  4.  Received  from 
James  Atwater,  Lockport,  to  be  sold  on  his  and  our  joint  %,  each  ^,  500  bbls.  Flour,  @  $8  ; 
1000  bush.  Wheat,  @  $1.50;  paid  freight  on  same,  in  cash,  $400.  «5.  Received  from  D.  L. 
Wing,  Albany,  to  be  sold  on  joint  %  of  himself,  J.  Walker,  Schenectady,  and  ourselves,  each 
J,  1000  bbls.,  "Julian  Mills"  Flour,  @  $8.50;  paid  Freight,  in  cash,  $100.  6.  Sold  W.  H. 
Beebe,  for  cash,  1000  bush.  Wheat,  (Mdse.  Co.  A.  Atwater's  Consignment,)  @  $1.83.  7. 
Sold  J.  W.  Lusk,  on  %,  @  60  days,  2  chests  Young  Hyson  Tea,  100  Ibs.,  @  75  c. ;  Sold  J.  C. 
Beale,  on  his  note  @  10  days,  500  bbls.  Flour,  (Mdse.  Co.  A.,)  @  $9;  Closed  Mdse.  Co.  A., 
and  rendered  James  Atwater  an  Account  Sales.  Our  charges  for  Storage,  Advertising  and 

Cooperage,  $75  ;  Commission  2|  %  on  sales  $ ;  our  £  net  gain,  $98.37  ;  James  Atwater's 

do.  $98.38.  8.  Shipped  John  R.  Penn,  Green  Ray,  Wis.,  to  be  sold  on  our  joint  %,  each  £, 
the  following  merchandise,  bought  on  our  note,  @  4  months,  of  H.  G.  Reeve  &  Co.,  30  hhds. 
N.  O.  Sugar,  32,000  Ibs.,  @  (i  J  c. ;  40  bbls.  N.  O.  Molasses,  1442  gals.,  @  40  c. ;  charges  for 
Drayage  and  Insurance,  paid  in  cash,  $75.  1O.  Deposited  with  Geo.  K.  Chase  &  Co.,  Bank 
ers,  cash  $10,000.  12.  Sold  for  cash,  to  J.  &  J.  Wynkoop,  1000  bbls.  "Julian  Mills"  Flour, 
(Mdse.  Co.  B.,)  @  $9.50;  Closed  Mdse.  Co.  B.,  and  rendered  Account  Sales  of  the  same  to 
D.  L.  Wing,  Albany,  and  J.  Walker,  Schenectady.  Our  Charges,  $75  ;  Commission  on  Sales, 
2£  %.  D.  L.  Wing's  \  net  gain,  $195.83  ;  J.  Walker's  do.  $195.83 ;  our  do.  $195.84.  15. 
Paid  cash  for  James  Atwater's  draft  on  us,  at  sight,  $1000.  1  O.  Shipped  Robt.  C.  Spencer, 
St.  Louis,  to  be  sold  on  joint  %  of  himself,  John  Atwater,  Chicago,  and  ourselves,  each  ^,  the 
following  Invoice  of  Merchandise,  bought  of  A.  T.  Stewart  &  Co.,  for  cash:  20  pieces  daik 
blue  Circassian,  @  $12;  50  pieces  green  do.  @  $10;  10  pieces  Satinet,  300  yds.,  @  90  c.;  15 
pieces  Jeans,  450  yds.,  @  $1.25.  Deposited  cash,  $10,000.  17.  Shipped  Stephen  A. 
Douglas,  Chicago,  pursuant  to  his  order,  8  bags  Coffee,  1280  Ibs.,  @  11  c.  2O.  Received 


•*  Let  tht'  student  use  his  own  name. 

12* 


EXERCISES    FOR    THE    LEARNER. 

cash  in  full  for  J.  C.  Scale's  note  of  the  7th  inst.  21.  Paid  J.  Walker's  Draft  @  sight,  ih 
full  of  his  %,  per  check  on  Geo.  K.  Chase  &  Co.  2»5.  Received  Account  Sales  from  John 
It.  Penn,  Green  Bay,  of  the  Mdse.  shipped  him  on  the  8th  inst.  Our  \  net  gain,  $250. 
*IO.  Received  from  R.  C.  Spencer,  St.  Louis,  Account  Sales  of  the  Mdse.  shipped  him  on  the 
16th  inst.  Our  \  net  loss,  $125.  Paid  cash  in  full  for  J.  II.  Goldsmith's  note  and  interest — 
face  of  note  $300,  interest  due  to  date,  $5.25 


Memoranda  for  May. 

1.  Received  from  John  R.  Penn,  Green  Bay,  to  be  sold  on  his  and  onr  joint  %,  each 
£,  3000  bush.  Wheat,  invoiced  @  §1 ;  paid  Freight  per  check,  $350.  2.  Bought  on  our  note 
at  sixty  days,  of  Claflin,  Mellen  &  Co.,  10  pieces  Broadcloth,  1000  yds,  @  $4.50 ;  20  pieces 
Cassimere,  1500  yds,  @  $2.  3.  Shipped  T.  W.  Woolson,  Mt.  Pleasant,  Iowa,  to  be  sold 
on  our  joint  /£,  each  £,  10  pieces  Broadcloth,  1000  yds,  @  $4.75,  10  pieces  Cassimere,  750 
yds,  @  $2.25  ;  paid  charges  per  check,  $75.  Received  Cash  of  John  Atwater,  in  full  of  %. 
4.  Sold  J.  C.  Bryant,  on  his  note  @  ten  days,  3000  bush.  Wheat,  (Mdse.  Co.  C — Penn's 
Consignment),  @  8  1.50.  Closed  Mdse.  Co.  C.,  and  rendered  J.  R.  Penn  an  Account  Sales  of 
the  same:  Our  charges  for  Storage,  Advertising,  etc.,  $150;  our  Commission,  24  %  on  Sales, 

8 .     J.  R.  Penn's  net  proceeds,  $1043.75.     Our  |  net  gain,  $ .      5.    Discounted  our 

acceptance  favor  of  II.  G.  Reeve  &  Co.,  due  June  5th. ;  discount  off  thirty-one  days,  @  7  %. 

Paid  Cash  for  the  face  of  the  note,  less  the  interest  for  the  above  time,  $ .      O.  Shipped 

Chester  Packard,  Milwaukee,  to  be  sold  on  joint  %  of  himself,  D.  V.  Bell,  Chicago,  and  our 
selves,  each  ^,  4  chests  Young  Hyson  Tea,  197  Ibs.,  @  75  c. ;  10  boxes  Virginia  Tobacco,  350 
Ibs.,  @  50  c. ;  100  sacks  Rio  Coffee,  1(5,000  Ibs.,  @  10  c.  The  Tea  and  Tobacco  were  from  our 
store ;  the  Coffee  was  purchased  of  Acker,  Merrall  &  Co.,  on  our  acceptance  @  ten  days 
Our  \  the  above  Invoice,  $040.91;  C.  Packard's  do.,  $640.92;  D.  V.  Bell's  do.,  $640.1)2. 
7.  Received  from  H.  B.  Tuttle,  Cleveland,  to  be  sold  on  joint  %  of  himself,  N.  C.  Winslow, 
and  ourselves,  each  1,  1000  bbls.  Flour,  invoiced  @  $7  ;  paid  Transportation  charges  per  check, 

$450.     Our  \  invoice,  $2333.33.      1O.   Paid  James  Atwater  in  full  of  %  per  check,  $ . 

12.  Sold  Chas.  E.  Carryl  10  pieces  Cassimere,  750  yds,  @  82.50.  Received  in  payment 
James  Hill's  Note,  dated  Jan.  1,  1859,  with  interest  at  7  %  from  date,  $1500.  Interest  on 

same  to  date,  $38.21.     Cash  for  balance,  $ .     15.  Sold  W.  II.  Clark  for  cash,  1000  bbls. 

Flour,  (Mdse.  Co.  D.),  @  $8.50.  Closed  Mdse.  Co.  D,  and  rendered  II.  B.  Tuttle  and  N.  C. 
Winslow  each  an  account  of  the  sales.  Our  charges  for  Storage,  Advertising,  etc.,  $150; 
onr  Commission  2£  %  on  sales,  $ .  H.  B.  Turtle's  net  proceeds,  $2562.50  ;  N.  C.  Wins- 
low's,  $2562.50;  our  net  gain,  $229.17.  16.  Remitted  H.  B.  Tuttle  cash  in  full  of  %,  $; 
deposited  in  Bank  $9000.  17.  Received  cash  of  Stephen  A.  Douglas,  in  full  of  %,  $— 

Received  cash  of  J.  C.  Bryant,  for  his  note  of  May  4th,  due  this  day,  $ .      19.   Paid 

our  acceptance  of  the  6th  inst.,  favor  of  Acker,  Merrall  &  Co.,  due  this  day,  in  cash,  $ . 

2O.  Received  from  T.  W.  Woolson,  Mt.  Pleasant,  an  Account  Sales  of  the  Mdse.  shipped 
him  the  3d  inst.,  to  be  sold  on  our  joint  %.  Our  net  proceeds,  remitted  in  cash,  $4000.  2»">. 
Received  from  Chester  Packard,  Milwaukee,  an  Account  Sales  of  the  Mdse.  shipped  him  the 
6lh  inst,  for  %  and  risk  of  himself,  D.  V.  Bell,  Chicago,  and  ourselves,  each  ^.  Our  net  pro 
ceeds  $750.  2H.  Paid  N.  C.  Winslow's  draft  on  us,  in  full  of  his  %,  $ ;  our  draft  <m 

D.  V.  Bell,  for  $640.92  ;  Cash  for  balance.  $ .      3®.  Received  Cash  of  R.  C.  Spen.vr, 

in  full  of  %,  $ ;  paid  John  R.  Penn  cash,  in  full  of  %,  $ ;  paid  D.  L.  Wing  cash,  in 

full  of  %,  $ . 

125 


EXEKCISES  FOE  THE  LEARNEK. 


Inventory  of  Property  on  hand,  April  30. 


4  Chests  of  Young  Hyson  Tea,  200  Ibs.  @  03  c 

10  Boxes  Virginia  Tobacco,  350  Ibs.,  @  40  c 

Store  Fixtures,  $1400;  unexpired  Rent,  $625,  (charged  to  Expense)  . 


126 

140 
2025 


2291 


Inventory,  May  31. 


Store  and  Fixtures,  $1400 — Unexpired  Rent,  §500 
Interest  due  on  J.  Hill's  note   . 


1000 
43 


1943 


75 
75 


Resources  and  Liabilities,  April  30. 


Merchandise      

266 

Bills  Payable       

3117 

8 

Expense*     

2025 

James  Atwater   

4598 

3 

Cash    

6127 

<>*» 

D   L  Win<*    

5862 

51 

J.  W.  Lusk       

75 

J   II   Goldsmith      .... 

8075 

SI 

r.  R.  Penn   . 

00ft] 

80 

8379 

(>( 

Geo.  K.  Chase  &  Co. 
R.  C.  Spencer    

j  10970 
923 

84 
33 

John  Atwater    

524 

17 

Stephen  A.  Douglas  .... 

140 

80 

30034 

19 

30034 

It 

i 

Resources  and  Liabilities,  May  31. 


Expense  

1900 

i  Bills  Payable       

10156 

80 

Interest    

43 

75 

J.  H.  Goldsmith       .... 

9527 

53 

Cash              ... 

852 

4>1 

9831 

°6 

J.  W.  Lusk       

75 

Geo.  K.  Chase  &  Co.       ... 
T.  W.  Woolson     

20497 
3256 

46 
95 

Chester  Packard     

1390 

99, 

Bills  Receivable     

1500 

29515 

59 

29515 

59 

*  Fixtures  and  nnexpired  rent. 

120 


SET    V. 


JOBBING  AND  IMPORTING  BUSINESS, 

KMURACIXG    AS    PRINCIPAL    BOOKS, 

CASH  BOOK,  DOMESTIC  AND  FOREIGN  INVOICE  BOOKS, 
SALES   BOOK  AND  JOURNAL; 


AS    AUXILIARIES, 


INVENTORY    BOOK    AND    BILL    BOOK, 

WITH  A  KMTTINK  OF  TRANSACTIONS  TAKEN  FIMM  ONE  OF  TUB  MOST  EXTENSIVE  ucssixESb  UOVSES 

IX    NKW     YOKK. 


REMARKS    ON    SET    V. 


REMARKS   ON  SET  V. 

IN  the  following  set  we  have  illustrated  a  practical  method  of  keeping  the  accounts  of  an 
Importing  and  Jobbing  business.  The  particular  feature  in  this  set  consists  of  tlie  manner 
and  form  of  original  entries,  which  are  made  in  separate  books, — elsewhere  used  as  auxil 
iaries, — from  which  they  are  either  journalized,  or  passed  directly  to  the  Ledger  at  stated 
periods.  This  method  has  many  advantages  over  consecutive  entries  in  the  Day  Book,  and,v 
in  one  form  or  other,  is  adopted  generally  in  all  large  establishments.  The  labors  of  the 
Book-keeper  are  thus  divided  up,  and  the  separate  departments  of  the  business  receive  such 
special  record  as  to  present  all  the  facts  in  their  clearest  light.  Thus,  if  any  particular  infor 
mation  is  desired  respecting  purchases,  all  the  facts  can  be  shown  at  once  from  the  Invoice 
Book  ;  and,  in  the  same  manner,  the  fact  and  condition  of  the  sales  can  be  shown  from  the 
Sales  B^ok.  the  receipts  and  disbursements  of  cash  from  the  Cash  Book,  etc. 

In  the  previous  sets  these  books  are  represented,  but  they  are  used  only  as  auxiliaries,  the 
entries  of  the  business  being  made  in  the  other  books  without  reference  to  them.  This  plan, 
it  will  be  evident,  although  possessing  some  merits,  involves  a  large  amount  of  unnecessary 
labor,  which  wrould  prove  a  great  objection  in  extensive  houses.  The  special  books  them 
selves,  however,  are  so  essential  to  every  well-regulated  business,  that  they  would  receive 
£vor,  even  at  the  expense  of  this  additional  labor.  If,  therefore,  they  can  be  used  without 
additional  labor,  and  even  at  a  reduction  of  labor,  it  would  seem  that  no  farther  argument 
would  be  needed  to  secure  their  adoption. 

The  only  difficulty  in  the  way  of  using  special  books  for  original  entries  lies  in  the  danger 
of  making  the  entries  in  the  different  books  conflict  with  each  other  upon  the  Ledger.  For 
example:  if  a  Cash  Book  is  used,  it  should  be  competent  to  show  all  receipts  and  disburse 
ments  of  cash.  This  purpose  is  very  easily  effected  by  placing  the  receipts  on  one  side,  and 
the  disbursements  on  the  other — the  difference,  of  course,  being,  at  any  time,  the  amount  on 
hand.  But  this  does  not  cover  the  entire  utility  of  the  Cash  Book.  At  the  same  time  that 
cash  received  is  entered  upon  the  debi'  side  of  the  Cash  Book,  the  object  or  cause  for  which 
it  is  received  may  also  be  stated;  in  which  case  a  double  entry  is  effected,  although  but  one 
amount  shown.  The  same  principle  Will  hold  in  entering  the  disbursements  of  cash  ;  as,  when 
cash  is  paid,  the  object  or  cause  for  which  it  is  paid  is  properly  expressed.  The  appropriate 
caption  for  the  debit  side  of  the  Casn  Book,  then,  would  be  "  Cash  Dr.  To  Sundries ;"  the 
debit  of  cash  being  the  total  amount  received  at  any  specified  time,  and  the  credit  of  sundries 
being  the  separate  amounts  produced  by  the  different  causes  represented  ;  and,  on  the  other 
hand,  the  caption  for  the  credit  side  wv.uld  be  "Sundries  Dr.  To  Cash,"  cash  being  credited 
for  the  total  disbursement  as  shown,  and  che  sundry  causes  for  which  cash  was  paid  debited 
lor  their  separate  amounts.  It  will  thus  be  seen  that  the  debit  side  of  the  Cash  Book  con 
tains  the  credits  of  all  accounts  producing  cash ;  and  the  credit  side,  the  debits  of  all  accounts 
costing  cash. 

Upon  the  same  principle  the  Invoice  Book,  which  sustains  the  same  relation  to  merchan 
dise  that  the  debit  side  of  the  Cash  Book  does  to  cash,  while  it  shows,  in  total,  the  entire  cost 
of  merchandise,  will  also  exhibit  the  separate  credits  producing  merchandise;  and  the  Sales 
Book,  which  sustains  the  same  relatior  to  merchandise  that  the  credit  side  of  the  Cash  Book 
does  to  cash,  while  it  shows,  in  total,  the  proceeds  of  merchandise,  exhibits  also  the  separate 
debits  produced  by  the  sales.  The  difficulty  of  which  we  have  spoken  will  now  be  apparent ; 
as,  in  every  case  involving  any  two  of  ^.hese  books,  the  tendency  will  be  to  debit  and  credit 
the  same  accounts  twice — effecting  thus  a  double  entry  not  contemplated  by  projectors  of  the 

128 


REMARKS    ON    SET    Y. 

science,  and  of  course  not  warranted  by  the  facts  in  the  case.  Tims,  all  cash  receipts  being 
entered,  at  specified  periods,  in  total,  from  the  debit  side  of  the  Cash  Book,  and  all  cash  dis 
bursements  from  the  credit  side,  it  would  be  erroneous  to  enter  cash  from  any  other  book  ; 
and  the  same  theory  will  apply  with  equal  force  to  the  Invoice  and  Sales  Books. 

If,  therefore,  the  peculiar  rights  of  each  of  these  books  be  respected,  viz. :  permitting  all 
cash  entries  to  be  taken  to  the  Ledger  from  the  Cash  Book,  and  all  purchases  and  sales  of 
merchandise  from  the  Invoice  and  Sales  Book,  it  would  preclude  the  entering  of  cash  in  the 
Invoice  or  Sales  Book,  and  also  of  merchandise  in  the  Cash  Book.  Take  a  single  example  : 
Suppose  the  entry  to  be  "  Cash  Dr.  To  Merchandise."  All  cash  receipts  must  appear  on  th 
debit  side  of  the  Cash  Book,  and  the  entry  on  that  book  would  be  "To  Merchandise,"  extend 
ing  the  amount  into  the  debit  column.  When  the  Cash  Book  is  posted,  this  amount  will,  of 
course,  be  included  in  the  total  cash  debit,  and  must  comprise  one  of  the  opposite,  or  credit 
entries.  So  cash  would  be  debited  and  merchandise  credited  both  frr>m  the  Cash  Book. 
Again,  all  sales  of  merchandise  must  be  entered  in  the  Sales  Book,  an'"  "when  entered  the  cor 
responding  debit — in  this  case,  cash — must  also  be  expressed.  When  the  Sales  Book  is 
posted,  the  total  for  which  merchandise  is  credited  will  include  this  amount  (already  entered 
and  posted  from  the  Cash  Book),  to  correspond  with  which,  and  to  secure  the  necessary  con 
dition  of  equal  debits  and  credits,  cash  must  again  be  debited.  According  to  this  standard, 
therefore,  in  every  case  where  merchandise  is  either  bought  or  sold  for  cash,  and  the  fact  ex 
pressed  through  these  special  books,  this  error  of  duplicating  debits  and  credits  would  occur. 

To  avoid  this  difficulty — the  only  one  which  stands  in  the  way  of  classified  original  entries 
— two  methods  have  been  successfully  used  ;  one  of  which  places  the  books  upon  an  equality, 
using  "  neutralizing"  accounts  for  the  conflicting  entries,  and  the  other  acknowledges  the  su 
premacy  of  some  one  or  more  books,  to  which,  in  all  matters  of  conflict,  the  others  must 
yield.  To  be  more  explicit:  In  the  case  before  instanced,  "Cash  Dr.  To  Merchandise."  If 
the  Cash  Book  and  Sales  Book  were  upon  an  equality,  the  one  claiming  to  furnish  all  cash 
entries  for  the  Ledger  and  the  other  all  merchandise  sales,  it  would  be  improper  to  write 
Cash  as  a  Ledger  title  in  the  Sales  Book  or  Merchandise  in  the  Cash  Book,  for  the  reasons 
adduced ;  but  a  neutralizing  account  might  be  opened,  to  take  the  place  of  cash  in  the  Sales 
Book  and  merchandise  in  the  Cash  Book,  thus  receiving  a  debit  and  credit  of  the  same 
amount,  which  would,  of  course,  cancel  it.  Suppose  the  merchandise  to  be  sold  to  A,  for 
cash :  In  the  Sales  Book  the  entry  would  be  "  A"  Dr.,  and  in  the  Cash  Book,  "  A"  Cr.  The 
result  would  be  the  same  as  if  A  had  purchased  on  account,  and  subsequently  paid  the  amount 
in  cash,  thus  closing  his  account.  But  suppose  we  acknowledge  the  supremacy  of  the  Cash 
Book  in  all  cases  where  the  two  are  concerned.  When  merchandise  is  sold  for  cash,  the  entry 
in  the  Cash  Book  will  be  "  Cash  Dr.  To  Merchandise,"  both  of  which — the  debit  of  cash  and 
the  credit  of  merchandise — will  go  to  the  Ledger  from  the  Cash  Book.  The  same  entry  can 
be  made  in  the  Sales  Book,  but  not  posted.  For  this  purpose  a  special  column  may  be  used 
— as  in  the  following  examples — which,  at  such  times  as  the  general  result  may  need  to  be 
shown,  can  be  extended  into  the  other  column,  which  in  the  total  footing  will  embrace  all 
the  sales. 

Each  of  the  above  methods  has  its  advantages ;  the  latter,  however,  is  generally  preferred 
as  oeing  more  brief  and  direct,  if  not  more  in  keeping  with  the  spirit  of  the  times. 

The  Invoice  Books,  and  the  Sales  Book  which  follow,  contain  all  purchases  and  sales  of 
merchandise,  with  the  conditions  thereof.  All  sales  and  purchases  not  made  for  cash  pass 
from  these  books  to  the  Ledger ;  all  others,  from  the  Cash  Book. 

The  transactions  of  this  -   u,  and  most  of  the  forms,  are  taken  from  one  of  the  largest  Im 
poiting  and  Jobbing  Houses'    n  New  York,  and  may  be  relied  upon  as  eminently  practical. 
K  129 


ROUTINE    AND    EXPLANATIONS. 


ROUTINE    AND    EXPLANATIONS. 

THAT  the  student  may  get  the  full  advantage  of  this  Set,  it  will  be  necessary  that  he  pay  strict  attention 
to  the  routine  of  transactions  as  indicated  below.  Let  him  make  the  entries  in  the  different  books  precise!} 
in  the  order  given.  Let  the  invoices  be  copied  with  care,  and  all  the  calculations  and  extensions  made  by 
himself.  It  is  thus  alone  that  the  design  of  the  Set  will  be  carried  out.  The  exercises  connected  with 
the  Foreign  Invoice  Book,  involving  compound  numbers,  and  reduction  of  currencies,  are  highly  essential 
In  reducing  sterling  to  federal  currency,  we  have  taken  the  Custom  House  standard  of  $4.84  to  the  £  sterling. 
We  have  also  added  to  each  foreign  invoice,  the  duties,  which  being  paid  in  cash,  are  not  extended  with  the 
invoice,  but  posted  from  the  Cash  Book.  In  most  importing  houses,  the  duties  are  not  extended  in  the  In 
voice  Book,  but  only  in  the  Cash  Book.  For  strong  reasons,  we  prefer  the  method  here  adopted. 


ROUTINE    FOR    JULY. 

I.  The  books  are  opened,  as  per  first  Journal  entry.    (Inventory  Book  copied — Cash  Book  commenciAl 
with  balance  on  hand — Bill  Book  written  up  to  show  the  notes,  receivable  and  payable,  as  indicated  in  Journal 
entry.). . .  .Bought  of  C.  F.  Spalding,  on  note  @  4  months,  Invoice  of  Sheeting,  $553.57,  (Dom.  I.  B. — B.  B.) 
. . .  .Received  per  steamer  Edinburgh,  Invoice  of  Jaconets  from  S.  B.  Higgins  &  Co.,  $1,252.55  ;  Paid  duties 

in  cash,  $300  61,  (For.  I.  B. — C.  B.) Bought  of  B.  S.  Olmstead  for  cash,  Invoice  of  Prints,  etc.,  $1,303.70, 

(Dom.  L  B. — C.  B.). . .  .Sold  Gordon  Bailey,  Buffalo,  on  note  @  8  months,  Invoice  of  Jaconets,  $891.35,  (S. 
B. — B.  B.). . .  .Sold  Ira  Packard,  Peru,  Ind.,  on  note  @  6  months,  ^nvoice  of  Hose  and  Gloves,  $273.52,  (  S 

B.— B.  B.) Sold  Mdse.  this  day,  per  Petty  Cash  Book,  $97.50,  (C.  B.) Received  cash  on  %  of  John 

Lewis,  $500,  (C.  B.) 

3.  Paid  Francis  &  Loutrel  for  Stationery,  $16.75,  (C.  B.) Lent  J.  E.  Jenkins,  for  one  day,  $1,000, 

(C.  B.) Sold  Mdse.  per  Petty  Cash  Book,,  $125,  (C.  B.) 

5.  Sold  Hiram  Newell,  Tonawanda,  on  his  note  @  6  months,  Invoice  of  Sheetings,  $697.54,  (S.  B. — B.  B.) 
. . .  .Received  of  J.  E.  Jenkins,  return  loan,  $1,000,  (C.  B.). . .  .Paid  cash  for  Postage  Stamps,  etc.,  $S,(C.  B.) 
Paid  S.  S.  Packard,  on  private  %,  $100,  (C.  B.) 

6.  Received  cash  of  J.  H.  Lewis,  in  full  of  %,  $1,200,  (C.  B.) 

7.  Paid  Richard  Beal  cash,  in  full  of  %,  $185,  (C.  B.) 

8.  Sold  Mdse.  per  Petty  Cash  Book,  $157,  (C.B.) 

1O.  Bought  of  John  Walker  &  Co.,  on  our  note  @  8  months,  Invoice  of  Cotton,  $1,006.64,  (Dom.  I.  B. — 
B.  B.). . .  .Received  per  steamer  Manchester,  from  Johnson,  Quigley  &  Co.,  Manchester,  Invoice  of  Cotton  and 

Silk  Goods,  $221.11 ;  Paid  duties  in  cash,  $44.21,  (For.  I.  B.— C.  B.) Bought  of  Clafflin,  Mellen  &  Co.,  for 

cash,  Invoice  of  Prints,  $2,312.52,  (Dom.  I.  B. — C.  B.)  . .   Sold  W.  P.  Pratt,  Cincinnati,  for  cash,  Invoice  of 

Jaconets,  714.28,  (S.  B. — C.B.) Sold  Baldwin,  Laundon  <fe  Co.,  Elyria,  0.,  on  their  note  @  8  months. 

Invoice  of  Shirting,  $869.38,  (S.  B.— B.  B.) 

II.  Received  cash  of  W.  Fennel,  in  full  of  %,  $483.50,  (C.  B.). 

12.   Sold  Charles  Claghorn,  Homer,  111.,  Invoice  of  Cloths,  $433.12,  (S.  B.— C.  B.) Paid  cash  for 

Drayage  and  Porterage,  $55,  (C.  B.) 

14.  Received  cash  in  full  of  John  Gundry's  note,  1,580,  (C.  B.— B  B.) 

15.  Received  per  steamer  J2tna,  from  A.  <fc  J.  Bailey,  Bradford,  Invoice  of  Goods,  $246.38  ;  Paid  duties 
in  cash,  $46.80,  (For.  I.  B. — C.  B.). . .  .Sold  E.  Mussey  <fe  Co.,  Amherst,  O.,  on  their  note  @  6  months,  Invoice 
of  Shirting,  $923.25,  (S.  B.— B.  B.) Sold  Mdse.  for  cash,  as  per  Petty  Cash  Book,  $115.75,  (C.  B.) 

18.  S.  S.  Pomroy's  note  discounted,  $1,000;  Discount  off,  $16.92,  (C.  B.— B.  B.) 

2O.  Bought  of  E.  Lambert  &  Co..  on  our  note  @  8  months,  Invoice  of  Bleached  Shirtings,  $660.73,  (Dom. 

1.  ft. — B.  B.) Sold  Starr  &  Co.,  Elyria,  O.,  on  their  note,  @  6  months,  Invoice  of  Prints,  $1,425.48,  (S.  B. 

_B.  B.) Paid  J.  T.  Calkins  on  private  %,  $150,  (C.  B.) 

"2 1 .  Sold  Mdse.  for  cash,  per  Petty  Cash  Book,  $127.50,  (C.  B.) 

22.  Sold  M.  Shipley  &  Co.,  Cincinnati,  on  his  note  @  8  months,  Invoice  of  Bleached  Shirting,  $1,460.14, 
(S.  B.— B.  B.) 

23.  Paul  cash  in  full  of  note,  favor  of  H.  G.  Smith,  $4.000,  (C.  B.— B.  B.) 

25.  Sold  Bidwell  &  Co.,  Adrian,  Michigan,  for  cash,  Invoice  of  Goods,  $400,  (S.  B. — C.  B.) Starr 

£  Co.'s  note  discounted;  Face  of  note,  $1,425.48.     Discount  off,  $50.44,  (C.  B.— B.  B.). ..  .Received  per 

130 


ROUTINE    AND    EXPLANATIONS. 

Bteamer  Halifax,  from  S.  T.  Horton,  Glasgow,  Invoice  of  Goods,  $440.14  ;  Paid  duties  in  cash,  $105.63.  (For 
I.  B. — C.  B.)  . .  .Bought  of  A.  T.  Stewart  <fe  Co.,  for  cash,  Invoice  of  Prints,  $893.63,  (D.  I.  B. — C.  B.).  .Paid 
clerk  hire  in  cash,  $65,  (C.  B.) 

27.  Sold  Mdse.  for  cash,  as  per  Petty  Cash  Book,  $275,  (C.  B.) 

2§.  Sold  E.  C.  Packard,  Crystal  Lake,  Wis.,  on  his  note  @  8  months,  Invoice  of  Goods,  $171.  04,  (3.  B 
-B.  B.) 

29.  Paid  D.  Y.  Bell,  on  private   %,  $175,  (C.  B.) 

30.  Sold  Mdse.  as  per  Petty  Cash  Book.  $83,  (C.  B.) 

31.  Received  cash  of  11.  Barker,  in  full  of  %,  $1000. 

ROUTINE    FOR    AUGUST. 

1.  Sold  O.  C.  &  E.  C.  Wright,  Lockport,  N.  Y.,on  their  note  @  6  months,  Invoice  of  Goods,  $1432.89, 
(S.  B.— B.  B.) Paid  cash  for  Drayage  and  Porterage,  $17.60,  (C.  B.) 

2.  Lent  J.  II.  Tobitt,  $500,  (C.  B.) 

3.  Sold  C.  R.  Caulkins,  Delaware,  0.,  for  cash,  Invoice  of  Prints,  $739.63,  (S.  B. — C.  B.) Sold  Mdse. 

a«  per  Petty  Cash  Book,  $89.27,  (C.  B.) 

5.  Discounted  our  Note,  favor  of  Geo.  A.  Crocker;  face  of  note  $1426.    Discount  off,  $19.41,  (C.  B. — B.  B.) 
.    .  .Sold  D.  S.  Hoadley,  Berlin.  0.,  on  his  note  @  8  mos.,  Invoice  of  Goods,  $527,  (S.  B. — B.  B.) 
G.  0.  C.  &  E.  C.  Wright's  note  discounted;  face  of  note,  $1432.89.     Discount  off,  $49.60-,  (C.  B.) 

7.  Sold  Mdse.  as  per  Petty  Cash  Book,  $150,  (C.  B.) 

8.  Sold  J.  D.  Hinde  &  Co.,  Cincinnati,  on  their  note  @  8  months,  Invoice  of  Mdse.  $752.P7,  (S.  B — B  B.) 
1O.  Received  per  steamer  Australia,  from  Wm.  Thornton  &  Co.,  Bradford,  Invoice  of  Goods,  $1454.^4. 

Duties  paid  in  cash,  $276.38,  (For.  I.  B. — C.  B.). . .  .Sold  Geo.  A.  Crocker,  Rochester,  for  cash,  Invoice  of 

Prints,  $912.75,  (S.  B. — C.  B.) Bought  of  Wilson  G.  Hunt,  on  our  note  @  8  mouths,  Invoice  of  Cloths, 

$708.40,  (D.  I.  B.— B.  B.) 

12.  Sold  Mdse  as  per  Petty  Cash  Book,  $218.50,  (C.  B.) Paid  cash  for  Drayage,  $100,  (C.  B.) 

15.  Sold  W.  H.  Woodbury,  Chicago,  111.,  on  his  note  @  8  months,  Invoice  of  Goods,  $908.29,  (S.  B.— 
B.  B.) Paid  J.  C.  Bryant  cash  on  private  %,  $150. 

17.  Sold  C.  C.  Jones,  Peoria,  111.,  on  his  note  @  6  months,  Invoice  of  Goods,  $945.94,  (S.  B. — B.  B.). . . 
Sold  Mdse.  as  per  Petty  Cash  Book,  $375,  (C.  B.) 

2O.  Received  per  steamer  Lebanon,  from  J.  Muir  &  Sons,  Manchester,  Invoice  of  Goods,  $188.62.  Paid 
duties  in  cash,  $45.27,  (For.  I.  B. — C.  B.). .  .Bought  of  Arnold  <fc  Constable,  on  our  note  @  8  months,  Invoice 

of  Cloths,  $1926.14,  (Dom.  L  B. — B.  B.) Bought  of  Grinnell  &  Minturn,  for  cash,  Invoice  of  Goods, 

$1492.58,  (Dom.  I.  B.— C.  B.) Sold  Paul  Roberts,  Buffalo,  for  cash,  Invoice  of  Goods,  $923.40,  (S.  B.— C.  B.) 

23.  Sold  Mdse.  as  per  Petty  Cash  Book,  $175,  (C.  B.) 

25.  Sold  M.  Tompkins  <fe  Co.,  Lasalle,  111.,  for  cash,  Invoice  of  Gloves,  $460.?l,(  S.  B.— C.  B.) C.  C. 

Jones'  note  discounted;  face  of  note,  $945.94.  Discount  off,  $32.19,  (C.  B.). . .  .Paid  Postage,  Porterage,  etc., 

in  cash,  $13,  (C.  B.) Sold  C.  J.  Dietrich,  Bellefontaine,  Ind.,  on  his  note  @  8  months,  Invoice  of  Goods, 

$402.50,  (S.  B. — B.  B.)...Sold  Baldwin  <fc  Co.,  Cleveland,  on  their  note  @  8  months,  Invoice  of  Prints,  $7 17.4  7, 
(S.  B.— B.  B.) 

27.  Sold  Ubsdell  Pierson  &  Co.,  St.  Louis,  on  their  note  @  8  months,  Invoice  of  Mixtures,  $3303.71, 
(S.  B.— C.  B.) 

28.  Sold  Raymond  <t  Co.,  Cleveland,  on  8  months  note,  Invoice  of  Goods,  $641.72,  (S.  B. — B.  B.) 

30.  Sold  .lonas  Stratton,  Amherst,  O.,  on  note  @  8  months.  Invoice  of  Goods,  $457,  (S.  B. — B.  B.) 

31.  Sold  Mdse.  per  Potty  Cash  Book,  $115,  (C.  B.) Paid  cash  iu  full  ol  Druyago  %,  $50.76,  (C.  B.) 

131 


DOMESTIC    INVOICE    BOOK. 


DOMESTIC    INVOICE  BOOK. 

Tins  book  contains  copies  of  all  invoices  of  merchandise  purchased  from  importers  and 
others  in  this  country,  with  the  conditions  of  all  such  purchases.  Each  lot  and  package  i? 
distinguished  fay  some  peculiar  mark,  which  is  transferred  to  the  invoice,  thus  serving  an 
important  purpose  in  checking  the  articles,  adjusting  disputes,  etc. 

The  purchases  on  time,  for  which  notes  are  given,  are  passed  to  the  Ledger  from  this 
book :  those  for  cash,  from  the  Cash  Book. 


JULY    1,    I860. 


C.  F.  Spalding  &  Co.,                                        4  months. 

18 

2  ps.  10-4  Sheeting,      923                 @  55e.                 61.01 

14 

2                        "               923                       60                    65.65 

16 

2                                        91*                       65                    59.64 

18 

2                                        921                       70                    64.58 

20 

1                        "              45"                       75                    34.12 

14 

1                        "               463                       65                    30.39 

16 

1                        "               461                       70                    32.38 

18 

1                        "              44'                       75                    33.19 

20 

1                        "              45*                       80                    86.40 

16 

1                                        46                        75                    34.50 

18 

1                        "               453                       80                    86.60 

20 

1                        "              45"                       90                    40.95 

22 

1                        "               46                         96                    44.16 

653 

67 

Note  @  4  months  from  July  5. 

B.  S.  Olmstead,                                                       6  months. 

5  Cases  Columbian  Prints, 

A.  T 

596 

2137" 

A.  S 

687 

1913s 

X. 

351 

1935 

341 

18863 

A.  C. 

411 

1742     9615  yds.  @8c.  less  %  c.                         721.13 

1  Bale  2£lb.  Black  Wadding  30  yds.  @  40c.             12.00 

2  Bales  Brown  Globe  Drills, 

1141 

10323 

1147 

1029             2061s     @  7|                                      157.21 

4  Cases  Harop  Prints, 

M. 

481 

246             13313 

C. 

491 

1262              1581s 

M. 

609 

1108              1222 

M. 

97 

1276             1715"        6851  @  8^c  less  2£  %     482.91 

1873  25 

Less  6  %                                             68.67 

1304.68 

M.  97—1276,  short  34  yds.                                    2.82 

1301.76 

Add  error  in  extending  Harop  Prints,                2.00 

C.  8.                                                                                      1303.76 

1303 

1L 

Amounts  forward, 

1803 

1L 

668 

-51 

132 


DOMESTIC    INVOICE    BOOK. 


JULY   10,    18GO. 


^> 

794 

800 
834 
704 

Amounts  forward, 
John  Walker  &  Co.,                                                  8  months. 

40  ps.  Duck  Drilling,      1411"  @  I7c.                       239.96 
40             "         "               1389"        18                         250.11 
86         Brown    "                1415"        25                          853.88 
42         W.  B.  Diaper,       21(59'         7i                       162.69 

1 
1303 

76 

663 

1006 

67 

C4 

Note  @  8  months  from  July  10. 
// 

0355 
9500 

8615 
9424 
9737 

9024 
7906 
8168 

QAOQ 

Clafflin.  Mellen  &  Co.,                                            8  months. 
60  ps.  Prints,  #  875     1782 
62         "                 813     1831'     8613'  yds.  @  lOc.     861.37 

65         "                 812    "184~5T 
62         "                 817     1803' 
64         "                 814     1870"     6519       "       9£c.     624.30 

61         "                816   TTT21" 
69         "                 822     2033* 
67         "                 879     1996'     6142*      "         9c.     652.83 

199 
288 

493 

888 
9095 

66         "                 818              '    19451      "         9c.     175.07 
63         "                 820     2249" 
60         "                 821     2140      4389s      "       7-Jc.     329.21 

60         "                 824  Itm* 
69         "                 823     20591     4223*      "       7|c.     816.76 

68        "                825             '    1970s      "        9c.     177.37 

2436.91 
Deduct  5fc                                                     121.84 

2315.07 
Less  1  ps.  short  35s  @  7|e.  6^  off                  2.56 

0>  j£                                                                                     2312.52 

2312 

52 

20 

750 
761 
753 
764 

Edward  Lambert  &  Co.,                                     8  months. 

4  Cases  4-4  Bleached  Shirting, 
40            1732" 
40             1736 
40             1756 
40            1731*        6955  yds  @  9|«. 
Note  @  8  months  from  July  20. 

9ft 

660 

11 

1  M. 
E.  A. 
E.  A. 

:>.  C. 
E.  N. 
E.O. 

8892 
6788 
6202 

4187 
6630 
6685 

A.  T.  Stewart  &  Co., 

62  Prints,  #  973       1858 
62       "           965       1834 
63      "          967       18951    66871  yds  @  8c.            446.98 
81       "           972       1924' 
49       "           968       1954* 
49       "           971       1929      6808  @  8$c.                   493.68 

940.66 
Discount  off  6^                                              47.03 

Qfc                                                                                          893.63 

893 

63 

Purchases  on  time  (taken  to  Ledger), 
Cash  Purchases  (entered  from  C.  B.), 

2220 
4509 

94 
91 

Total  for  the  month, 

6730 

U 

133 


DOMESTIC  INVOICE  BOOK,— SET  V. 

NEW    YORK,    AUGUST   1O,   I860. 


Wilson  G.  Hunt,                                                       8  months, 

22  ps.  3-4  Doeskin, 

#163  728     28$     #163  899}     22$ 

870     29                    748       29 

754     28}                  894       28$ 

8«4     28-|                  835       28f 

860     29|                  834       28$ 

755     29$                  7:i9       28} 

759     28}                 861       28 

750     27-f                 233       28i 

822     29$                 716       27$ 

#  162  554     28}                 805       29} 

163  833     28$                 899}     2l|=616  yds.  @  $1.15 

708    J40 

Note  @  8  months  from  Aug.  10. 

°0 

Arnold  &  Constable,                                              10  months, 

1877 

30  Belgian  Cass.             1091 

1881 

30             "                        H78a 

1896 

30             "                        1137 

1915 

28             "                        1094* 

1903 

30             "                         1151* 

1737 

33  World's  Fair              1268 

1775 

30             "                        U68 

1823 

33             "                        1279s 

1834 

33              "                         1261" 

1845 

SO             "                        1147 

1906 

30  Sebastopol  Checks    1168" 

1913 

27             "             "          1245'2=14191  yds.@13$c.!915.78 

Cooperage,                                                            3.00 

1918.78 

i 

Add  77  yds.  @  13$c.       10.39 

Less  Freight,                      3.03                            7.36 

Note  @  8  months. 

1926 

14 

Grinnell  &  Minturn,                                               8  months, 

5.  M. 
A. 

733 

1240s 

!    734 

1239"     "  Springfield," 

735 

12343 

M.C. 

A.'   ' 

539 

1208 

540 

1233 

5  Cases  4-4  Bleached  Sheeting,  6156  yds.  @  10|c.        646.88 

5.  M. 

12022 

D. 

169 
170 

11971 

171 

1223s 

172 

11711 

173 

1212a 

I.  M. 

1239 

X  D 

49^ 

600 

1254 

601 

1234 

8  Cases  33  in  Bleached  Sheeting,  97341  yds.  @  9ic.     924.75 

1571.13 

Discount  off  5^                                         78.55 

1402 

58 

Purchases  on  time  (taken  to  Ledger), 
Cash  purchases  (posted  from  Cash-Book), 

2634     154 

14<>2      58 

Total  for  the  month, 

4127      12 

' 

!J           : 

134 


FOREIGN    INVOICE    BOOK 


FOREIGN     INVOICE    BOOK/ 


NEW    YOHK,    JULY    1.    18GO. 


Sterling  Currency.             Frderal    <  nrrency 

£ 

g 

d. 

jr 

„._ 

d. 

£ 

:ts      $      cti 

S.  B.  Higgins  &  Co.,  Glasgow, 

x/ 

per  Steamer  "  Edinburgh''  June  3,  1  SfiO. 

205 

50  ps.  9-8  printed  Jaconets,  2572  yds.             @  At<L' 
Making  up,  Casing,  etc. 

50 

1 

18 
11 

1 

52 

9 

I 

206 

50  ps.  9-8  printed  Jaconets,  2540"  yds.            @  4t^. 
Making  up,  Casing,  etc. 

50" 
1 

T" 

11 

T" 

51 

16 

1 

207 

50  ps.  9-8  printed  Jaconets,  25t512  yds.            @  4H. 
Making  up,  Casing,  etc. 

W 
1 

TF 

10 

iT 

9 

52 

4 

8 

208 

60  ps.  9-8  10  B.  and  W.  Jaconets                 @  5*.  »d. 

nr 

IT 

11132844        941 

21    22*    23    24    24*    25    25*    26    26*    27 

Making  up,  Casing,  etc. 

i 

4 

17 

9 

209 

58  ps.  9-8  10  B.  and  W.  Jaconets                 @  5s.  5d. 

p- 

14" 

2~ 

2       2     42      S       6       1 

2:3*    24    25    25*    26    26* 

Making  up,  Casing,  etc. 

i 

3 

S 

16 

17 

10 

210 

56  ps.  9-2  12°  °  B.  and  W.  Jaconets            @  7*.  Sd. 

w 

T" 

1       1      4     88     11      1 

18*  _  23    24    25    25*    26 

Making  up,  Casing,  etc. 

i 

3 

4 

21 

9 

4 

211 

56  ps.  9-2  12°  °  B.  and  W.  Jaconets            (8)  7«.  3d. 

IT 

T" 

Making  up,  Casing,  etc. 

i 

3 

4 

21 

9 

4 

212 

54  ps.  9-8  14°  °  printed  Jaconets                  @  Ps.  9d. 

23 

12 

6 

1       1      8       3      34     9        111 

14*    23    24    24*    25    25*    26    27    83 

Making  up,  Casing,  etc. 

1 

3 

24 

15 

6 

-~"  "" 

"' 

25T 

IT" 

4 

Discount  off  1*  % 

3 

17 

7 

254 

IJT 

~9~ 

Cartage 

2 

9 

B.  L.,  etc. 

5 

Commission  1*  % 

3 

14 

4 

4 

2 

1 

258 

15 

10 

1252 

"5 

Duties  24  %—  Paid  in  Cash. 

300 

61 

10 

>  TJ     _ 

Johnson,  Qnigley  &  Co.,  Manchester, 

..".  A 

V'o. 

per  Str.  "'Manchester"  June  4,  I860. 

71 

25  doz.  Ladies'  white  Cotton  Hose            @  2s.     $d. 

3 

8 

0 

20     "                "                     '                             8s. 

3 

29     "                "                     '                            2s.  I0d. 

4 

2 

2 

46 

1  doz.  Ladies'  Pearl  Spun  Silk  Hose,  8*    20s. 

1 

46 

1     "                "                    '                   9      20«. 

1 

1 

4    "                black             «                   9      19«. 

0 

16 

6 

2     "                pearl               «                    9      53«. 

5 

6 

6 

*  doz.  Men's  S'ovi  Silk  Shirts                     8(.»*. 

19 

6 

62 

1     "                "                   "                           50*. 

2 

10 

120 

1     "                "                   "                          55*. 

2 

15 

66 

1     "                "                    "                            62*. 

8 

2 

68 

8  doz.  Ladies'  Lisle  Gauntlets                     lls.    6d. 

12 

100 

5     "                "                   "                           12*.     6</. 

3 

2 

6 

101 

5     "                "                    "                            22*. 

5 

10 

103*  "     Inland  Carriage 

2 

.0 

Cases,  Oil  Cloth,  etc. 

13 

6 

Commission  1*  % 

15 

13 

5 

45 

13 

8 

221 

11 

Duties,  24  %  on  Cotton  and  15  %  on  Silk 

44     21 

Paid  in  Cash. 

Amounts  forward 

• 

MA     S3 

'478 

56 

*  Copies  of  Foreign  Invoices,  with  Import  Duties  added. 

135 


FOKEIGN  INVOICE  BOOK— SET  V. 


NEW    YORK,   JULY    15,    I860. 


Sterling  Currency. 


Federal   Currency. 


£ 

«. 

d. 

£ 

«. 

d. 

$ 

eta 

$ 

Amounts  forward 

344 

82 

1473 

A.  &  J.  Bailey,  Bradford, 

P.  B. 

per  Steamer  "Etna?  June  15,  1860. 

&  Co. 

54 

60J  Lavellas  assorted,  3028"                              @  3f£ 

48 

17 

11 

Making  up,  Casing,  etc. 

2 

6 

10 

"51 

~4 

9 

Discount  \\  % 

12 

9 

"50 

T§ 

—  - 

Carriage  to  Liverpool 
(j   ^                     Duties  19  %—  Paid  in  Cash. 

6 

50 

18 

0 

46 

80 

246 

25 

PT> 

S.  T.  Horton,  Glasgow, 

.  a. 
&  Co. 

per  Steamer  "Halifax?  June  20,  1860. 

520 

70 

400  9-8  .4°°  Robes  a  Les,  10  yds.  each           4*.  6<f. 

90 

0 

0 

Off  36  ps.  No  1,  9*.,  and  1*  %  £1  Is. 

1 

16 

0 

88 

~~4 

~o 

Card  4*.,  Box  17*.,  Com.  etc.,  £1   12*. 

2 

13 

0 

90 

17 

0 

Cartage 

0 

1 

9 

Duties  24  %—  Paid  in  Cash 

"W 

18 

T 

105 

63 

440 

Total  Imports  for  the  month 
Duties  on  the  same 

497 

85 

2160 
497 

2657 

.Align  at  JO        ..._  ,  

P.  B. 
^  Co. 

"William  Thornton  &  Co.,  Bradford, 

29 

per  Str.  "Australia?  July  1,  1860. 
COf  Mohair  Mixtures,  2996                                @  3M. 

39 

0 

2 

Case,  Pkg,  etc.,  14*.,  Com.  ID*.  6</. 

1 

13 

6 

40 

13 

8 

80 

60*  Bye  Cloths  assorted,  2969                           @  3d. 

37~ 

~Z 

~B 

Case,  Pkg,  etc.,  13*.,  Com.  18*.  6rf. 

1 

11 

6 

88 

13 

9 

31 

60t  Bye  Cloths  assorted,  2973                             @  3d. 

37 

T 

T 

Case,  Pkg,  etc.,  13*.,  Com.  18*.  Id. 

1 

11 

7 

88 

14 

10 

82 

60f  Bye  Cloths  assorted,  2965                            @  3d. 

IT 

T 

~3~ 

Case,  Pkg,  etc.,  13*.,  Com.  18*.  6d. 

i 

11 

6 

88 

12 

9 

33 

CO*  Bye  Cloths  assorted,  2966                            @  3d. 

W 

T 

IT 

Case,  Pkg,  etc.,  13*.,  Com.  18*.  6d. 

i 

11 

6 

88 

13 

0 

84 

60t  Bye  Cloths  assorted,  2965a                          @  3d. 

87~ 

T 

T 

* 

Case,  Pkg,  etc.,  13*.,  Com.  18*.  6cf. 

1 

11 

6 

88 

12 

10 

85 

60f  Fine  Mohair  Mixtures,  2877*                          5fcf. 

65~ 

IT 

i<r 

Case,  Pkg,  etc.,  12*.  6d.  Com.  32*.  lid. 

2 

5 

5 

68 

4 

8 

302~ 

5 

T 

Ij  %  discount 

3 

15 

7 

298~ 

9 

6 

Carriage  to  Liverpool 

2 

1 

5 

800 

10 

ii~ 

1454 

(^  B.                   Duties  19  %—  Paid  in  Cash 

276 

38 

20 

P.  B. 

James  Muir  &  Sons,  Manchester, 

&Co. 

per  Str.  "  Lebanon"  July  10,  1860. 

674 

25  ps.  White  Piques,  324                              @  2*.  4rf. 

37 

16 

0 

Discount  off 

9 

2 

B~ 

T 

iT 

Charges,  Commission,  etc. 

1 

12 

7 

38 

19 

5 

188 

0.  B.                    Duties  24  %—  Paid  in  Cash 

40 

27 

Total  imports  for  the  month 
Duties  on  same 

1043 
321 

Total  costs  of  imports 

1964 

etc 
M 


41 


64 


12 


136 


SALES    BOOK. 


SALES    BOOK. 

THIS  book  contains  all  the  regular  sales,  either  for  cash  or  on  time ;  the  cash  sales  being 
extended  in  the  inner  column,  are,  of  course,  not  included  in  the  amount  for  which  merchan 
dise  is  credited  from  the  Sales  Book.  These  sales,  together  with  the  petty  sales  not  entered 
on  the  Sales  Book,  are  posted  from  the  Cash  Book.  The  total  credit  of  the  merchandise 
account  for  the  month  will  agree,  in  amount,  with  the  monthly  recapitulation  in  the  Sales 
Book. 

NEW    YORK,    JULY    1,    18GO. 


^> 

205 
208 
209 
210 

Gordon  Bailey,                                     Buffalo,  N.  Y. 
60  ps.  9-8  Printed  Jaconets,  2572  yds.  @  15c.  $885.80 
60  ps.  9-8  10  B.&W.      "           160!)'         "      lOe.     150.95 
58  ps.             "                 "           1455          "       lOc.     145.50 
66  ps.             "                 "           1394          "       15c.     209.10 
Note  @  8  months  from  July  1. 
// 

891 

.'5;-) 

L  P. 

71 

46 
46 
1 
6 
100 
101 
15 

[ra  Packard,                                                 Peru,  Ind. 
25  doz.  Ladies'  White  Cotton  Hose,  @  f  1              $25.00 
20                     "                         "                 1.25              25.00 
29                     "                         "                 1.18              82.77 
1  doz.  Pearl  Spun  Silk  Hose,  8|                               8.00 
1                              "                9                                  8.00 
4  doz.  Black           "                9           $7.50             30.00 
2  doz.  Pearl             "                              20.00              40.00 
8  doz.  Ladies'  Lisle  Gauntlets,             4.50             86.00 
5             "                 "                                4.75              23.75 
5             "                 "                                9.00              45.00 

273 

52 

Note  @  6  months  from  July  1. 

^^ 

13 
14 
16 
18 
20 
14 
16 
18 
20 
16 
18 
20 
22 

Hiram  Newell,                              Tonawanda,  N.  Y. 
2  ps.  10-4  Sheeting,               92J  yds.  @  70e.           $64.93 
2         "             "                        92J         "     75c.             69.66 
2         "            "                        91J        "     80e.             73.40 
2         "             "                        92i        "     85c.             78.41 
1         "             "                         46|         "     90c.             40.95 
1       11-4          "                        50^         "     84c.             42.17 
1         "             "                        46±         "     90c.             41.62 
1         "             "                        44±        "     95c.            42.04 
1         "            "                        45i         "     $1               45.50 
1       12-4          "                        46           "     95c.             43.70 
1         "            "                        45J         "     $1               45.75 
1         "             "                         45f         «     $1.15           62.32 
1         "             "                        45f        "     $1.25          57.19 

697 

54 

Note  @  6  months  from  July  6. 

in 

206 
207 

W.  P.  Pratt  <k  Co.,                                  Cincinnati, 
60  ps.  Printed  Jaconets,     2540|  yds.  @  14c.            $355.67 
60            "             "              266  H       "        14c.              858.61 

714 

28 

Received  Cash. 

Amounts  forward, 

714 

28 

1862 

41 

137 


SALES    BOOK— SET  V. 

NEW    YORK,    JULY   1O,    I860. 


Amounts  forward, 

714 

28 

1SG2 

41 

B.L.&CO 

Baldwin,  Laundon  &  Co.,                           Elyria,  O. 

4  Cases  Bleached  Shirting, 

#750         40         17321 

751         40         1736 

753                     1745' 

754         40         1741"       6955  yds.  @  12Jc. 

809 

39 

Note  @  8  months  from  July  10. 

12 

Charles  Claghorn  &  Co.,                           Homer,  111. 

10  ps.  Black  Doeskin, 

#163     728             281 

870             29 

754             28f 

864             28J 

860             28-i- 

755             281 

759             29| 

750             2H 

822             28f 

833             2H     288|-  yds.               @  $1.50    ;     433 

12 

Received  Cash. 

15 

E.  Mussey  &  Co.                                    Ainherst,  O. 

5  cases  Bleached  Shirting, 

733 

12401 

734 

1239 

735 

1234s 

53!) 

1208 

540 

1233     6155  yds.                                 @  15c. 

923 

25 

Note  @  8  months. 

20 

Starr  &  Co.,                                                 Elyria,  O. 

C.  M 

3892 

52  Prints,    973         1858 

E.  A 

5788 

52       "          9H5          1834 

E.  A. 

0202 

53       "         967         1895     5587  yds.  @  12c.         $67044 

I).  C. 

4187 

5t       "         972       "1924* 

E.  N. 

5030 

49        "          968          1954 

E  0. 

5085 

49       "         971         19-292    5808  yds.  @  13c.           755.04 

1425 

4* 

Note  @  6  months. 

Murray  Shipley  &  Co.,                        Cincinnati,  O 

8  cases  38in  Bleached  Shirting, 

109 

1202"                     1212" 

170 

1)97'                      1239 

171 

12-J33                      1254 

1 

172 

11  71'                     12b4     9734^  yds.  @  loc. 

1400 

14 

Note  @  8  montlis. 

! 

•'  ... 

Amounts  forward, 

1147 

40 

0510 

GO 

520 


674 


11 
K) 
17 


H.  M. 


R.  X. 


62 
231 


0355 

9500 
9095 


231 
19 


B. 


1066 


SALES  BOOK,— SET  A7. 

NEW    YORK,    JULY   25,    18GO. 


Amounts  forward, 
Bidwell  &  Co.,                                      Adrian,  Mich. 
200  9-8  14°  °  Robes  a  Les  (10  yds.)                     @  $2.00 
Received  Cash. 

i                                                OQ 

1147 
400 

40 

6540 

66 

^O 

Edwin  C.  Packard,                      Crystal  Lake,  Wis. 
6  White  Piques,         119'  @  75e.                               $89.44 
2             "                        373  @  80c.                                  80.20 
4             "                        641  @  80c.                                  51.40 

171 

04 

Note  @  8  months  from  date. 

Sales  on  time, 
Sales  for  Cash,  entered  herein  but  posted  from  C.  B. 
Petty  sales,  entered  alone  on  C.  B. 

1547 

J)80 

40 
75 

6711 

•2.V2s 

70 
15 

Total  sales  for  the  month, 

9-20!) 

85 

August  1 

O.  C.  &  E.  C.  Wright,                      Lockport,  N.  Y. 
1  bale  Brown  Sheeting,    563'  yds.  @  14c.             $78.89 
50  doz.  Gent's  Linen  Hdkfs.               @   $5.             250.00    : 
1  case  Cotton  Damask,  540  yds.  @  20c.             108.00 
16  pcs.  Blk  Bombasin,    568  yds.  @  $1.25                710.00 
1  case  Silccia,                 2200  yds.  @  13c.             286.00 

1432 

89 

Note  @  6  months. 
...                       o 

C.  R.  Caulkins,                                       Delaware,  O. 
50  pa.  Prints,     875     1782 
50         "              813     18313    3613'  yds.  @  15c.     $542.06 
58         "              825                  19703         "       12c.       236.49 

778.55 
5  %  off,                                               38.92 

739 

G3 

Received  Cash, 

p» 

O 

• 

David  S.  Iloadley,                                      Berlin,  0. 
10  pcs.  Black  Bombasin,  350  yds.  @  $1.10          $385.00 
20  pcs.  Duck,                     710         "           20c.          142.00 
Note  @  8  months. 

8 

527 

J.  D.  ITinde  &  Co.,                                   Cincinnati. 
1  bale  Stark  Brown  Sheetings,  829  yds.  @  lOc.  $82.90 
1  bale  4-4  Shaker  Flannel,          337"      "       60c.  168.75 
12  pcs.  Green  Veil  Barege,           200       "       35r.     70.00 
1  case  Solid  Check  Ginghams,  2394       "       18c.  430.92 

752 

57 

Note  @  8  months. 
Amounts  forward, 

731> 

63 

•271-2 

4* 

"I 

139 


SALES  BOOK,— SET.  V. 

NEW    YORK    AUGUST   1O,    18OO. 


A.T. 
A.  S. 
X. 

A.C. 

596 
587 
351 
341 
411 

Amounts  forward, 

Geo.  A.  Crocker,                                        Rochester, 
5  cases  Columbian  Prints, 
958         2130' 
959         1913* 
1935 
1886s 
1742     9608yds.  @  lOe.    $960.80 
B  %  off,                                              48.05 
Received  Cash. 

15 

739 
912 

G3 

75 

1 

2712 

46 

M. 
C. 
M. 
M. 

481 
491 
509 
97 

Win.  II.  Woodbury,                               Chicago,  111. 
4  cases  Harop  Prints, 
246        13311 
1262         1581* 
1108         1222 
1276        1715"    8851  yds.  @  12c.     $702.12 
2  bales  Brown  Globe  Drills, 
1141         1032' 
1147        1029     2061'  yds.  @  lOc.      206.17 

' 

908 

29 

Note  @  8  months. 
17 

L©P 
A.B. 

8 
197 
19 

C.  C.  Jones,                                                Peoria,  111. 
1  case  Paper  Cambrics,  2000  yds.      @    lOc.    $200.00 
21  pairs  White  Blankets,                    @  $3.63           76.23 
17  pcs.  Black  Satinet,  469  yds.               @  75c.      851.75 
17  pcs.  Duck,                662                        @  20c.       132.40 
1  case  Cottonades,      6871                     @  27c.       185.56 
Note  @  6  months 

945 

94 

20 

Paul  Roberts,                                      Buffalo,  N.  Y. 
0  cases  Cotton  Damask,  4860  yds.  @  20c.            $972.00 
6  %  off,                                                48.60 
Received  Cash                                                —        —  • 

923 

40 

25 

M.  Tompkins  &  Co.,                               Lasalle,  111. 
90  doz.  Ladies'  Lisle  Gauntlets,  @  $5                   $450.00 
B            "         Kid  Gloves,        @  $7                       85.00 

485.00 
5  %  off,                                                  24.25 
Received  Cash,                                               —       —  — 

460 

75 

// 

C.  J.  Dietrich,                              Bellefontaine,  Ind. 
1  case  Linseys,          1266  yds.  @  20c.               $253.20 
1  case  Corset  Jeans,  1493        "       lOc.                 149.30 
Note  @  8  months 

402 

50 

Amounts  forward, 

3036 

53 

4969 

19 

I 

140 


SALES    BOOK— SET  V. 

NEW   YORK,    AUGUST   25,   I860. 


Amounts  forward, 

3036 

53 

4969 

19 

Baldwin  &  Co.,                                     Cleveland,  O. 

239 

8615 

65  ps.  Prints,     812         18451 

9426 

62           "            817         18031 

9737 

64           "            814         1870"     5519  yds.               @  13e. 

717 

47 

Note  @  8  months. 

"7 

U  P.&Co 

29 

id  I 

Ubsdell,  Pierson  &  Co.,                              St.  Louis, 
tiOf  pa.  Mohair  Mixtures,     2996  @  15c.                $449.40 

30 

602-             "             "               2969  @  14c.                   415.66 

31 

60f             ••             "               2973  @  14c.                   416.22 

32 

60f.             "             "               2965  @  Uc.                   415.10 

33 

60|             "             "               2966  @  14c.                   415.24 

34 

•50f             "             "               29fi53@  14c.                   416.17 

35 

60f  ps.  Fine  M.  Mixtures,    2877'@  27c.                 776.92 

3303 

71 

Note  @  8  months. 

Raymond  &  Co.,                                         Cleveland, 

674 

13 

4  pa.  White  Piques,      75'@  $1.00                          $75.25 

19 

1                 "                     15  @  $1.25                            18.75 

20 

8  ps.  Welts,                 158  @     .40<?.                          63.20 

54 

60J  ps.  Lavelles,         3028'@      .16c.                        484.52 

641 

72 

Note  @  8  months. 

Jonas  Stratton,                                        Amherst,  O. 

62 

i  doz.  Men's  Novi  Silk  Shirts,  @  $20                        $10 

120 

1             "                         "                   25                            25 

<HJ 

1             "                         "                   RO                            30 

68 

1              "                          "                    85                             35 

211 

56         Printed  Jaconets."                     3                          168 

212 

54              "                          «                      8.50                      IfS'.i 

457 

Note  @  8  months. 

Sales  on  time, 

10089 

09 

Sales  for  cash,  entered  here  and  posted  from  C.  B. 

3036 

53 

Petty  sales  entered  alone  on  0.  B., 

1  1  22 

77 

4159 

3Q. 

Total  sales  for  the  month. 

14218 

5£L 

141 


CASH    BOOK,— 


Tins  is  the  most  convenient  form  for  a  Cash-Book  to  be  kept  in  connection  with  a  general 
merchandise  business  ;  the  feature  of  special  columns  may  be  extended,  if  desirable.  It  will 
be  seen  that  all  cash  entries,  debit  and  credit,  are  taken  to  the  Ledger,  either  through  the 
Journal  or  directly,  from  this  book,  together  with  all  accounts  producing  or  costing  cash. 
The  amounts  distinguished  as  "  per  petty  Cash-Book,"  are  entered  here  from  a  book  contain- 


Dr. 


Oeisli. 


\ 

Nfae. 

Sundries. 

balance*. 

I860 

July 

1 

Amount  on  hand    .     .     .     .    : 

6725 

20 

1 

Mdse.                Sales,  per  petty  Cash-Book    .   i          97 

50 

I 

t/ 

500 

3 

Mdse.                 Sales,  per  petty  Cash-Book    .            125 

5 

V/ 

Loan                  Return  from  J.  E.  Jenkina      .    ; 

1000 

0 

J.  H.  Lewis    Received  in  full  of  %    .    .    . 

1200 

8 

Mdse.                Sales,  per  petty  Cash-Book    .    j       157 

10 

Mdse.                Sold  W.  P.  Pratt,  Cin'ti,  (S.  B.)           714 

28 

1  i 

v/ 

W.  Pennel     In  full  of  %     

483 

50 

12 

Mdse.                Sold  C.  Claghorn,  Illinois,  (S.B.) 

433 

12 

14 

V 

Bills  Rec'ble  John  Gundry's  note  due    .    . 

1580 

15 

Mdse.                Sales,  per  petty  Cash-Book    .           1  1  5 

75 

18 

V 

Bills  Rec'ble  S.  S.  Pomroy's  note  discounted 

1000 

21 

Mdse.                 Sales,  per  petty  Cash-Book      .            127 

50 

25 

V 

Bills  Rec'ble   Starr  &  Co.'s  note  discounted 

1425 

48 

25 

Mdse.                Sold  Bidwell  <t  Co.,  Adrian(S.B.)       400 

27 

Mdse.                Sales,  per  petty  Cash-Book    .           275 

',10 

Mdse.                 Sales,  per  petty  Cash-Book     . 

83 

31 

V 

R.  Barker        Rec'd  in  full  of  %     .... 

1000 

2528 

15 

8188 

98 

Mdse.  Sales  for  Cash      .     . 

2528 

15 

Total  Cash  received  during 

10717 

13 

10717 

13 

17442 

"33 

Aaig 

1 

Balance  on  hand    .... 

G613 

06 

3 

Mdse.                Sold  C.  R.  Caulkins,  Del.,  (S.  B.) 

739 

03 

3 

Mdse.                Sales,  per  petty  Cash-Book    . 

89 

27 

5 

V 

Interest             Discount  on  note  favor  G.  A.  C. 

19 

41 

/» 

./ 

Bills  Rec'ble  I>isc.  0.  C.  &  E.  C.  Wright's  note 

1  4jio 

S9 

7 

Mdse.                 Sales,  per  petty  Cash-Book     . 

150 

10 

Mdse.                Sold  Geo.  A.  Crocker,  per  S.  B.        <ji*> 

75 

12 

Mdse.                 Sales,  per  petty  Cash-Book    .           o]g 

50 

17 

Mdse.                Sales,  per  petty  Cash-Book    .           375 

2( 

Mdse.                Sold  Paul  Roberts,  per  S.  B.   .           903 

40 

2: 

Mdse.                 Sales,  per  petty  Cash-Book    . 

175 

25 

v/ 

Bills  Rec'ble   Discounted  C.  C.  Jones's  note  . 

945 

94 

25 

Mdse.                 Sold  M.  Tompkins,  per  S.  B.  .           4(50 

75 

31 

Mdse.                 Sales,  per  petty  Cash-Book     .            115 

4159 

30      2398   24 

Mdse.  Sales  for  Cash      .     .     . 

4159   30 

G557 

54 

Total  Cash  rec'd  during  mouth 

G557    54 

13170J  60 

t 

M                                  -              -  -  -n 

i 

i                    ll 

142 


SET  V. 


ing  sales  too  insignificant  to  be  entered  on  the  regular  Sales  Book.  The  column  headed 
"  Balances,"  will  be  found  very  convenient  for  the  purposes  for  whieli  it  is  used.  The  Check 
marks,  in  the  column  following  dates,  are  made  to  indicate  that  the  amounts  opposite  in  the 
"Sundries"  column  have  been  journalized.  Were  these  amounts  posted  direeilj  to  the 
Ledger,  the  Ledger-page  would  be  written  instead  of  the  Check-marks. 

Osusli.  <£r. 


I860 
July 

Aug 

1 
1 
3 

r> 

5 
5 

7 
10 
10 
12 
15 
18 
20 
23 
25 
25 
25 
25 
29 

V/ 
V/ 

V 
v/ 

V 

V 

V 
V 

v/ 

y 
y 

Mdse.                    Paid  duties,  per  Foreign  T.  B.      .... 
Mdse.                     Olmstead's  Invoice,  per  Dom.  I.  B.        .     . 
Expense                Francis  &  Loutrel's  Stationery  Bill  .    .    . 

*,,« 

01 
76! 

21 

52 

SO 
G3 

Sundries. 

300 
1303 

44 
2312 

46 

105 

893 

16 

1000 

8 
100 
185 

55 

16 

150 

4000 

65 
50 

17.') 

75 

92 

44 

Expense                Postage  Stamps,  $3  ;  Drayage,  ^5     ... 
S.  S.  Packard      Paid  him  on  Private  %  

liichard  Beale    Paid  him  in  full  of  %     

Mdse.                     Duties  as  per  Foreign  I.  B     

Mdse.                     Clafflin,  Mellen  &  Co.'s  Inv.,  per  Dom.  I.  B. 

Interest                  Discount  on  Pomeroy's  note     ..... 

J.  T.  Calkins      On  Private  %    ' 

Bills  Pavable      Note  favor  H.  G.  Smith  due    . 

t/ 

Mdse.                     A.  T.  Stewart  «fe  Co.'s  Invoice,  per  Dom.  I.  B.  ; 
Expense                Clerk  hire  &40-  &25       

Interest                 Discount  on  Starr  &  Co.'s  note    .... 
D.  V.  Bell            On  private  %    

5007 

16 

*«*>.-> 

5007 

11 
Hi 

Total  Cash  paid  out  during  the  month  .     . 

10829 
6«1S 

1711-2 

27 
06 

33 

1 

2 
5 
6 
10 
12 
15 
20 
20 
25 
25 
31 

\/ 

\/ 
V/ 
V/ 

v/ 

v/ 
v/ 

V 

Expense                Paid  Drayage,  $10;  Porterage,  $7.50    .     . 

276 

45 
1492 

38 

27 

58 

17 
500 
1406 

49 

100 
150 

13 

3-2 
50 

50 
60 

19 
75 

Bills  Payable      Discounted  Note  favor  Geo.  A.  Crocker     . 
Interest                 Discount  on  0.  C.  <fc  E.  C.  W.'s  note     .    . 
Mdse.                     Duties,  as  per  Foreign  I.  B  
Expense                Paid  Drayage,  on  a/c       

Mdse.                    Bot.  of  Grinnell,  M.  &  Co.,  per  Dom.  I.  B.    ' 
Expense                Porterage,  $5  ;  Postage,  $3  ;  Charity,  $5    . 

1814 

23 

2339 

0-4 
23 

Total  Cash  paid  for  the  month    .... 

4153 
9017 

27 

S3 

13170 

60 

i 

i 

143 


BILL    BOOK— SET    V. 


.  THE  Bill  Book  can  never,  with  advantage,  be  made  a  principal  book,  from  which  to  post; 
although  some  authors  have  attempted  so  to  use  it.  The  form  presented  below  is  the  best 
tor  general  purposes,  although  the  arrangement  in  the  former  example  is  more  comprehensive 

Bills    Receivable. 


Ao. 

1 

TF/f«ra 
Kec'ed. 

Dniwtr  or 
Endomtr. 

Drawee  or  Jlulcer. 

~ 

Time 

W>HM 
but,. 

A  mo  n  lit. 

When  <in<r  ffmo 

July  1 

II.  W.  Ellsworth      John  Gundry      .    . 

Jan.  11 

fi  mo. 

July  14 

* 
15(10 

cts 

00 

July 

14 

Paid. 

2 

"     1 

Daniel  Atwood     . 

S.  »S.  Pomroy.     .     . 

Mar.  12 

8  mo. 

Nov.  15 

lot  10 

'M 

« 

13 

DutffeL 

3 

"     1 

P.  B.  &  Co.      .    . 

Gordon  Bailey    .     . 

July    1 

8  mo. 

Mar.    4 

8!<1 

35 

4 

**          I 

II.  15.  Bryant   .     . 

Ira  Packard    .     .     . 

"       1 

t5  mo. 

Jan.    4 

273 

r.2 

5 

"    5 

Paul  Roberts   .     . 

Hiram  Newell      .     . 

"       5 

ti  mo. 

"      8 

6»7 

54 

6 

"   10 

H.  D.  St  nil  ton 

Baldwin,  L.  &  Co.  . 

"     10 

8  mo. 

Mar.  13 

8411 

33 

7 

"  15 

I'.  B.  A  Co.  .     .     . 

E.  Mussey  &  Co. 

"     15 

8  mo. 

"     18 

923 

25 

8 

"  20 

d.  G.  K.-id    .     .    . 

Starr  &  Co.     .     .     . 

"     20 

6  mo. 

Jan.  23 

1425 

48 

J«lj 

£5 

Dirfit 

'.i 

"  aa 

Jno.  U.  Itinde 

Murray,  S.  &  Co.     . 

"     22 

8  mo. 

"     25 

14HO 

14 

10 

"  28 

WTII.  P.  Eaiou 

E.  C.  Packard      .     . 

"     28 

8  mo. 

Mar.  31 

171 

04 

11 

Aug.  1 

James  Atwuter     . 

O.C.AE.  C.Wright 

Aug.   1 

t>  mo. 

Feb.    4 

1432 

89 

Asf. 

e 

DitttA 

12 
13 
14 
15 

"     5 
"     8 
"   15 

"  17 

P.  B.  A  Co.      .     . 

. 
do 

David  S.  Huadley    . 
J    D    llinde  &  Co 

"       5 

"       8 
"     15 
"     17 

8  mo. 
8  mo. 
8  mo. 
0  mo. 

April  8 
"     11 
"     IS 
Feb.  20 

527 
752 
908 
!i45 

00 

29 
94 

85 

J.  0.  Kut  on      .    . 
P.  B.  &  Co.      .    . 

W.  H.  Woodbury    . 
C.  C.  Jones     .     .     . 

u; 

"  25 

do       ... 

C.  J.  Dietrich      .     . 

"     25 

8  mo. 

Apr.  28 

402 

50 

17 

"  25 

do       .     .     . 

Baldwin  &  Co.     .     . 

"     25 

b  mo. 

"    28 

717 

47 

U 

"  27 

do       ... 

Ubsdell,  P.  &  Co.    . 

"     27 

8  mo. 

"     80 

3303 

71 

in 

"C3 

uo       ... 

Raymond  &  Co.  .    . 

"    J8 

S  i  no 

May     1 

C11 

72 

20 

"  30 

do       ... 

Jonas  Siration    .     . 

"     30 

8  uio. 

"       3 

457 

00 

13  ills    Fay  able. 


Vo. 
1 

Wl,en 
Jan.  20 

r>f<nrer  or 

bruwee  <>r  Maker. 

Date. 

Time. 

Wli  en 

Amount. 

n'fim  miff  how 

H.  G.  Smith  &  Co.     P.  B.  &  Co.     ... 

Jan.  20 

6  mo. 

1  Sl',0 

July  23 

4000 

cts 
00 

July 

28 

Faid. 

2 

Mar.    1 

A.  S.  Preutiss  .     . 

do           ... 

Feb.  26 

8  mo. 

Oct.  29 

3500 

00 

8 

Apr.  12 

Geo.  A.  Crocker  . 

do           ... 

Apr.  12 

6  mo. 

Oct.  15 

1420 

00 

Ang. 

5 

Diac'to. 

4 
5 

July    5 
"     10 

C.  F.  Spalding      . 
J.  Walker  .    .    . 

do           ... 

do           ... 

July    5 
"     10 

4  mo. 
8  mo. 

Nov.   8 
IStU 
Mar.  13 

553 
lOOtJ 

57 
64 

9 

"     20 

E.  Lambert  h,  Co. 

do           ... 

"     20 

8  mo. 

"    23 

660 

78 

T 

Aug. 

W.  G.  Hunt     .    . 

do           ... 

Aug.  10 

8  mo. 

Apr.  13 

708 

40 

8 

** 

Arnold  &  Co.  .    . 

do          ... 

"     20 

8  mo. 

"    S3 

1926 

14 

144 


INVENTORY    BOOK. 


INVENTORY    BOOK. 

THIS  bonk  is  used  to  enumerate  the  different  articles  of  unsold  mere-hand  se,  at  such  turn*, 
as  may  be  deemed  desirable.  It  is,  in  this  instance,  purely  an  auxiliary,  the  amount  <•!' 
merchandise  on  hand  being  included  in  the  opening  journal  entry.  Inventories  are  frequently 
copied  into  one  of  the  Invoice  Books ;  but  a  separate  book  is  preferable. 


Marks. 


Not. 


Mdse.  on  hand,  July  1,  1860. 


Price. 


Amount. 


<S>  R. 

49 

1  case  Prints      

1905 

10 

iqn 

^0 

60  pieces  Doeskin    

IR4.O 

i  '±\ 

21  m"; 

7O 

II.  M. 

1  bale  Brown  Sheetings   

fj({'}2 

1  1 

fti 

<ls 

© 

192 

1  case  Black  Tabby  Velvet  . 

7Qf> 

9  ft3 

010 

QO 

.  <$>B. 

1 

J 

1  case  Paper  Cambrics     

2000 

06" 

10^ 

8 

21  pairs  White  Blankets  

Q  4.Q 

79 

n'i 

B 

1  bale  Denims  

5(iQ 

10" 

)=LQ 

74 

1072 
1()60 

41  pcs.  Blk  and  Wht  Tweeds      .... 
3  pcs.  Blk  Doeskin      

13692 
70 

.25 

noa 

342 
ftj. 

37 

7^ 

10S5 

21     "     Fancy  Cassimeres       

r,7,'.i 

60 

«>/«c 

71 

197 

17    "     Blk  Satinet  

4ft() 

59* 

o4D 
9J.fi 

00 

.<£>  W. 

1  case  Printed  Jaconets  

°0  1  0 

12* 

9M 

i  9^ 

<A>F. 

1    "     Woolen  Shawls     

(50 

480 

9m 

40 

231 

26  pcs.  Blk  Bombasin  

900 

872 

7^7 

^0 

itf 

37    "     Duck       

1  '•*<>•> 

1  ^ 

OAsi 

!  oi) 

1289 

2  bales  Blk  Wadding       ....    doz. 
110  Robes       

80 

.22 

1  riO 

17 
i  i\  r\ 

60 

fATE| 

1  case  Cottonades        

687' 

OOS 

1  '"\4. 

63 

*.  &x. 

62 
M. 

10  cases  Cotton  Damask    
150  doz.  Gent's  Linen  Ilclkfs      .... 
150  pcs.  Diaper  ..... 

5400 

.16 

4.50 

QO 

864 
675 

1  ^=i 

50  -f-  Blav  Linens      

1931  2 

17 

^9ft 

3^ 

A.  S. 

1  case  Delaines      

1300 

05 

QO^ 

. 

190 

4 

1    "     Blk  Alpacas      
1     "     Opera  Flannel  

910 

7~)0 

.27* 
37* 

250 
9s  1 

25 
25 

3024 

1     "     D.  Bege  

H(')4 

O^i 

(U 

100  doz.  Men's  Gloves  

2  "iO 

9^0 

140    "     Ladies'  Lisle  Gauntlets      .     .     . 
5    "         "      Kid  Gloves     

4.46 
6  o^ 

624 
^1 

40 

91* 

130 

1  bale  Stark  Brown  Sheetings      .     .     . 
1     u     4-4  Shaker  Flannel  

829 
337* 

.08* 

4T 

70 
1  ">1 

46 

88 

12  pes.  Green  Veil  Barege   

9()o 

OQ 

ri8 

1066 

1  case  Solid  Check  Ginghams 
25  pcs.  Coburgs      

•2394 
525 

.14 
50 

335 

2(52 

16 

50 

1  case  Silecia   . 

9->00 

(i(ii 

O<V-» 

*>n 

4595 

1     "     Linseys 

l  Op.fV2 

172 

00] 

64 

)   E.  S. 

Corset  Jeans  
1  bale  Eagle  Ticks    

17251 

700 

.06 
.11* 

103 

80 

51 
50 

11432- 

84 

•1 

L. 


Y.< 


145 


JOURNAL— SET   V. 

NEW   YORK,    JULY   1,    I860. 


Sundries  To  Sundries 

Resources  and  Liabilities  of  S.  S.  Packard, 

D.  V.  Bell,  J.  C.  Bryant,  and  J.  T.  Calkins, 
partners  in  the  firm  of  "  Packard,  Bell  <fe 
Co.,"  doing  a  general  Jobbing  and  Import 
ing  business  in  the  City  of  New  York ; 
as  taken  from  the  Balance  Sheet  of  their 

last  Ledger : 
/"i    i. 
Cash  Amount  on  hand,  per  Cash  Book      .    .    .    I      (J725     20 

Merchandise  "  "  Inventory  Book     .     M 1432 1  §4 

Bills  Receivable  Notes  on  hand,  per  Bill  Book      ....          2580 

Store  Rent  Advance  payment  for  rent 2000 

John  Lewis  Balance  of  % 1700 

Robert  Barker  "  1000 

William  Pennel  "  \       4gg 

To  Bills  Payable  Notes  outstanding,  per  Bill  Book     .    .    .  8926 

R  P.  Beale  Balance  of  %    . 

S.  S.  Packard  Net  Investment 4202    63 

D.  V.  Bell  "  4202    63 

T  rp  r,  f,  .  4202    64 

J.  T.  Calkins  42Q2 

31 

Merchandise  To  Sundries 4381     10 

To  Bills  Payable     For  the  following  Invoices  per  Com.  I.  B. : 

From  C.  F.  Spalding,   July  5,       $553.57 

"     J.  Walker  &  Co.    "    10,       1006.64 

E.  Lambert  &  Co.  "  20,  660.73  2220  94 
To  S.  B.  Higgins  Invoice  of  July  1,  per  For.  I.  B.  ~ — : — I —  1252  55 
"  Johnson,Q.&Co.  "  10,  "  ...  221  11 
"  A.  &  J.  Bailey  "  15,  «  ...  246 
"  S.  T.  Horton  "  25,  "  ...  440  u 
„  

Bills  Receivable  To  Merchandise 6711    70 

Sales  for  the  month,  per  Sales  Book : 

Gordon  Bailey,   July    1,  $891.35 

Ira  Packard,  "       1,  273.52 

Hiram  Newell,         "       5,  697.54 

Baldwin,  L.  &  Co.  "     10,  869.38 

E.  Mussey  &  Co.     "     15,  923.25 
Starr  &  Co.              "     20,               1425.48 
M.  Shipley  &  Co.    "     22,               1460.14 

Edwin  C.  Packard  "    28,  171.04  6711     70 


Cash 

To  Mdse. 

"  John  II.  Lewis 

"  Loan 

"  Wm.  Pennel 

"  Bills  Rec'ble 

"  Robert  Barker 


To  Sundries 10717 

Receipts  per  Cash  Book : 

Total  Sales  for  Cash 

Rec'don  %,  $500;  $1200 

Return  from  J.  E.  Jenkins 

In  full  of  % 

Rec'd  on  Notes,  $1580  ;  $1000  ;  $1425.48 
In  full  of  % 


13 


2528 


15 


1700 
1000 
483  j  50 

4005  ;48 
1000 


47731 


47    47731 


47 


146 


JOURNAL  —  SET  V. 

NEW    YORK,    JULY    31,    I860. 

Sundries  To  Cnsh 10829    27 

Disbursements  per  Cash  Book: 

Mdse.  Purchases,  etc.,  for  Cash ;      5007     16 

Expense  As  per  Items,  $16.75;  $8;  $55;  $65     .  144    75 

Loan                                Lent  J.  E.  Jenkins 1000 

S.  S.  Packard                Paid  on  private  % 100 

Richard  Beale             In  full  of  % 185 

Interest                           Per  Items,  $16.92 ;  $50.44 67    36 

J.  T.  Calkins                 Paid  on  private  % 150 

Bills  Payable  Redeemed  note  favor  J.  H.  Smith     .    .  4000 

L>.  V.  Bell                     Paid  on  private  % 175 

Aug.  31 

Mdse.  To  Sundries 4277    80 

To  Bills  Payable     Invoices  per  Dom.  I.  B. 

From  Wilson  G.  Hunt,  Aug.  10,   $708.40 

"      Arnold  &  G.  "       20,    1926.14  2634    54 

"  Wm.  Thornton  Invoice  of  Aug.  10,  per  F.  I.  B.      ...  1454    64 

"  >.  Muir&Sons          "         "      20,  "  ...  188    62 

// 

Bill*  Re-'ble  To  Mdse 10089    09 

Sales  for  the  month,  as  per  Sales  Book : 
O.  C.  <fc  E.  C.  Wright,  Aug.  1,     $1432.89 
David  S.  Hoadley,          "     5,        527.00 
J.  D.  Hinde  <fe  Co.,  "      8,         752.57 

Wm.  H.  Woodbury,        "   15,        908.29 
C.  C.  Jones,  "   17,        945.94 

C.  J.  Deitrich,  "   30,         402.50 

Baldwin  <fc  Co.,  "  25,        717.47 

Ubsdell,  Pierson  &  Co.    "   27,      8303.71 
Raymond  &  Co.,  "   28,         641.72 

Jonas  Stratton,  "   30,        457.00  10089    09 


Cash 

To  Mdse. 
"  Interest 
"  Bills  Rec'ble 


Sundries 

Mdse. 

Expense 

Loan 

Bills  Payable 

Interest 

J.  C.  Bryant 


To  Sundries 6557 

Receipts,  per  Cash  Book : 

Total  Sales  for  Cash 

Discount  on  note  favor  G.  A.  C.  .     .    . 
Received  on  notes,  $1432.89  ;  $945.94  . 


To  Cash 

Disbursements,  per  Cash  Book: 

Purchases,  etc.,  for  Cash 

Per  Items,  $17.50;  $100;  $13;  $50.75 

Lent  J.  H.  Tobitt 

Discounted  note  favor  G.  A.  C.     .     .     . 

Per  Items,  $49.60;  $32.19 

Paid  on  private  % 


51 


4159  30 
19  41 

2378  83 


4153  27 

1814  23 

181  25 

500 
1420 
81  79 

150 

35906  97  35906  97 


147 


S3 


'Is 


3 


*1 

pq 
§ 
o 


:Si)5o!3  :  :  :  :  i10  r""1  j"""^  ;  ;r 


o  S 

o 


:I  = 


r 


§<M<N«<N"tCO        ^^'MT—  ^OO.        O4  "^CJQ 

OOOQO  '/>'•/>      *CjO*O^-r-fO      .      *r-t  .      .OOO      ; 

(N'MM'NCi';?*t      !l—  'NOlfM'^O      .  !     ,1^'-'      . 

•*•*•*"*-}.  -oMiurH         r-i::  ;:^-     : 

^     "* 


T 


Lfol. 


=ll  I         ^I;i5ili 


148 


QUESTIONS    FOR    REVIEW. 


QUESTIONS  FOR  REVIEW— SETS  IV.  AND  V 


REMARKS.— PAGE  78. 

1.  What  are  the  peculiar  characteristics  of  Set  IV?  2.  "What  advantage  does  the  Day -Book  in  Journal 
form  have  over  the  Historical  Day-Book?  3.  What  objection  can  be  urged  against  it?  4.  What  is  meant  by 
"  Merchandise  Companies  ?"  5.  In  what  particulars  does  this  species  of  copartnership  differ  from  general  co 
partnerships?  6.  Wherein  do  the  two  methods  of  keeping  Mclse.  Co.  accounts,  as  shown  in  this  set  differ? 
7.  What  is  the  principle  recognized  in  the  _/??•*£  method?  8.  What  in  the  second  method?  9.  Give  an  illus 
tration  of  each.  10.  By  the  first  method,  when  more  than  two  parties  are  interested,  what  entry  should  the 
consignee  make  on  receipt  of  the  property  to  be  sold  on  joint  %1  11.  What  the  consignor  upon  shipping  the 
property?  12.  What  the  other  parties?  13.  By  the  second  method  when  three  or  more  parties  are  inter 
ested,  what  entry  will  the  consignee  make  on  receiving  property  to  be  sold  on  joint  °/c  t  14.  What  the  <wi- 
signor?  15.  What  the  other  parties?  16.  Is  there  any  difference  in  the  final  result  by  these  separate 
methods?  17.  When  is  the  consignee  considered  responsible  by  the  first  method?  18.  When,  by  the  sec 
ond  ?  19.  Which  method  is  absolutely  correct?  20.  What  advantage  has  the  other?  21.  Are  Mdse.  Co.  %'a 
to  be  classified  as  Real  or  Representative  ?  22.  How  may  they  be  made  Real  ?  23.  How  Representative  ? 
24.  What  different  method  of  closing  the  Ledger  is  shown  in  Set  IV  ?  25.  Is  there  any  necessity  for  a 
Jifilance  account  ?  26.  How  can  its  place  be  filled  ?  27.  What  is  the  usual  entry  in  bringing  down  balances 
of  resources  and  liabilities  ?  28.  What  is  the  advantage  of  using  auxiliary  books  ?  29.  Cau  special  books 
of  entry  be  so  used  as  to  dispense  with  the  Journal  ? 

BALANCE   SHEETS,  AND  AUXILIARIES.— PAGES  101   AND  104. 

30.  Explain  the  method  of  ruling  the  Balance  Sheet.  31.  What  advantages  has  this  form  over  any  other 
in  use?  32.  What  objection  may  be  urged  against  a  multiplicity  of  auxiliary  books?  33.  How  is  this  ob 
jection  removed  in  large  establishments  ?  34.  What  are  the  essential  points  in  a  good  business  letter  ?  35. 
Can  a  sufficient  knowledge  of  business  correspondence  be  learnt  from  models  ? 

REMARKS   ON   SET  V.— PAGE   128. 

36.  What  species  of  business  is  represented  by  this  set?  37.  What  is  its  peculiar  feature?  38.  Has 
this  method  any  advantages  over  that  of  consecutive  entries,  hitherto  exhibited  in  this  work  ?  39.  Wherein 
do  such  advantages  consist?  40.  What  difficulty  lies  in  the  way  of  using  the  various  books  of  original  en 
tries  as  principal  books,  from  which  to  post  or  journalize?  41.  What  should  the  Cash-Book  show?  42.  How 
is  it  made  to  show  all  receipts  and  disbursements  ?  43..  What  will  the  difference  between  the  two  sides  of  the 
Cash-Book  represent  ?  44.  When  cash  is  debited  on  the  Cash-Book,  what  is  credited  ?  45.  Is  every  entry 
made  on  either  side  of  the  Cash-Book  really  a  double  entry?  4(>.  What  would  be  a  proper  caption  for  the 
debit  side  of  the  Cash-Book  ?  47.  What  for  the  credit  side  ?  48.  What  credits  are  shown  on  the  debit  side 
of  the  Cash-Book  ?  49.  What  debits  on  the  credit  side  ?  50.  Does  the  same  principle  hold  with  reference 
to  the  Sales  Book  and  Invoice  Books?  51.  Will  you  now  state  the  difficulty  likely  to  occur  in  transactions 
required  to  be  entered  in  two  of  these  books  ?  52.  If  the  peculiar  rights  of  each  book  is  respected,  will  it  be 
proper  to  post  cash  from  the  Sales  or  Invoice  Book,  or  merchandise  from  the  Cash-Book  ?  53.  What  would 
be  the  effect  of  such  posting?  54.  How  many  methods  are  there  of  avoiding  this  difficulty?  55.  What  is 
thefiret?  56.  What  the  second  ?  57.  Which  of  these  two  methods  is  preferable  ?  58.  Which  is  adopted 
in  this  Set?  59.  What  does  the  Inventory  Book  in  this  Set  contain,  and  how  is  it  used?  60.  What  does 
the  Domestic  Invoice  Book  contain  ?  61.  What  entries  are  passed  to  the  Ledger  from  this  book  ?  62.  What 
does  the  Foreign  Invoice  Book  contain  ?  63.  The  Sales  Book  ?  64.  With  what  will  the  total  credit  of  Mer 
chandise  account  for  the  month  agree?  65.  Will  you  explain  the  characteristics  and  use  of  the  Cash-Book  ? 
f)ti.  Are  all  the  debits  and  credits  appearing  on  the  Cash-Book  posted?  67.  Wb*t  amounts  are  entered  in 
the  "Sundries"  column?  68.  How  are  these  amounts  posted?  69.  What  does  the  check-mark,  opposite 
these  amounts  denote  ?  70.  What  would  be  written  instead  of  tho  check-marks  were  the  amounts  posted 
Jircctly  from  the  Cash-Book  ?  71.  Can  the  Bill  Book  be  used  to  advantage  as  a  principal  book  ? 


SINGLE    ENTRY 
CHANGED    TO    DOUBLE    ENTRY, 

WITH     AMPLE     ILLUSTRATIONS      AND     EXPLANATIONS, 

EMBRACING 

TWO  DISTINCT  SETS  OF  BOOKS  BY  SINGLE  ENTRY, 

ONE   REPRESENTING   THE   BUSINESS    OF   A    RETAIL   MERCHANT    AND    THE    OTHER   THAT    OF 
A    BUILDER,    BOTH   OF    WHICH   ARE 

CHANGED  TO  DOUBLE  ENTRY,  AND  THE  BUSINESS  CONTINUED. 


IN    TtTB    LATTER   SET   A    DISSOLUTION   OF   COPARTNERSHIP   TAKES    PLACE,    ANT)   THE    STUDENT    IS 
TO    WHITE    UP    ORIGINAL    TRANSACTIONS    To    COMPLETE    THE    SET. 


CHANGING    SINGLE,  TO    DOUBLE    ENTRY. 


CHANGING  SINGLE,  TO   DOUBLE  ENTRY. 

WE  have,  so  far,  omitted  any  special  instruction  in  Single  Entry  Book-keeping  for  the 
reasons,  first,  that  we  desired  not  to  distract  the  mind  from  the  more  important  consid 
erations  bearing  upon  the  science  of  Accounts,  and  secondly,  that  we  deemed  it  much  more 
easy  to  explain  the  characteristic  features  of  Single  Entry,  to  one  thoroughly  familiar  with 
the  principles  of  Double  Entry. 

We  have  distinguished  DouMe  Entry  Book  -keeping  as  the  "  science  of  Accounts,"  because 
its  theory  rests  on  scientific  principles,  and  its  work  is  susceptible  of  scientific  analysis.  Single 
Entry,  although,  by  no  means,  devoid  of  excellences  as  a  system,  cannot  properly  be  called  a 
science.  It  is,  however,  the  beginning  of  a  science;  bearing  about  the  same  relation  to  Double 
Entry  that  the  three  terms  of  a  compound  ratio  do  to  the  proportion  fully  expressed. 

We  are  not  among  the  number  who  can  see  no  merit  in  a  system  that  does  not  square  in 
all  respects  with  our  notions  of  symmetry  and  perfeetness ;  and  we  are.  therefore,  quite  ready 
t«>  accord  to  Single  Entry  Book-keeping,  all  the  merits  it  may  possess.  But  the  chief  difficulty 
in  the  matter  is  to  decide  upon  the  fact  and  extent  of  Single  Entry  ;  and  this  difficulty 
becomes  the  more  intense  the  more  \ve  seek  its  solution  by  any  standard  afforded  in  actual 
business.  While  all  scientific  accountants  bv  Double  Eutrv  must  agree  as  to  the  necessity 

tt  m  ti 

of  equal  debits  and  credits — no  mutter  through  what  forms  expressed,  Single  Entry  account 
ants  differ  m  this  regard,  according  to  the  amount  of  light  they  may  have,  or  the  condition  of 
the  precedents  which  they  follow.  Thus,  while  some  would  represent  on  the  Ledger  only 
accounts  with  individuals,  others  who  have  had  the  ingenuity  to  concoct,  or  the  good  sense  to 
ol»serve,  find  an  advantage  in  dealing  in  the  same  manner  with  the  other  various  kinds 
i-f  resources  and  liabilities.  This  is,  sometimes,  carried  so  tar  by  intelligent  accountants 
that,  although  without  any  suspicion  on  their  part,  their  l>ooks  will  be  found  to  contain  nearly 
all  the  requisites  of  Double  Entry.  It  is  from  this  fact  that  we  find  it  difficult  adequately  to 
define  Single  Entry. 

Tlte  term  "  Single  Entry,"  as  distinct  from  "  Double  Entry,"  has  reference  more  particu 
larly  to  the  fact,  that  for  every  separate  Day  Book  entry  but  one  posting  is  made  to  the 
Ledger ;  but  to  what  extent  these  single  Day  Book  entries  shall  be  carried,  or  how  much  re; J 
information  contain,  has  never  yet  been  decided  by  authors,  teachers,  or  business  men.  It  is 
tonally  understood,  however,  that  the  difference  in  the  two  systems  consists  mainly  in  the  fact 
Uuit  while  the  Single  Entry  Ledger  contains  only  accounts  with  persons,  Double  Entry  deals 
also,  and  in  like  manner,  with  property  and  causes. 

We  have  shown  in  the  previous  lectures  that  Double  Entry  Book-keeping,  or  the 
u  Science  of  Accounts,"  comprises  a  perfect  and  continual  record  of  resources  and  liabilities; 
and  we  may  now  say,  contradistinctively,  that  Single  Entry  comprises  an  imperfect  record  of 
resources  and  liabilities ;  or,  rather,  a  record  of  only  a  portion  of  them.  Whenever  this 
deficiency  is  supplied  the  requisitions  of  Double  Entry  are  met.  Therefore, 

To  CONVERT  SINGLE,  TO  DOUBLE  EXTRY  BOOKS,  open  such  additional  accounts  in  the 
Ledyer  as  are  necessary  to  exhibit  the  entire  resources  and  liabilities  of  the  concern. 

If  accounts  have  been  previously  opened  with  the  partners,  or  an  account  with  Stock,  as 
the  case  may  be,  representing  investments  and  sums  withdrawn,  it  will,  of  course,  be  necessary 
first  to  Tarry  the  gain  or  loss  of  the  business  to  those  accounts,  as  a  perfect  record  of  resources 
and  liabilities  cannot  otherwise  be  made.  The  method  of  ascertaining  such  gain  or  loss 
nil1  be  shown  in  the  succeeding  statement. 

152 


CHANGING    SINGLE,  TO    DOUBLE    ENTRY. 

It  will  thus  bp  seen  that  Double  En»ry  is  hut  a  continuation  of  Single  Entry ;  traveling 
with  it  hand  in  hand,  as  far  as  it  goes,  but  carrying  out  its  principles  to  their  full  symmetry 
and  perfection.  Tin  use  who  array  formal  objections  against  the  practice  of  Double  Entry,  on 
account  of  its  intricacy,  its  additional  labor,  or  its  departure  in  any  sense,  from  the  recognized 
principles  of  debits  and  credit  as  practised  in  Single  Entry,  evidently  do  not  know  of  what 
thev  speak.  In  changing  a  set  of  books  from  Single  to  Double  Entry,  it  is  not  necessary  to 
disturb  any  account  already  opt- ned  in  the  Ledger,  nor  to  keep  any  such  account  differently 
thereafter.  This  tact  will  be  clearly  shown  in  the  illustrations  given. 

hi  the  exercises  which  follow,  we  have,  first,  a  set  of  Single  Entry  Books,  comprising  :i 
Cash  B_>ok,  Day  Book,  and  Ledger.  The  Cash  B.x>k  is  for  the  same  purpose,  and  kept  some 
what  upon  the  same  principle  as  the  Double  Entry  Cash  Book,  the  only  difference  being  ic 
the  form  of  recording  entries.  As  we  neither  journalize  nor  post  from  the  Single  Entry  Cash 
Book,  it  is  not  ntcessary  to  specify  Ledger  titles,  as  in  Double  Entry ;  the  object  of  the 
Single  Entry  Cash  Book  being  Dimply  to  complete  the  record  of  transactions  omitted  in  the 
Day  Book,  and  to  keep  the  necessary  check  upon  receipts  and  disbursements  of  cash. 

It  is  also  customary,  in  connection  with  Single  Entry  Books,  to  keep  a  Bill  Book,  for  the 
purpose  of  recording  Bills  Receivable  and  Bills  Payable.  If,  in  addition  to  these,  we  should 
keep  an  Invoice  Book  and  a  Sales  B«x>k,  either  separate  or  together,  for  the  purpose  of 
recording  purchases  and  sales  of  merchandise,  we  should  embrace  nearly  all  the  requisites 
of  Double  Entry;  the  chief  difference  being  that  instead  of  showing  the  entire  result  upon  the 
Ledger,  we  divide  the  honor  among  these  various  auxiliaries. 

In  the  illustrations  given  we  have  shown  first,  a  Single  Entry  Ledger,  containing  only 
personal  accounts,  and  next,  the  additional  accounts  necessary  to  constitute  a  Double  Entry 
Ledger.  In  the  student's  manuscript  these  two  parts  will,  of  course,  be  urdted,  forming 
together  a  Double  Entry  Ledger,  fulfilling  the  requisites  of  equal  debits  and  credits,  and, 
consequently,  equal  resources  and  liabilities.  The  intervening  statement  preparatory  to 
chaii<nnjr.  should  be  closelv  examined,  and  thoroughly  understood. 

• 

The  memoranda  of  transactions  following,  are  intended,  of  course,  to  be  regularly 
written  up  and  posted  to  the  Ledger  as  changed ;  and  the  general  results  exhibited  according 
to  the  principles  already  laid  down. 

To  one  who  fully  appreciates  the  advantages  of  Double  Entry,  no  argument  nor  illustra 
tion  will  be  necessarv  to  enforce  its  entire  superiority  over  any  other  system,  notwithstanding 
the  crude  notions  sometimes  expressed  by  those  whose  very  position  should  render  ignorance 
on  so  vital  a  point,  inexcusable ;  but  it  should,  nevertheless,  be  the  aim  of  every  intelligeut 
accountant  to  place  himself  beyond  the  pale  of  prejudice,  and  let  him  not  insist,  because  he 
esteems  his  own  way  best,  that  there  can  be  no  merit  in  any  other. 

It  is  but  natural  that  men  who  have,  for  a  lifetime  been  familiar  with  a  certain  routine  of 
transactions,  expressed  through  a  certain  medium,  should  become  unalterably  attached  to 
both,  and  should 'look  with  jealousy  upon  any  thing  savoring  of  innovation.  It  is  the  duty  of 
the  accountant,  who  acts  simply  as  such,  to  humor  prejudices  of  this  kind,  rather  than  abuse 
them,  and  thus  show  his  own  superiority,  by  making  even  inadequate  forms  convey  more 
substantial  and  extended  information  than  their  friends  and  advocates  have  claimed  for  them. 

The  chief  advantages  of  Double,  over  Single  Entry,  consist,  first,  in  the  security  afforded 
by  the  Trial  Balance  test  and  next,  in  designating  the  particular  channels  through  which 
gains  and  losses  come.  The  fact  of  gains  and  losses,  and  the  exact  amount  of  either  can  be 
as  well  ascertained  by  Single  Entry,  provided  we  have  the  means  of  knowing  that  the 
work  is  correct. 

U  153 


1800. 


CASH  BOOK,— SINGLE  ENTRY. 

Pteoeipts. 


Jan. 


9 
9 
10 
12 
13 
15 
15 


16 
16 
17 
20 
22 


31 


James  Mason's  Investment 

Robert  Walker's  Investment 

John  Simmons,— Coat,  $20 ;  Pants,  $9.50 ;  Vest,  $7    .     . 

Joseph  Kinsey,  on  %       

Miscellaneous  Sales,  per  tickets 

W.  H.  Beebe,— Overcoat,  $35;  Vest,  $7.50;  Cravat,  $1.50 

Miscellaneous  Sales,  per  tickets 

John  Mason,  Invoice  ready-made  Clothing        


Balance  on  hand     .          

Robert  Hall, — 6  yards  blue  Broadcloth,  @  $5      .... 

Wm.  H.  Joeckel, — Business  Suit 

Bill  of  Goods  ordered  by  P.  T.  Barnum 

1  doz.  Hdkfs.  $3 ;  3  doz.  Cravats,  $30 ;  2  doz.  Collars,  $5 

A.  B.  Butts, — Dress  Suit 

Miscellaneous  Sales,  this  week,  per  tickets        


Balance  on  hand 

Bill  of  Goods  to  P.  Evans,  Cincinnati 

3  doz.  Cravats,  $40 ;  5  doz.  standing  Collars,  $13.50  . 
Assortment  ready-made  Clothing, — J.  Allen,  Pittsburg 
Miscellaneous  Sales  for  the  week,  per  tickets  .  .  .  . 


Balance  on  hand 

2  doz.  Cravats,  $30 ;  6  Vest  patterns,  $35  .... 
1  pair  Pants,  $9;  1  dress  Coat,  $25;  1  Cravat,  $1.50  . 
Bill  of  ready-made  Clothing— C.  S.  Sill,  Troy  .  .  . 
6  doz.  Hdkfs,  $20 ;  8  doz.  French  Yoke  Shirts,  $170  . 
Ira  Packard, — Dress  Suit  .... 


1000 
36 

58 

44 

39 

175 


4368 


4156 
30 
23 
350 

38 
40 
450 


5087 


5003 

375 

53 

500 


6311 


6175 

35 
175 
190 

36 
Miscellaneous  Sales,  this  week,  per  tickets '  322 


Balance  on  hand 


6999 


73 


154 


1860. 


CASH  BOOK— SINGLE  ENTRY. 

H)  isbursenients. 


Jan      3      Stationery,  $10  ;  Painting  and  Cleaning,  $15 
7      Seamstress's  wages,  $27;  Clerk  hire,  $10 


John  Jones,  on  % 


nce  e*  nancl 


13  i  Sundry  expenses,  per  Expense  Book 

14  Seamstress's  wages,  $50;  Clerk's  hire,  $18 

aLiixe  on  hand 


19  j  Sundry  expenses,  per  Expense  Book 

20  '  Seamstress's  wages,  $75;  Clerk  hire, 


21 


25 
30 
30 


Office  Desk  and  Chair 
Balance  on  hand 


Sundry  expenses,  per  Expense  Book 
Seamstress's  wages  and  Clerk  hire 
Cutter's  wages  for  the  month 


25  | 
37 
150- 


5087      38 


69D9 


73 


155 


SINGLE  ENTRY  DAY  BOOK. 

PHILADELPHIA,    JAN.    1,    I860. 


James  Mason  and  Robert  Walker  unite  in  copartnership  in  a  Gentlemen's 
Furnishing  establishment.  They  invest  equally,  and  share  equally  in 
gains  ai.d  losses. 


James  Mason,  Cr. 

By  Cash  invested 83000 

"   Merchandise,  per  Inventory 4500 

"    Sundry  Notes,  per  B.  B 750 


James  Mason, 

To  Balance  due  John  Jones 


Dr. 


Robert  Walker,  Cr. 

By  Cash  invested $1000 

"   Store  and  Fixtures 0750         !    7750 


8250 


500 


John  Jones, 

By  amount  owing  him  by  J.  Mason 

2   - 


Cr. 


William  Patterson, 

To  1  Pair  Doeskin  Pants  .... 
"  1  Blue  Broadcloth  Coat  .  .  . 
"  1  Figured  Satin  Vest  .... 
"  12  Pocket  Handkerchiefs,  @  50  c. 

3 


Dr. 

&  9 
22 

7  50 

6 


Joseph  Kinsey,  Dr. 

To  1  doz.  Fancy  Neckties 812 

"    1  £  doz.  Byron  Collars,  @  $3 450 

"   6  Vest  Patterns,  assorted 35 

"    8  yds.  Farmer's  Satin 6 

"   3  doz.  Pairs  Gent's  Hose  .                    .     ....  9 


Contrn, 


Cr. 


By  Cash  on  % 


4    — 


James  M.  Dooley,  Dr. 

To  1  doz.  Fine  Shirts $24 

"    3    "     Lamb's  Wool  Undershirts,  @  $15      ....        45 
"   3    "     Pairs  Flannel  Drawers,  @  $15 45 


Simmer  Packard, 

To  3  yds.  Fine  French  Broadcloth,  @ 
"    12"     English -Cassimere,  @  $2. 

7 

John  Jones, 

To  Cash  Paid  on  % 


Dr. 


24 


Dr. 


500 


66 


15 


114 


39 


150 


50 


50 


156 


SINGLE  ENTRY  DAY  BOOK. 

PHILADELPHIA,    JAN.    9,    18GO. 


Jabcz  Dunham,                                                                                             Dr. 
To  Wedding  Suit,  per  contract 

10  - 

James  M.  Dooley,                                                                                             Cr. 
By  10  Tons  Coal  for  use  of  the  store  @  §5 

12 

Robert  S.  Hay  ward,  Dr. 

To  1  Frock  Overcoat $30 

"    1  Dress  Coat 25 

"   I  Pair  French  Cassimere  I 'ants 1Q 

14 

Erastus  Young,  Dr. 

To  Making  Dress  Coat $9 

Vest 3 

"   Repairing  Coat 2 

16 

Robert  S.  Hay  ward,  Cr. 

By  his  Note  @  30  days  to  Balance  % . 

— — . — — ^ — — — — — — ~— -~_~ . _ » _     I  >y  __—_——————-————— 

David  T.  Fuller,  Dr. 

To  1  Frock  Coat $SO 

"    1  Vest 5  50 

"   1  Overcoat  for  Master  Frank 12 

18    - 

Charles  Claghorn,  Dr. 

To  6  Shirts,  (French  Yoke),  @  $2.50 $15 

"    10  Pairs  Socks,  @  25  eta •  2  50 

"   Drawers  and  Undershirts,  2  each,  $1.  25 5 

20 

Henry  Dwight,                                                                                              Dr. 
To  Frock  and  Pants  for  Master  Silas 

21 

Schuyler  Corbit,  Dr. 

*  To  1  Dress  Coat $23 

"    2  Neck  Ties 3 

"   G  Pocket  Handkerchiefs ^1  50 

25 

Wilson  G.  Hunt  &  Co.  Cr. 

By  Bill  of  Cloths,  per  Invoice 575 

30    - 

Henry  Shaft,  Dr. 

To  1  Pair  Pants $  0 

"    1  Dress  Coat .  .     .        25 


157 


LEDGER— SINGLE  ENTRY. 

James    Ivdlason. 


€r. 


I860 
Jan, 

1 

To  Balance  Due  J.  J. 

1 

500 

1860 
Jan. 

1 

By  Investment 
"  -J  net  gain 

1 

8250 
681 

61 

S3r.                         Ptobert    "Walker.                         €r. 

1860 
Jan. 

1 

By  Investment 
"  $  net  gain 

1 

7750 
681 

i 

62 

ZDr.                                John    Jones.                                <£r. 

I860 
<7a»t. 

7 

To  Cash 

1 

150 

1860 

By  Balance  due  him 

600 

— 

E)r.                          "\Vm.    Fatter  son.                          OTr. 

I860 
Jan. 

2 

To  Sundries 

1 

44 

50 

... 

SDr.                           Joseph.    Kinsey.                           &r. 

I860 
«/an. 

3 

To  Sundries 

1 

r 

66 

60 

1860 
Jan. 

3 

By  Cash 

1 

15 

E)r.                       James    IvH.    IDooley.                       Otr. 

I860 
Jan. 

4 

To  Sundries 

> 

114 

1860 
Jan. 

10 

By  10  Tons  Coal 

1 

80 

dr.                         Sumner    P3aokard..                        dr. 

I860 
./an. 

5 

To  Sundries 

1 

89 

HDr,                            Jabez    IDiinliam.                            (ZTr 

I860 
«/art. 

9 

To  Wedding  Suit 

1 

69 

158 


LEDGER— SINGLE  ENTRY. 

Robert    S.    Kay-ward..  €t. 


1860 
Jan. 

12 

To  Sundries 

2 

65 

1860 
Jaii. 

16 

By  Note  @  80  days. 

2 

65 

Er. 


Erastiis 


1830 
Jan. 

14 

To  Making  and  Repairing 

2 

14 

3D  avid.    T.    Filler . 


Charles    Olagliorn. 


HJr. 


Henry    ID^wiglrt. 


EDr. 


Solmy ler    O  orbit. 


HJr. 


Vv^ilson    O-. 


tHr. 


Henry    Shaft. 


159 


(Cr 


I860 
Jan. 

17 

To  Sundries. 

47 

50 

(dr. 


I860 
Jan. 

18 

To  Sundries 

2 

22 

50 

I860 

l 
20    To  Frock  and  Pants. 

1 

2 

10 

(ZTr. 


I860 
Jan. 

21 

To  Sundries 

2 

27 

50 

Cr. 


I860 

Jan, 

25 

By  Mdse.                   • 

2 

675 

dr. 


I860 
Jan. 

I 
80    To  Sundries 

2 

84 

PROCESS    OF    CHANGING. 


PROCESS  OF  CHANGING. 

The  intelligent  learner  need  not,  at  this  stage,  be  told  that  the  first  requisition  in  opening 
a  Set  of  Double  Entry  Books  is  a  statement  of  resources  and  liabilities.  This  statement  is 
also  necessary  in  Single  Entry  as  often  as  it  is  desirable  to  know  the  progress  or  condition  of 
the  business  ;  either  with  a  view  to  apportioning  gains  and  losses,  or  for  any  other  purpose  whnt,- 
ever.  In  the  preceding  Ledger  we  have  a  systematic  record  of  such  of  the  resources  and  liabili 
ties  as  consist  of  personal  accounts, — the  remainder  must  be  ascertained  from  some  other  source. 

Inasmuch  as  the  partners  were  credited,  each  for  his  net  investment,  we  are  enabled  to 
know  from  their  accounts  what  was  the  original  capital.  If  there  be  now,  either  more  or  less 
net  resources  than  this  original  investment,  the  result  will  show  a  gain  or  loss,  as  the  case 
may  be.  If  a  gain,  the  partners  should,  of  course,  be  credited  in  their  proportionate  shares; 
and  if  a  loss,  they  should  be  debited.  This  will,  again,  equalize  the  resources  and  liabilities, 
and  give  us  sufficient  data  for  a  Double  Entry  Ledger. 

To  this  end  we  present  the  following 

Preparatory  Statement. 


Statement  of  the  Resources  and  Liabilities  of  James 
Mason  and  Robert  Walker,  who  have  this  day  changed 
their  Books  from  Single  to  Doable  Entry. 


•  Resources. 


Personal  Accounts  Receivable  (already  posted) 
Notes  Receivable  on  hand  per  Bill  Book     .     . 

Cash,  per  Cash  Book         

Merchandise,  per  Inventory        

Store  and  Fixtures,  per  cost 


Liabilities. 


Personal  Accounts  Payable  (already  posted) 
James  Mason,  Net  Investment       .... 
Robert  Walker,  "  .... 


413 

815 

6834 

2975 

0750 


Total  net  gain  in  business 

James   Mason's    £ 
Robert  Walker's 


$681.61 
681.  (52 


925 

i  7750 
7750 


50 
73 


17788 


23 


16425 

i 

1363     23 


From  this  schedule  it  will  be  evident  that  wher.  the  above  resources  and  liabilities  are 
duly  entered  upon  the  Ledger — the  resources  to  the  debit,  and  the  liabilities  to  the  credit  of 
the  accounts  representing  them — they  will  lack  just  the  amount  of  net  gain  ($1363.23)  of 
balancing.  If  this  amount,  then,  be  entered  to  the  credit  of  the  partners,  where  it  properly 
fcelongs, 'and  the  additional  accounts  opened,  we  shall  have  the  commencement  of  a  Double 
Entry  Ledger. 

We  now  complete  this  process,  crediting  the  partners  each  for  his  £  gain,  and  opening  ac 
counts  in  the  extended  Ledger  with  the  additional  resources  :  Bills  Receivable,  Cash,  Merchan 
dise  and  Store  and  Fixtures.  These  four  new  accounts  constitute  the  "  change,"  and  will  serve, 
very  clearly,  to  show  the  exact  difference  in  the  two  systems,  so  far  as  the  L,euger  is  concerned. 

160 


LEDGER,— DOUBLE  ENTRY. 

Dr.  Bills    Pleceiveible.  Ctr. 


I860 
Jan. 

31 

Notes  on  hand. 

815 

Dr. 


Oasli. 


Ctr. 


860 
Jan. 

21 

On  hand 

6834 

73 

Dr. 


!M?  er  ch.eiiid.ise. 


J860 
Jan. 

r 

81    On  hand 

2975 

Dr. 


Store    and.    Fixtures. 


OTr. 


I860 
Jan. 

81 

Valuation, 

6780 

IT  is  always  proper  before  commencing  the  current  record  of  business  in  Double  Entry 
Books,  to  ascertain  if  the  Ledger  balances.     With  this  view  we  submit  the  following 


BALANCES. 


Trial  Balance. 


FACE  OF  LEDGER. 


Dr 

Or 

Df 

Or 

S  t°»l 

fii 

r.nn 

cq'H 

fil 

8431 

^0 

62 

.     .          Robert  Walker        .... 

1^0 

8431 

^Ort 

62 

44 

,f>0 

r.A 

-     .          Wm.  Patterson       .... 

44 

fifi 

50 
*so 

1R 

64 
39 

K<) 

.     .          James  M.  Dooley    .... 
Sumner  Packard      .... 

114 

39 

KQ 

50 

1  A. 

47 
22 
10 

50 
50 

.     .          David  T.  Fuller      .... 
.     .          Charles  Claghorn     .... 

47 
22 
10 

50 
50 

1 

27 
04 

50 

575 

J                  o 

.     .          Schuyler  Corbit       .... 
.     .          Wilson  G.  Hunt      .... 
.     .          Henry  Shalt        

27 

^4. 

50 

575 

815 

fiS^d. 

70 

.     .          Bills  Receivable       .... 
.     .          Cash      

815 

fiSS4. 

701 

907^ 

«X)7^ 

7rf| 

6750 

Store  and  Fixtures  .... 

6750 

17788 

S3| 

17788 

23 

18503 

23 

18503 

23 

The  books  are  now  to  be  continued  in  Double  Entry,  from  the  following  transactions, 
v  161 


HISTORICAL  DAY  BOOK— DOUBLE  ENTRY. 

PHILADELPHIA,    FEBRUARY    1,     18GO. 


Sold  Robert  Milburn  for  Cash, 

1  doz.  Suspenders $     4  50 

4     "    Cravats @  $15           ...  00 

3£  "    French  Yoke  Shirts  (fine)     .     @  $30           ...  105 

10"    Standing  Collars      ....     @  $1  80       ...  18 

lo'        O'* 

____^_________________         o  _____________________ 

Received  Cash  for  rent  of  upper  story,  one  month 50 

Paid  Robert  Walker  Cash  on  private  % 100 

Accepted  John  Jones's  draft  on  us  @  30  days,  favor  A.  B.  Butts   .     .     .          350 

5   - 

Bought  of  Dunham  &  Brokaw,  on  our  note  @  60  days, 

Mdse,  per  Invoice 700 

7 

Sold  Wm.  Patterson*  on  %, 

3  doz.  Vest  Patterns (3  $50  .     .     .  $150 

10  yds.  Blue  Broadcloth @  $0  ...  CO 

20  yds.  French  Cassimere      ....  @  $4  ...  80 

Received  of  James  M.  Dooley,  Cash  in  full  of  % (j4 

Paid  the  following  expenses  in  Cash : 

Clerk  hire $  25 

Seamstress's  wages 115 

—      10 

Sold  R.  C.  Davis  &  Co.,  Albany,  on  their  Note  @  4  months, 

Mdse,  per  Invoice .     .    ]       500 

______________^_______ i  n  _^___^______________ 

I.  A     ~ 

Bought  of  James  Dunham,  for  the  private  use  of  Robert  Walker, 

1  Firkin  Butter,  100  Ibs @  25  cts. .   .     .      $25 

1  Bbl.  "  Seek  no  Further"  Apples <> 

1    do    Cider  Vinegar 8 

Paid  him  per  order  on  Sumner  Packard.  „„ 

13 
Received  Cash  of  Joseph  Kinsey,  in  full  of  % 51      rn 

-      15 
Sold  Edwin  Forrest,  on  % 

1  Suit  Fine  Broadcloth 50 

17 
Paid  Advertising  Bill  in  Cash 75 


*  Be  careful  not  to  open  thc'same  account  tvricf. 

162 


HISTORICAL  DAY  BOOK --DOUBLE  EXTRY 

PHILADELPHIA,    FEBRUARY    2O,    18GO. 


Paid  Cash  for  Insurance  on  store  and  contents,  f  %  on  ?4000.*     (Manhat-'j 
tan  Insurance  Co.) 30 

OK 

<,D 

Received  Cash  of  Jabez  Dunham,  in  full  of  %     , 59 

Paid  Expenses  of  store  to  date,  per  Expense  Book ]  50 

9ft 

i&\j 

Our  store  and  contents  were  this  day  consumed  by  fire: 

Value  of  Store  and  Fixtures $.riOOOf 

Mdse  on  hand 2800 

Manhattan  Insurance  Co.  owe  us  per  policy 4000 

28 
Received  Cash  in  full  for  R.  S.  Hayward's  Note,  due  the  18th  inst     .     . 

Received  Cash  of  the  following  persons: 

Erastus  Younjr,  in  full  of  %  .     . 

David  T.  Fuller  "  47  50 

Charles  Claghorn          "  22  50 

Henry  Dwight  "  10 

Schuyler  Corbit  "  27  50 

Henry  Shaft  "  34 

J  155     50 

___  // . 

Paid  Cash  to  Wilson  G.  Hunt,  in  full  of  % !       575 

Received  Cash  of  Manhattan  Insurance  Co 4000 


As  this  insurance  is  to  be  applied  proportionately  on  the  store  and  the  merchandise  it  may  contain,  it  will  be 
more  simple  to  charge  it  to  Expense  account,  or  to  open  a  separate  account  with  "Insurance." 

t  It  is  purposed  to  include  in  this  insurance  both  Store  and  Fixtures  and  Merchandise  at  their  proportionate 
value.  It  is  the  student's  business  to  ascertain  how  much  of  the  $4000  should  be  credited  to  Store  and  Fixtures 
account,  and  how  much  to  Merchandise.  This  cannot  be  difficult,  as  the  basis  of  valuation  is  given. 

163 


TKIAL  BALANCE— INVENTORY. 


Trial  Balance,  Feb.  28. 


James  Mason       I;  8431     61       8431     61 

139              Robert  Walker i;  8431     62       8292     02 

10397     23  jl  114G7     23  '    Cash I;  1070 

1-21H     60ii     3675!               Mdse jj  2463     40 

4135J    90       6750           '.    Store  and  Fixtures i  2614     10 

Bills  Payable        j  1050                1050 

395  395  Expense 

334;     50         334     50  i    William  Patterson 

50!  50  Edwin  Forrest 

1250                1315               Bills  Receivable _  65 

17774J    23     24125     73  24125     73     17774    23 

_ I ; .__[ 

Inventory,  Feb.  28. 
Store  Lot,  valued  at $2000.00 

LOSSES  IN  BUSINESS. 

On  Merchandise 1211.60 

"  Store  and  Fixtures 2135.90 

By  Expense _?9.5.00 

James   Mason's  £  net  loss 81871.25  3742.50 

Robert  Walker's          "  1871.25 


PRESENT  CONDITION  OF  BUSINESS, 

1    Resources.  ~~ 
Cash $10397.23 


Store  Lot       .     .     . 
Bills  Receivable 
William  Patterson 
Edwin  Forrest 


•   Liabilities.""" 

Bills  Payable 

James  Mason,  Investment $8431.61 

?  net  loss .1.871.25 

Present  Interest 

Robert  Walker,  Investment 8431.62 

Amount  drawn 139.00 

i  net  loss         .1871.25.,     2010.25 

*  Present  Interest 


2000.00 

1250.00 

334.50 

50.00 

14031.73 


$1050.00 
6560.36 


6-121.37 
14031.73 


164 


EXEKCISES  FOR  THE  LEARNER. 
EXERCISES  FOR  THE  LEARNER. 

FIFTH  SERIES. 

THE  following  memoranda  of  transactions  will  serve  as  material  for  a  Set  of  Single  Entry 
Books,  which  the  student  is  requested  to  write  up.  Let  him  record  the  receipts  and  disburse 
ments  of  cash  in  the  Cash  Book,  adopting  the  form  used  in  the  previous  Set ;  also,  rule  up  a 
Bill  Book,  after  the  form  on  pages  54  and  55,  in  which  enter  the  Bills,  Receivable  and  Paya 
ble.  Should  he  choose,  in  addition,  to  keep  a  Sales  Book  and  an  Invoice  Book,  in  which  to 
record  receipts  and  sales  of  merchandise,  it  will  much  facilitate  the  labor  of  collecting  resource* 
preparatory  to  deciding  upon  the  gain  or  loss  in  business.  We  have  here  an  important  change 
in  the  business,  occurring  at  the  end  of  the  first  month.  One  of  the  partners  retires  from  the 
concern,  his  interest  having  been  purchased  by  the  remaining  partner,  who  continues  the  busi 
ness  in  the  same  books.  This  is  a  most  important  matter  for  the  student  to  understand,  both 
because  of  involving  in  itself  principles  having  a  general  application  to  the  science,  and  for  the 
reason  that  such  events  in  actual  business  are  of  the  most  frequent  occurrence. 

The  first  thing  to  be  considered  in  buying  or  selling  the  interest  of  a  partner  in  business  is 
to  know  the  exact  pecuniary  amount  of  that  interest,  or  how  much  of  the  net  resources  of  the 
concern  belong  to  him.  His  prospective  interest,  or  the  "  good  will"  of  the  concern,  is  an  after 
and  separate  consideration.  The  interest  which  any  sole  or  partial  proprietor  has  in  a  con 
cern  is  equal  to  his  net  investment,  plus  his  share  of  the  gain,  or  minus  his  share  of  the  loss. 
Consequently,  if  he  has  already  been  credited  with  his  net  investment,  it  is  only  necessary  to 
ascertain  his  share  in  the  gain  or  loss,  which,  carried  to  the  credit  or  debit  side  of  his  account, 
as  the  case  may  be,  will  make  that  account  express  his  real  interest  in  the  business.  Tin's 
principle  will,  of  course,  need  no  enforcement  here,  as  it  has  already  been  so  frequently  ap 
plied  in  its  various  bearings.  The  method  of  ascertaining  gains  and  losses,  where  books  are 
kept  by  Single  Entry,  is  neither  so  direct  nor  satisfactory  as  the  process  by  Double  Entry,  but 
it  can  be  done,  nevertheless,  with  certainty  and  exactness.  That  the  student  may  learn  the 
real  difference  in  the  two  systems,  he  is  requested  to  write  up  the  following  series,  first  in 
Single,  and  next  in  Double  Entry  form.  This  process  will  afford  a  more  appreciable  distinc 
tion  between  the  two  systems  than  could  be  otherwise  obtained. 

Memoranda — Partnership  Books. 

Buffalo,  Nov.  1,  1859. — W.  P.  Spencer  and  E.  R.  Felton  unite  in  copartnership  for  the 
purpose  of  conducting  the  business  of  Building.  Each  to  receive  interest  on  his  average  in 
vestment,  and  the  gain  or  loss  to  be  divided  as  follows :  W.  P.  Spencer,  -^ ;  E.  R.  Felton,  /<j- 

W.  P.  SPENCER  INVESTS  : 

Cash  deposited  in  N.  Y.  and  Erie  Bank,  $5000  ;*  Bills  Receivable  as  follows  :  Note  of  A. 
M.  Clapp's,  favor  of  J.  C.  Bryant,  dated  July  1,  @  6  mo's,  with  interest  @  7fo  from  date, 
$500 ;  Wm.  T.  Bush's  accepted  draft,  drawn  by  II.  Newell,  Nov.  1,  1859,  @  90  d's,  for 
$1500;f  Personal  accounts,  viz.:  Robert  Vail,  $175;  Henry  Gray,  $280;  J.  Pinner,  $300; 
Cash,  $259.58. 

*  If  it  is  deemed  proper  to  keep  a  Bank  account  in  the  Ledger,  it  will,  of  course,  be  subject  to  the  snme  condi 
tions  as  any  personal  account ;  for  such  it  is. 

+  In  determining  the  exact  investment,  it  is  necessary  to  reckon  these  notes  at  their  real  value ;  hence,  the 

165 


EXERCISES    FOR    THE    LEARNER. 

E.  R.  FELTON  INVESTS: 

Cash,  $1500;  Tools,  Implements  and  Materials,  $1000;   Unfinished  Contract  with  Smith 
and  Sons — present  value,  $5000.* 


2d.  Received  from  Smith  &  Sons,  cash  on  %,  1750 ;  Deposited  the  same  in  N.  Y.  &  E. 
Bank.  3d.  Paid  laborers  cash  as  per  Receipt  Book,  8375;  Paid  petty  expenses,  as  per  Ex- 
^pense  Book,  $10.75.  4th.  Bo't  horse  and  dray  for  use  of  business,  for  which  gave  check 
on  N.  Y.  and  E.  Bank,  $250 ;  Contracted  with  A.  II.  Tracy  to  build  for  him  on  Delaware 
Street,  a  brick  residence;  amount  of  contract,  $15,000.  Received  cash,  in  advance,  as  per 
agreement,  $5000.  Deposited  the  same  in  Bank.f  5th.  Paid  plumber's  bill  on  Smith  & 
Sons'  house,  per  check,  $375 ;  Paid  masons  and  laborers  on  Smith  &  Sons'  house,  per  check, 
$150.  6th.  Finished  small  job  for  J.  C.  Gansevoort,  on  South  Division  Street,  for  which  he 
owes  us  $540.64.  7th.  Received  cash  of  J.  C.  Gansevoort  on  account,  $300.  9th.  Entered 
into  contract  with  Millard  Fillmore,  to  build  for  him  a  cottage  on  Niagara  Street,  for  $9000 ; 
Received  cash  on  contract,  $1000.  10th.  Paid  cash  to  C.  Kohler  for  100  M.  pressed  brick, 
@  $11  per  M. ;  Bo't  of  Seth  Pierce,  Lockport,  on  %,  20  bbls.  cement,  @  $1.50.  12th.  Paid 
Dean  Richmond's  draft  on  W.  P.  Spencer,  per  check,  $500 ;  Paid  carpenter's  bill  on  Smith 
&  Sons'  house,  per  check,  $1500.  13th.  Finished  Smith  &  Sons'  contract,  and  delivered  them 
the  keys  of  the  house.  Rendered  bill  for  the  same,  as  per  contract,  $7500,  which  was  ac 
cepted.  J  loth.  Paid  laborers  and  masons  cash,  as  per  Receipt  Book,  $475  ;  Paid  cash  for 
sundry  expenses,  as  per  Expense  Book,  $25.  18th.  Received  of  Smith  &  Sons,  note  @  60 
days,  to  balance  %,  $5750.  20th.  Received  cash  for  small  jobs  this  week,  $400.  21st.  Re 
ceived  cash  of  J.  Pinner  on  %,  $150;  also,  of  Henry  Gray,  in  full  of  %,  $280.  22d.  Paid 
laborers,  per  Receipt  Book,  cash,  $500 ;  Paid  sundry  expenses  in  cash,  as  per  Cash  Book, 
$35.  25th.  Paid  E.  R.  Felton,  cash,  on  %,  $500.  25th.  Finished  job  of  repairing  outhouse 
for  Jacob  Van  Brunt,  for  which  he  owes  us,  as  per  bill  of  items,  $175.  28th.  Paid  cash  to 
laborers  in  full  to  date,  $378.50.  30th.  Paid  office  rent  in  cash,  $50 ;  Paid  Book-keeper  to 
date,  per  check,  $125. 


former  ($500)  having  already  been  on  interest  4  months,  is  worth  its  face  and  the  interest  to  date;  while  the  latter 
($1500),  being  drawn  without  interest,  is  worth  its  face,  less  the  current  rate  of  interest  for  90  days — the  date  of  its 
maturity.  (We  shall,  in  this  case,  assume  the  legal  rate  of  interest  allowed  by  the  State  to  be  the  current  rate, 
which  is1f0.)  Therefore,  in  giving  Mr.  Spencer  credit  for  his  investment,  we  will  estimate  the  value  of  the  first 
note  at  its  face,  $500,  plus  the  interest  on  $500  for  4  mo's,  @  1%,  $11.67,  making  in  all  $511.67  ;  and  the  second, 
at  its  face,  $1500,  minus  the  interest  on  $1500  for  90  days,  @  1  %,  $26.25,  making  $1473.75.  In  the  Single  Entry 
Set  it  will  be  necessary  only  to  credit  Mr.  Spencer  with  these  real  values,  and  enter  the  notes  in  the  Bill  Book.  In 
Double  Entry  it  will  be  proper  also  to  open  accounts  with  Interest  Receivable  and  Interest  Payable,  representing 
the  two  amounts,  which  should  be  arranged  under  those  titles. 

*  It  is  customary,  in  business  of  this  kind,  to  enter  into  written  contract  with  the  parties  for  whom  work  is  to 
be  performed,  and  either  receive  pay  by  regularly  fixed  instalments,  or  at  the  completion  of  the  contract.  In  all 
such  cases,  it  would  be  eminently  proper  to.keep  a  book  containing  a  transcript  of  such  agreements,  and  a  separate 
account  with  each  job.  This  is  often  done,  even  where  the  books  are  kept  by  Single  Eutry.  The  estimated  value 
of  this  "  Unfinished  Contract"  is,  of  course,  based  upon  the  actual  labor  performed,  and  not  paid  for,  and  the 
approximate  gain  thus  far  realized.  The  anticipated  gain  in  the  farther  completion  of  the  work  should,  of  right, 
be  shared  by  the  partners,  the  same  as  gains  accruing  from  new  contracts. 

t  It  would  not,  of  course,  be  proper  to  charge  Mr.  Tracy,  directly,  with  the  amount  of  this  contract,  as  the 
work  is  not  yet  completed.  We  should,  however,  credit  him  on  account  for  the  $5000  advanced. 

I  Smith  &  Sons  now  owe  us  $7500,  less  what  they  have  paid  on  a/Ct  and  with  which  they  Lave  already  been 
credited.  It  is  therefore  proper  to  charge  them  this  amount. 

166 


EXEECISES    FOR   THE    LEARNER. 


Dissolution  of  Copartnership. 

The  copartnership  heretofore  existing  between  W.  P.  Spencer  and  E.  R.  Felton  is  thi« 
day  dissolved  by  mutual  consent,  Mr.  Spencer  retiring  from  the  firm.  The  conditions  of  the 
dissolution  are,  that  the  retiring  partner  shall  receive  for  his  interest,  (as  shown  by  his  account 
after  being  credited  with  his  share  of  the  gain,)  one-half  cash,  and  one-half  note,  payable  iu  six 
months,  with  interest  from  date. 

The  Resources  and  Liabilities  of  the  Concern  at  this  time  are  as  follows : 


Resources. 


Cash  on  hand,  per  C.  B.       .     . 

Balance  in  Bank 

Notes  on  hand 

Interest  due  on  same  .... 

Balance  due  on  personal  ac 
counts  

Horse  and  Dray 

Tools  and  Implements     .     .     . 

Valuation  of  unfinished  con 
tracts 


Liabilities. 


440 

:    8850 
[    7750 

14 
II 


740 

250 

1000 

3500 


22545 


Balance  due  on  personal  ac 
counts     

Interest  for  unexpired  time  on 
Bush's  acceptance   .     17.50 

Do.  on  Smith  &  Sons' 

note 53.67 

W.  P.  Spencer,  net  in 
vestment        .     .     7500 
Int.  on  same    .         44.92f 

E.  R.  Felton,  net  inv.  $7000 
Int.  on  same     .        43.20 

Total  net  gain  .... 
W.  P.  Spencer  ^  .  1 11 3.72 
E.  R.  Felton  .  742.48 


6030 


71 


17* 


7544    92 


7043    26 
1856    20 


22545 


55 


From  the  above  schedule  we  are  enabled  to  arrive  at  the  exact  amount  of  Mr.  Spencer's 
present  interest  in  the  concern,  which  is  the  interest  to  be  purchased.  The  partners  should 
now  be  credited  each  with  the  interest  on  his  average  capital,  and  also  his  share  of  the  gain. 
When  this  is  done,  their  individual  accounts  will  show  their  separate  interests  in  the  concern. 

The  business  will  now  be  continued,  in  the  same  books,  under  the  sole  proprietorship  of 
Mr.  Felton. 


*  It  may  not  be  strictly  true  that  the  concern  owes  this  amount  of  interest;  and  yet,  should  we  desire  to  get  the 
two  notes  cashed,  or  to  receive  their  net  value  in  any  other  commodity,  we  should  be  obliged  to  abate  thus  much 
from  their  face.  In  other  words,  we  have  estimated  the  notes  as  resources  at  more  than  their  present  value,  (for 
the  purpose  of  expressing  the  value  written  upon  them,)  and  we  must  now  offset  this  excess  of  resources  by  a  cor 
responding  liability.  The  same  effect  could  have  been  wrought  by  reckoning  the  notes  at  their  real  value.  The 
present  form  would  be  essential  in  a  statement  drawn  from  a  Double  Entry  Ledger,  where  notes,  either  receivable 
or  payable,  are  always  reckoned  at  their  written  value. 

t  According  to  the  partnership  contract,  each  partner  is  to  receive  interest  on  his  "average  investment."  As 
the  method  of  ascertaining  the  average  capital  is  more  fully  explained  in  its  appropriate  place,  we  shall  only  indi- 
rate,  in  this  connection,  that  the  most  simple  and  direct  method  of  obtaining  this  result  is  to  reckon  interest  on  all 
sums  invested  from  the  date  of  investment  to  the  date  of  settlement,  from  which  deduct  the  interest  on  all  sums 
withdrawn  from  the  date  of  withdrawal  to  that  of  settlement.  The  difference  will  be  the  interest  ou  the  average 
investment. 

167 


EXERCISES  FOR  THE  LEARNER. 


Memoranda — Individual  Books. 

December  1, 1859. — E.  R.  Felton  has  this  day  purchased  the  interest  of  his  former  partner, 
W.  P.  Spencer,  in  the  concern  of  "  Spencer  and  Fclton,"  and  proposes  to  continue  the  business 
in  his  own  name.  Paid  for  the  same,  check  on  N.  Y.  &  E.  Bank,  $4329.32 ;  Note  @  6  mo's, 
with  interest  from  date,  $4329.32.  2d.  Received  cash  in  full  for  principal  and  interest  on  A. 
M.  Clapp's  Note,  due  Jan.  1,  1860 :  Note,  $500 ;  Interest  to  date,  $14.58.  3d.  Paid  cash  for 
tinman's  bill,  for  roof  and  leaders  on  Mr.  Fillmore's  cottage,  $150;  Paid  Charles  Ely's  bill 
in  cash,  for  sills  and  lintels  for  A.  II.  Tracy's  cellar,  $50.  5th.  Paid  workmen  to  date  ir^ 
cash,  $438.50.  6th.  Completed  job  for  S.  G.  Haven,  as  per  bill  of  items,  for  which  he  owes 
$430.  7th.  Paid  cash  for  ton  of  hay,  $20 ;  and  for  50  bushels  oats,  @  75c.,  $37.50.  9th. 
Bo't  of  Jacob  Van  Brunt,  on  %,  10,000  feet  pine  lumber,  @  15c.,  $1500.  10th.  Roc'd  cash 
for  job  of  mason-work,  done  for  Peter  Greiner,  $125.  12th.  Paid  workmen  to  date,  per 
check,  $1475.  15th.  Finished  job  of  mason-work  for  Urial  Driggs,  Tonawanda,  for  which 
he  owes  $275.  20th.  Completed  contract  with  Millard  Fillmore,  and  rendered  him  bill  for 
the  same,  $9000.  22d.  Paid  laborers'  wages,  per  check,  to  date,  $1450.  23d.  Passed  our 
note,  @  60  d's,  to  Merritt  Crandell,  for  bill  of  Lumber  to  date,  $3000.  25th.  Received  cash 
of  Urial  Driggs,  in  full  of  %,  $275.  26th.  Received  cash  of  J.  C.  Gansevoort,  in  full  of  /£, 
$240.64.  27th.  Paid  workmen  in  full  to  date,  per  check,  $563.  30th.  Paid  sundry  expenses 
in  cash,  as  per  Expense  Book,  $175. 

Changing  to  Double  Entry. 

Mr.  Felton  now  proposes  to  change  his  books  to  Double  Entry,  preparatory  to  which  he 
makes  the  following  statement  of  the  condition  of  his  business  :* 


Resources. 


Liabilities. 


Cash  on  hand,  per  C.  B.         .     .  \ 
Balance  in  Bank       ' 

724 
1032 

. 

55 

68  1 

Due  on  personal  accounts    .     . 
"      notes    

6355 
7329 

R9 

Tools  and  Implements  .     .     .     .  • 
Notes  on  hand    I 

1000 
7250 

E.  R.  Felton,  net  investment  . 
net  gain    . 

7785 
1542 

74 
17 

Due  on  personal  accounts      .     . 
Horse  and  Dray      ' 

8755 
250 

Value  of  unfinished  contracts      .  < 

4000 

1 

2:-JUr2 

23 

2:1012 

23 

The  student  is  requested  to  enter  up  these  accounts  in  the  Ledger,  according  to  the  exam 
ples  given  in  the  previous  Set,  and  to  continue  the  business  in  Double  Entry  form,  for  one 
month,  originating  his  own  transactions,  and  closing  his  Ledger  at  the  end  of  the  month, 
according  to  the  principles  of  Double  Entry. 


*  It  will  be  evident,  from  these  frequent  statements,  that  just  as  often  as  it  5s  necessary,  for  any  purpose,  to 
tnow  the  exact  condition  of  the  business,  the  account  or  accounts  representing  the  capital — usually  called  Stock 
Account,  or  Partners'  Accounts — must  be  made  to  agree  with  the  difference  between  the  absolute  resources  of  the 
concern  and  its  outside  liabilities.  In  Double  Entry  Books  this  is  done  by  carrying  to  these  accounts  the  result  of 
the  Representative  accounts,  which  is  the  net  gain  or  loss.  As  there  are  no  such  accounts  in  Single  Entry,  the 
same  object  is  attained  by  taking  the  difference  between  the  capital  at  commencing  and  at  closing,  which  must,  of 
course,  be  the  net  gain  or  loss.  Any  statement  showing  resources  and  liabilities  will  afford  all  the  necessary  mate 
rial  for  Double  Entry  Books,  or  for  any  purposes  of  negotiation  where  partners'  interests  are  concerned. 

168 


FARM  ACCOUNTS: 


INCLUDING 


PRACTICAL     FORM     OF     JOURNAL, 


AND 


OTHER    NEW    FEATURES. 


FARM    ACCOUNTS. 


FARM  ACCOUNTS. 

IN  the  exercises  which  follow,  we  have  sought  to  illustrate,  briefly,  the  business  of  farming. 
It  is,  of  course,  impossible,  in  so  short  a  space,  to  give  the  daily  routine  of  what  might  be  ex 
pected  to  occur  in  connection  with  this  business  ;  but  we  have  endeavored  to  make  each  record 
as  much  as  possible  the  representative  of  a  class,  and  thus,  without  unnecessary  repetition,  to 
indicate  and  enforce  in  this  department  of  industry  the  principles  which  we  have  found  applic 
able  generally  to  business  transactions. 

In  certain  essential  particulars  all  departments  of  business  assimilate ;  and  any  peculiarities 
which  may  exist  will  be  found  to  depend,  not  upon  a  change  of  the  principles,  nor  a  difference 
in  the  application  of  those  principles,  but  in  the  forms  and  methods  of  expression  growing  out 
of  the  transactions  themselves. 

The  conditions  common  to  all  business  enterprises  may  be  briefly  stated,  as  follows  : 

1.  INVESTMENT. — Capital,  of  some  kind,  is  essential.     It  may  consist  in  valuable  resources, 
such  as  cash,  notes,  merchandise,  real  estate,  live  stock,  personal  indebtedness,  etc. ;  or,  in  pro 
ductive  power,  such  as  professional  ability,  talent,  industry,  a  good  name,  etc. ;  or  in  both. 

2.  PRODUCTION. — The  prime  object  of  all  business  is  gain  ;  or,  what  is  the  substantial  proof 
of  gain,  increase  of  resources.     Something  must  produce  this  increase,  whether  it  be  financial 
capital,  or  enterprise,  or  both  combined.     In  various  kinds  of  business  this  producing  power  is 
properly  represented  under  distinct  titles,  usually  subdivisions  of  the  general  account.     For 
instance,  in  common  mercantile  business,  the  entire  gain  or  loss  may  be  shown  in  a  general 
"  Merchandise"  account,  or  through  a  variety  of  correlative  accounts,  such  as,  "Shipment," 
"  Adventure,"  "  Expense,"  "  Loss  and  Gain,"*  and  the  specific  titles  of  the  different  kinds  of 
merchandise,  such  as,  "  Corn,"  "Wheat,"  "  Flour,"  "  Cloth,"  "  Sugar,"  etc.     In  a  banking  busi 
ness  the  most  common  titles  given  to  producing  agents  are,  "  Interest,"  which  shows  gains  and 
losses  accruing  from  money  loaned,  and  "  Exchange,"  showing  similar  results  in  buying  and 
selling  uncurrent  or  premium  funds.    In  a  purely  commission  business,  "  Commission"  account 
is  used  for  this  purpose,  and  in  any  professional  business,  "  Profession,"  "  Service,"  or  "  La 
bor,"  would  answer  the  same  ends. 

In  short,  it  requires  no  great  effort  of  the  imagination  to  supply  these  terms,  in  advance, 
for  any  department  of  business  ;  and  it  is  only  necessary  to  know  the  routine  of  transactions  to 
be  able  to  prescribe,  with  great  accuracy,  both  appropriate  titles  and  forms. 

In  the  business  before  us  we  have  no  transactions  which  are  not  easily  subjected  to  the  gen 
eral  principles  already  advanced  ;  and  even  the  forms,  although  exceedingly  practical,  and  con 
taining  the  very  essence  of  concentration,  need  only  be  examined  to  be  readily  and  thoroughly 
understood. 

One  essential  point  with  the  farmer  is  to  be  able  to  dispense  with  all  unnecessary  books; 
n  other  words,  to  do  as  little  writing  as  possible.  The  "  Practical"  Journal  given  in  this  con 
nection  will,  if  adopted,  secure  to  him  this  advantage  in  an  essential  degree.  This  form,  usually 
called  the  "  Six  Column  Journal,"  is  one  of  the  most  practical  and  comprehensive  in  use,  and 
is  applicable  to  any  kind  of  business.  Its  principal  feature — that  of  affording  special  columns 
for  the  accounts  most  used — may  be  carried  to  any  extent  desirable.  The  result  is  a  vast 
saving  of  time  in  posting,  and  additional  security  as  to  the  correctness  of  the  work.  The 
*  Six-column  Journal"  is  extensively  used  in  retail  dry  goods  establishments. 

The  subdivision  of  the  "  Farm"  account,  as  shown  in  this  connection,  is  also  a  feature  of 
some  importance,  and  may  be  adopted  or  not,  at  pleasure. 

*  See  concluding  remarks  on  page  30. 

170 


CASH    MEMOKANDUM    BOOK. 


Cash  Memorandum  Book. 

The  advantages  of  a  Cash  Book  in  business  cannot  be  overrated ;  and,  to  a  thorough  busi 
ness  man,  any  argument  in  favor  of  its  use  would  be  superfluous.  It  is  the  great  conservator 
of  Finance,  and  is  alike  essential  to  the  merchant,  the  mechanic,  the  tanner,  the  professional 
man,  and  the  man  of  leisure.  It  not  only  serves  as  a  check  on  extravagant  expenditures,  but, 
from  its  frequent  comparisons  with  actual  results,  guards,  in  an  essential  degree,  against  errors 
and  omissions.  To  those  who  feel  the  force  of  these  facts,  but  find  it  difficult  to  reduce  the 
theory  to  practice  through  any  of  the  rigid  forms  in  use,  we  commend  the  following  simple 
form  as  possessing  all  the  necessary  qualities  of  a  Cash-Book,  besides  being  so  simple  and 
practical  that  a  child  may  comprehend  it.  A  small  pocket  memorandum  book,  such  as  all  sta 
tioners  keep,  is  sufficient  for  this  purpose,  and  the  writing  may  be  done  either  with  pencil  or 
ink.  It  should  be  carried  constantly,  that  no  excuse  may  exist  for  omitting  the  entry  of 
receipts  and  disbursements  of  cash,  which  should  always  be  entered  at  the  time.  The  balancing 
may  be  done  daily  or  weekly,  as  most  convenient. 

In  the  form  below  we  have  exhibited  the  cash  transactions  for  one  month,  which  is  suffi 
cient  to  show  the  use  of  the  form. 


Riverdale  Farm,  March  1,  1860. 


Sec'd. 


Paid. 


1 

Il20 

1 

Received  for  10  Ibs.  Butter,  $2;  10  doz.  Eggs,  $2  .... 
Paid  for  Johnny's  Boots,  $3  ;  Cap  for  Harry,  75c  
Sold  10  bushels  Wheat  @  81  50            

4 
15 

3 

75 

6 

7 

Paid  for  set  of  Harrow  Teeth,  £3  ;  Shoeing  Horse,  $1.50 
Paid  G.  F.  Wright  &  Co.'s  Grocery  Bill    

4 

17 

50 
50 

10 

10 

Paid  hired  man  for  services  to  date,  as  per  receipt  .     .  154  00 

15 

10 

19 

Sold  2  year  old  Colt  to  L  S  Bliss  for        

125 

13 

i  ^ 

Paid  premium  for  Insurance  on  Farm  Buildings       .... 

12 
5 

50 

16 
17 

Sold  C.  S.  Clark  &  Co.  20  bushels  Oats,  @  75c.        .     .  258  25 
Shoes  for  Netty,  $1.25;  Toys  for  Harry,  50c.    .     .     .    iy.25 

balance  an  hand    239.00 

15 

1 

75 

19 
19 

Paid  for  one  year's  subscription  to  Hampshire  Gazette     .     . 
"     yearly  contribution  to  Poor  Fund,  $25  ;  Pew  Rent,  1 

1 

30 

50 

20 

"     Dr.  Jones  for  filling  Teeth,  $5  ;  Bridgman  &  Childs,  for 
Books   $1                       

6 

23 

20 

24 

Received  for  Poultry  sent  to  market     »7.5u 

2 

150 

27 
29 

Received  for  Butter,  $4  ;  Cheese,  $2.50  ;  Apples,  $3.75    .     . 
Paid  for  repairing  Implements      233  75 

10 

25 

3 

25 

25 

. 

55 

5  0 

320 

25 

320 

25 

1 

j 

171 


FARM  ACCOUNTS—  HISTORY  OF  TRANSACTIONS. 

Riverdale  Farm,  Northampton,  March  1,  1860. 

The  following  List  embraces  the  real  and  personal  property  and  debts  of  William  Mitchell, 
farmer,  who  is  sole  proprietor  of  "  Riverdale  Farm,"  in  the  town  of  Northampton,  Mass. 

75  acres  cultivated  land,®  $300;  10  do.  woods  pasture,®  £350;  dwelling-house,  out- 
•buildings,  and  improvements,  $2500;  2  carriage  horses,  $400;  2  work  horses,  £275;  1  colt, 
$100;  3  milch  cows,  §100;  1  yoke  oxen,  £125;  10  hogs,  £75;  30  sheep,  £50;  2  caives,  £5; 
60  chickens,  £10;  0  turkeys,  £5;  10  geese,  £6 ;  farming  utensils,  £250 ;  1  family  carriage, 
$200;  household  furniture,  £(500  ;  200  bushels  wheat,  £350;  500  do.  corn,  £375  ;  125  Uj.  oats, 
$110;  10  tons  hay,  £120;  50  bushels  potatoes,  £37.50 ;  feed,  £25 ;  50  shares  Connecticut 
River  R.  R.  Stock,  £5000  ;  cash  in  hand,  £120;  do.  deposited  in  llolyoke  Bank,  £1200. 

Liabilities. . . 

Mortgage  on  farm,  due  in  five  years,  from  January  1,  1850,  with  annual  interest,  @  G;&, 
$4000;  interest  unpaid  to  date,  on  same,  $40;  Due  Samuel  Hill  on  %,  £75. 


Bo't  of  Lewis  II.  Bartlett,  on  %,  1  two-horse  wagon,  for  £75 ;  Sold  for  cash,  10  Ibs.  butter, 
$2;  10  doz.  eggs,  $2. 

4    . 

Bo't  of  Jonathan  Dawes,  10  head  of  stock  cattle  for  feeding  and  grazing,  for  £050;  Paid 
him  check  on  llolyoke  Bank,  £300 ;  note  @  30  d's  for  balance. 

5 

Paid  cash  for  the  following  articles :  Boots  for  Johnny,  £3 ;  Cap  for  Harry,  75c. 
G    . 


Sold  James  Banks  for  cash,  10  bushels  wheat,  @  £1.50  per  bushel;  Paid  cash  for  set  ol 
harrow  teeth,  £3  ;  Shoeing  horse,  £1.50. 

_      7   .  ; 

Paid  cash  for  G.  F.  Wright's  grocery  bill,  £17.50. 
10  .  . 


Paid  hired  man  cash  for  services  to  date,  as  per  receipt,  $10;  Sold  for  cash,  15  bushels 
potatoes,  @  £1  per  bushel. 

12  . 

Sold  L.  S.  Bliss,  Hatfield,  2  year  old  colt,  for  $125  cash. 


13  - 


Paid  cash  for  premium  for  insurance  on  farm  buildings,  £12.50. 

15  -  


Paid  Mrs.  Mitchell  cash  for  household  expenses,  $5. 
10  . 


Sold  C.  S.  Clark  &,  Co.,  for  cash,  20  bushels  oats,  @  75c.  per  bushel. 

1 17 _ 


Paid  cash  for  shoes  and  toys  for  children,  £1.75  ;  Bo't  of  S.  C.  Parsons,  on  %,  %  ton  Peru 
vian  guano,  for  $30. 

172 


FARM  ACCOUNTS,— HISTORY  OF  TRANSACTIONS. 

Eiverdale  Farm,  Northampton,  March  19,  1860. 


Paid  one  year's  subscription  to  Hampshire  Gazette,  in  cash,  §1.50;  Yearly  contribution  to 
poor  fund,  $25 ;  Pew  rent,  1  quarter,  $.">. 

20   - 

Paid  Dr.  Jones  cash  for  tilling  teeth,  $5;  Paid  cash  to  Bridgman  &  Clrilds,  for  books;  $1. 
23 


Sold  Hillman  &  Graves,  for  cash,  10  sheep,  @  82  per  head. 

—    24   


Received  cash  for  poultry  sent  to  market,  $2. 

20 

Deposited  in  Ilolyoke  Hank,  cash,  $150. 

27  - 

"Received  cash  for  butter,  cheese,  and  eggs,  $10.25. 

—    20  - 


Paid  E.  L.  Kingsley,  cash,  for  repairing  farm  implements,  $3.25. 
—    31   


Paid  Charles  Jones,  cash,  for  painting  house,  $25. 


April  1 


Received  cash  for  marketing,  as  follows:  25  Ibs.  butter,  @  25c. ;  10  bush,  potatoes,  @  $1. 
13  — 


Paid  Theo.  Rust,  cash,  for  1  ton  plaster,  $8. 


•-"aid  cash  fur  wint  >r's  school  bill,  books.  &.C.,  $17.50. 

—     20     ~ 


Bo't,  of  James  Ilubbard,  on  %,  32  bushels  oats  for  seed,  @  GOc.  per  bushel. 

—    30  - 


Paid  hired  hands  in  full  to  date,  §40. 


May  1 


Received  cash  for  dividend  on  Conn.  Riv.  R.  R.  stock,  5/5  on  $5000. 

—     15  ~ 


Paid  cash  for  1  new  plow,  $10;  For  repairing  old  plow,  $3. 

25  


Exchanged  horses  with  E.  T.  Wood ;  Paid  difference  in  cash,  $25. 

=    June  1  = 


Paid  hired  hands  to  date,  cash,  $55. 

15- 

Bo't  for  our  own  use,  1  rosewood  piano,  for  $275 ;  Paid  for  the  same,  check  on  Ilolyoke 
Rank,  $75 ;  note  @  0  mo's  for  balance. 


Paid  hired  hands  to  date,  $GO. 


July  1 


Sold,  for  cash,  3  bushels  cherries,  @  $4  per  bushel ;  6  do.  currants,  at  $1. 

173 


FAHM  ACCOUNTS —HISTORY  OF  TRANSACTIONS. 

Riverdale  Farm,  Northampton,  July  10,  1860. 


Paid  cash  for  groceries,  $4.75 ;  dress  pattern,  $8 ;   Stoddard  &  Lincoln's  bill  foi  dry 
goods,  $17.50. 


-   20 


Finished  cutting  and  harvesting  hay,  which  has  been  estimated  at  75  tons,  worth,  on  an 
average,  $10  per  ton.* 


25 


Bo't  of  Henry  Claghorn,  for  Cash,  2  Berkshire  pigs,  $15. 
; 30    . 


Sold  for  cash,  3  hogs,  $25  ;  4  lambs,  $10  ;  2  calves,  $4. 
31 


Paid  cash  to  hired  hands,  $37.50. 

Aug.  1 


Received  cash  of  Benjamin  Claghorn,  in  full  for  the  rental  of  10-acre  lot,  as  per  contract,  $200. 
5 


Received  cash  for  pasturage,  to  date,  $175. 
—    10 


Sold  Graves  Bro's,  Florence,  10  tons  hay,  @  $11 ;  received  cash,  $50;  balance  on  %. 
.   20   


Finished  threshing  grain,  and  have  put  in  bins,  as  the  result,  250  bushels  wheat,  worth 
$1.50  per  bushel ;  300  do.  oats,  @  75c. ;  50  do.  rye,  @  60c. 
.    30  _ 

Paid  hired  hands  cash,  to  date,  $50. 

:   Sept.  5 

Sold  for  cash,  30  bushels  wheat,  @  $1.63. 
10   - 


Finished  harvesting  potatoes,  the  result  of  which  is,  that  we  have  in  cellar  75  bushels, 
worth  75c.  per  bushel. 

15 
Sold  for  cash,  20  bushels  potatoes,  @  87  Jo. 


Have  gathered  from  orchard,  100  bushels  apples,  worth  50c.  per  bushel. 

Oct.  5    = 


Sold  for  cash,  the  following  produce:  200  bushels  wheat,  @  $1.50;  300  do.  corn,  @  7;>c. 
40  do.  potatoes,  @  1  ;  35  do.  apples,  @  50c. 

Paid  hired  hands  to  date,  cash,  $75. 


15  

Received  cash  for  pasturing  15  head  of  cattle,  $75;  10  horses, 

*  Should  we  keep  but  one  general  producing  account  for  the  farm,  this  entry  could  not  properly  be  made  in 
the  journal,  as  it  would  necessitate  both  a  debit  and  a  credit  to  that  one  account,  inasmuch  as  there  has  been  nothing 
disposed  of,  and,  consequently,  nothing  actually  produced.  If,  however,  we  desire  to  keep  up  the  distinctions  be 
tween  the  different  subdivisions  of  the  general  account,  as  in  the  Ledger  form  given,  the  entry  in  this  case  will  be: 
"  Produce"  Dr.  to  "  Real  Estate,"  as  each  of  the  subdivisions  should  show  its  cost  and  proceeds,  the  same  as  anj 
general  account. 

174 


FARM  ACCOUNTS,— HISTOBY  OF  TRANSACTIONS. 

Riverdale  Farm,  Northampton,  Oct.  18,  1860. 


Paid  Samuel  Hill,  jr.,  cash,  in  full  of  %,  $75. 

21 


Paid  cash  in  full  for  note,  favor  Jonathan  Dawes,  due  April  6.    Face  of  note,  $350 ;  Interest 
to  date,  $11.37. 

_ ^___ _ _^_^_^_^_^___ __^^^_^^^^_^^^^__M_^_^____-       OK 

'     /<JD    " 

Sold  Thayer  &  Sergeant,  4  fat  cattle,  for  8350,  cash. 

28 


Sold  Alvan  N.  Claghorn,  on  %,  5  tons  hay,  @  $10  per  ton. 

-  O/~V 

OU      " 


From  inventory  taken,  we  are  prepared  to  estimate  the  amount  consumed  by  family  ar.d 
live  stock  since  March  1,  which  is  as  follows:  FAMILY  EXPENSES — Mutton,  815;  pork,  $17; 
poultry,  $18  ;  eggs  and  milk,  $10  ;  flour,  $40  ;  potatoes,  $10.  LIVE  STOCK— Corn,  $50  ;  ha.;, 
$75  ;  feed,  $25 ;  oats,  $37  ;  pasturage,  $50. 

31 

Upon  careful  estimation,  the  apportionment  of  expense,  as  charged  in  the  "  Expense"  ^, 
($329,*)  should  be  as  follows  :  To  real  estate,  $164.50 ;  live  stock,  $82.25 ;  produce,  $82.25. 


SIX-COLUMN  JOURNAL. 

THE  peculiar  characteristics  of  the  practical  Journal  here  introduced  will  be  immediately 
understood  and  appreciated.  Its  advantages  may  be  briefly  stated,  as  follows: 

First — A  vast  saving  of  time  and  space  in  posting. 

Second — Embracing  the  principles  of  four  books  in  one,  viz. :  Cash  Book,  Invoice  Book, 
Sales  Book  and  Journal. f 

Third — Showing  monthly  totals  of  the  principal  accounts  in  the  Ledger  that  the  same 
may  be  compared  year  after  year. 

Fourth — Affording  an  opportunity  to  post  personal  accounts  immediately,  the  debits  and 
credits  appearing  separately  in  the  "  Sundries"  column. 

Fifth — Giving  additional  security  of  the  correctness  of  the  Ledger,  there  existing  no  prob 
ability  of  omitting  debits  and  credits  of  the  same  amount. 

Want  of  space  will  prevent  the  giving  of  more  than  one  month's  transactions  through 
this  form.  The  student  is  requested  to  write  up  the  remainder  as  given  in  the  memoranda, 
putting  the  months  of  April,  May,  June  and  July  together  as  one  month,  and  August,  Sep 
tember  and  October  as  one. 

The  method  of  posting  from  this  Journal  is  extremely  simple.  The  separate  items  in  the 
"  Sundries"  column  are  posted  the  same  as  from  the  common  Journal,  while  the  amounts  of 
the  "  Cash"  and  "  Farm"  columns  are  posted  at  the  close  of  each  month. 

This  idea  of  special  columns  is  not  original  with  any  modern  author,  as  variously  claimed, 
but  has  been  in  use,  to  a  greater  or  less  extent,  for  a  quarter  of  a  century.  The  principle  can 
be  carried  to  any  desirable  extent ;  and  in  some  jobbing-houses  as  many  as  eight  special  debit 
and  credit  columns  are  used.  The  form  given  in  this  connection  is  sufficient  to  indicate  the 
principle. 

*  Paid  for  services  nnd  horseshoeing. 

t  This  is  the  case  when  the  form  is  u^ed  in  a  general  merchandise  business :  in  which  case  (he  special  columns, 
debit  and  credit,  would  be  "  Cash,"  and  "  Jldse." 

175 


CO 


00 


3C 

:: 


Tall' 


O  O  O  tO 

O    T}<    t~«  O 

o 


GO 


CC 


li: 

e»     -    a 


•o 

•1 


s 

D  ^ 


** 


Pi 


r—1    o     """ 


•  » 

""^    2  r—  1    »—  i 


g 
02 


o 

H  3 


o 


«    fc 


p 
o 


fc- 

co 


o 
o 


§ 


0 

10 


00 


s 


CO 


CC 


177 


C: 


a 


s 


r^l 


^ 

O  d 

H  GO 

O  H 

<1  d 


a 

o 

« 
<1 


o 

^ 


05  ^ 

^  9 

^  °H 

R  W 

5  > 

R  S 

O  H 


oo 
t— 

00 


•o 

C* 


CO 

o 


O 


i 


0  £? 


0  ® 

C3 

o-a 


0 


EXPEX 


F 


E 


0© 


w 

.j 


o 

0 


0 


o 


•< 
0 


;:• 


cc 
o 


^ 


JS 

e 


c* 


0 


O 


CO  -H 

ta 


0 
O 


0 
O 


irt 

<N 


ift 


§ 


—    l«    US 


*  to 


a 


d 
—   -. 

<2 


o 

r- 


r 

2        Ho 


0 

0 


•<    t, 

0.2 


.  .  .  .  Amounts  i 
17 

FAMTI  v  T^.YPuveira  T~)r 

£»  N            a    0          5  -S  g    O         ;£  ;_>    CO                "1*         C.    0                 t-          PS   Cl         .S 

CL^                               «^*       ^"^                   IK      ^    ^           C1^                 «—                 C^                   ^       £^                    »          ^^                                C^                     '         ^t 

pH                                                          ^     «M,  *-^       "                 ej-;  ^i                            ci                            !?                                                            R                        ^^ 

•*^3                    .V-                    •*":'5*:D                    •       "   fl                    •    ^                        *^"                         ^3                         **" 
i"0               ^*^OJ                ir^Ci                 C  ^                 U   -3                  £     3)                   UT3                |T  M 

«5      Q|||      fi§s      fia      P>       fi-s       P>      Pw 
o          a°         11  §         ^-2         S         1          8,         1         •« 

—                                      c^^cr1                 t-S                  o                  oj                   as                   o'g 
«J              P5               -0-.              C«              «2              P5               O               «             ft, 

1                                                     00                                      00 

HIM                                                                                                             QQ 

g                             g 
HIM                                                               X 

C-                                              PN                                                                                                                                                                           ^ 

i                        >j                 M                                       ca 

Itcj                      1  Cd                                                                                                      O 
K                                                                                                                W                                     ^ 

i                 0                  .                             .                                                                 M                                     < 

n            ri                   ri                                                                     -* 

•a                         2                '     SS                CS                                   C               t- 

*                               5               "           *           ^            <           E 

1                   M4                   p^                               pt)                         O                   O                                             O                  f^H 

< 

• 

-1 

1 

0            tf. 
I—            t- 

§ 

Cl            — 

ITS 
c-s 
o 

—  '                          O                                                              O 
10                                                                                            0 

l,"^ 

0 

1—" 

§1 

1 

f 
o 

<N 

o            yt                           o 

i 

£ 

w 

o 

0                                                                                                                                                              CO 

CJ 

o 

179 


. 

8 

* 

. 

SSSs; 

S 

1 

O 

I 

5 

g 

g 

<N  CO  i'S 
CM 

5 

CO  1 

i 

0 

05 

O 

>- 

) 

S 

-^i 

1-1 

-s 

*• 

t- 

ti 

ift  ^r  ir^ 
••*  O)  33 

§ 

i  * 

a 

o 
cS 

c5 

'c 

> 

1 

;:» 

_ 

3 

I 

= 

S 

ft 

} 

i 

0 
0 

if 

>  iO  iO 
5  t-  (M 

0 
0 

8 

8 

0 

SB 

r.. 

^ 

GC 

<J 

?oo 

o 

rH           >A 

0 

^ 

H- 

H 

4 

§ 

C 

c 

;  t^-  o 

« 

rH 

(M 

•§ 

ss 

S 

1 

•^ 

•* 

1 

Tf 

% 

r^>n  o 

f 

h- 

-< 

] 

^•7 

1 

1 

rH         ,*.- 

s 

c 

^     0 

•       •       • 

.jj 

a 

S 

1 

H- 

c 

5     H 

• 

• 

?•**  *•** 

*  :  :  : 

fi 

X 

Or-l    •• 

m  h- 

1 

•< 

ft 
ft 

1       rH 

• 

!ASH  .  .  . 
painting  house. 

-= 

•    • 

o 

MENTS  .  .  . 

^» 

« 

^ 

Monthly  Footing 
>i  (i 
By  Kaianee  .  . 
Lott  and  Gain 

H- 

3  S 

1 

o  J3 

3 

^ 

.      .    H      . 

i  ^ 

o 

WWW 

*C 

!Z 

« 
H     M 

h 

EH| 

1 

P 

V 

^ 

'3 

«       Si 
^        ri 

S    Jo 

•—    ifj 

CO 

fe-'- 

<2i  -  ° 

1 

P: 

J    ^ 

1  tf 

-2 

3 

.1 

J 

**  r~* 

Sf 

xi    o   tn    a 

C        i^l 

?        ^* 

m  o  m 

S 

fi~ 

H 

3   <1 

:>  fc 

»\ 

0 
^q 

P| 

1 

'       • 

iivisio 

J    H    H    § 

^    fa 

X 

5 

s 

1C    l—    r-< 

Cl  r-i  rH 
W 

1 

rH 

W 
CO 

# 

H 

f  <J 

H     Q 

. 

H 

*              * 

i 

-*:" 

0* 

1 

1 

o  o  o 
m  CM  in 

ot-o 

ri 

rH 

S 

c,- 

CJ 

f 

£ 

* 

1 

•       • 

.... 

i 

m 

a 

h- 

C 

c 

}    p3 

• 

H 

3 

H 

« 

*     *     •     » 
•     •     • 

1 

•H 

W  CO 
r-  (M 
rH 

rH 

S 

a 

CO 

r-l 

r 

c 
-<• 

-j 

V7 

i 

8 

•-<  O    15 

O  •*  r-c 

OO          CO 

3 

*- 

1 

-i 

S   W 

o 

0 

O        iO  O 

iO        (MO 

iO 
C* 

i 

SO  J 

•n 

3 

a 

T 

. 

iff 

J-.    .           -H    *-. 

V— 

•S 

« 

r*- 

ft 

•*• 

3 

\ 

3 

iO 

O 

rH 

c 

f"    W    rH 

S  CO  O 

>      o 

i        CO 

GO 
CO 
CO 

CO  O  CO  ^f 

O    00   rH    O 
OD  rH  i—  1  rH 

CO 

2 

PL 

1-H 

I 

1 

f 

H 

-1       2' 

»O 

>.' 

c 

1 

O             T-' 
'-S3    S 

* 

1 

1 

•     - 

I 

1 

* 

f3    S 

§ 

1 

O 

s 

1 

^ 

0              p 

1 

s 

0 

r-C  i-frH 

co  w  co 

= 

I 

>- 

5 

[.•• 

' 

«o 

CO 

T-l 

I'll 

180 


TRIAL    BALANCE,— INVENTORY 


Trial   Balance. 


Balances. 

50 

20 
70 

....     Stock     

Face  of  Ledger. 

4750 
975 

2-23 

1075 
50 
31143 

60 
11 

38287 

25 

03 
05 

37 

"70 

33923 

4000 
40 
75 

200 

30 

19 

38287 

4115 

5000 
1350 

350 
223 

2208 
50 
34749 

GO 
11 

25 

40 

70 

37 
^ 

38038 
250 
375 

4000 
40 
75 
550 

30 
1133 

3606 
19 

48117 

50 

37 

65 
20 

.     .     .     .     C.  R.  R.  R.  Stock     .     .     . 
.     .     .     .     Ilolyoke  Bank      .... 

.     .     .     .     Mortgage  Payable    .     .     . 
.     .     .     .     Interest  Payable  .... 
L.  H    Bartlett 

....     Bills  Payable  

.     .     .     .     Family  Expense.     .     .     . 
.     .     .     .     S.  C.  Parsons  

....     Cash  

.     .     .     .     A.  N.  Claghorn    .... 
.     .     .     .     Farm     

.     .     .     .     J.  A   Hubbard 

.     .     .     .     Graves  Brothers  .... 
.     .     .     .     Interest  

48117 

72 

Inventory. 


REAL  ESTATE,      85  acres  Land,  valued  at      

26000 

1 

Dwelling-House  and  Improvements  .     .     . 

2500 

28500 

LIVESTOCK.         4  Horses,  £700;  3  cows,  $100     .... 
1  yoke  Oxen,  125;  5  Hogs,  $40    .... 
12  Sheep,  $20;  16  Lambs,  $18     .... 
2  halves,  $20  ;  Poultry,  $25    

800 
165 
38 
45 

10  head  Stock  Cattle  

750 

1798 

FIXTURES  AND  )  Farming  Utensils  .... 

250 

IMPLEMENTS,    f  1    Family   Carriage,   $200  ;    1    two-horse 
Wagon,  $75  

275 

Household  Furniture  

800 

1325 

PRODUCE,              220  bush.  Wheat     .     .     @  $1.50     .     .     . 
162     •      Corn     ..."        75     ... 
355     '       Oats     ..."        75     ... 
50     '       Rye      ..."        60     ... 
25     '      Potatoes  .     .     "        80     ... 
65     *      Apples      .     .     "        50     ... 
67  tons  Hay.     ..."  11.00     .     .     . 

330 
121 
266 
30 
20 
32 
737 

50 
25 

50 

1537 

25 

Conn.  River  R.  R.  Stock    

33160 
5000 

25 

$200 

181 


STATEMENT,— FARM    ACCOUNTS. 


STATEMENT— FARM  ACCOUNTS. 

The  following  form  of  Statement  has  the  quality  of  brevity  and  plainness ;  and  though 
less  satisfactory  in  detail  than  previous  forms,  it  will  sufficiently  indicate  the  condition  of 
the  business  on  the  date  of  rendering  the  Trial  Balance  and  Inventory. 


=== 

-^  —  :-  —                —  .  •  :  —  

Lasses.              Gains.             Resources.  \ 

Lul/nldl*:*. 

.     .     Conn.  River  R.  R.  Stock     . 

250              5000 

.     .     Holyoke  Bank       .... 

.     .     Bills  Receivable    .... 

! 

975 
350 

.     .     Mortgage  Payable     .     .     . 
.     .     Interest  Payable    ....          160 

4000 
200 

.     .     L.  H.  Bartlett  

75 

.     .     Bills  Payable    j 

1 

550 

Family  Expense    .                          223 

'J5 

S.  C.  Parsons   i 

30 

.     .     Cash  

1075 

03 

.     .     A.  N.  Claghorn     .... 
Farm      

2017 

50 
20     33100   25 

J.  A.  Hubbnrd 

111 

19 

20 

.     .     Graves,  Brothers  .... 

00 

.     .     Interest  

11 

«7 

it! 

Net  Gain     . 

1878 

53 

1 

2207 

20    2267 

20 

II 

1 

Stock,  Investment  .     .     $33,923  50 

Net  Gain     .    .     .     1872  58  ; 

Present  Interest     . 

35796 

08 

40670 

28    40670,28 

I                                  .     .     .                                                        |*i. 

II       •      1 

PRACTICAL   HINTS  FOR  FARMERS. 

1. — MEASURING  GRAIN. 

By  the  United  States  standard,  2150  cubic  inches  make  a  bushel.  Now,  as  a  cubic  foot 
contains  1728  cubic  inches,  a  bushel  is  to  a  cubic  foot  as  2150  to  1728;  or,  for  practical 
purposes,  as  4  to  5.  Therefore,  to  convert  cubic  feet  to  bushels,  it  is  necessary  only  to 
multiply  by  ±. 

EXAMPLE. — How  much  grain  will  a  bin  hold  which  is  10  feet  long,  4  feet  wide,  and  4 
feet  deep  ? 

Solution. — 10  x  4  x  4=160  cubic  feet.     100  x  £=128,  the  number  of  bushels. 

To  measure  grain  on  the  floor. 

Make  the  pile  in  form  of  a  pyramid  or  cone,  and  multiply  the  area  of  the  base  ty  one- 
third  the  height.  To  find  the  area  of  the  base,  multiply  the  square  of  its  diameter  by  the 
decimal  .7854. 

182 


PRACTICAL    HINTS    FOR    FARMERS. 

EXAMPLE. — A  conical  pile  oi  grain  is  8  feet  in  diameter,  and  4  feet  high,  how  man) 
bushels  does  it  contain  1 

Solution. — The  square  of  8  is  64;  and  G4x  .7854  x  1=83.770,  the  number  of  cubic  feet, 
Therefore, 

83.776  x  $=67.02  bushels.     Answer. 

2. — To  ASCERTAIN  THE  QUANTITY  OF  LUMBER  IN  A  Loo. 

Multiply  the  diameter  in  inches  at  the  small  end  by  one-half  the  number  of  inches,  and 
this  product  by  the  length  of  the  log  in  feel,  which  last  product  divide  by  12. 

EXAMPLE. — How  many  feet  of  lumber  can  be  made  from  a  log  which  is  36  inches  in 
diameter  and  10  feet  long  ? 

Solution.— 36x18=648;  648x10=6480;  6480-=- 12=540.     Answer. 

3. — To  ASCERTAIN  THE  CAPACITY  OF  A  CISTERN  OR  WELL. 

Multiply  the  square  of  the  diameter  in  inches  by  the  decimal  .7854,  and  this  product 
by  the  depth  in  inches;  divide  this  product  by  231,  and  the  quotient  will  be  the  contents 
in  gallons. 

EXAMPLE. — What  is  the  capacity  of  a  cistern  which  is  12  feet  deep  and  6  feet  in  diameter] 

Solution. — The  square  of  72,  the  diameter  in  inches,  is  5184;  5184  x  .7854=4071.51  ; 
4071.51  x  144=586297.44,  the  number  of  cubic  inches  in  the  cistern.  There  are  231  cubic 
inches  in  a  gallon,  therefore,  586297. 44-^ 231— 2538  +  ,  gallons.  To  reduce  the  number  of 
gallons  to  barrels,  divide  by  31 J. 

4. — To  ASCERTAIN  THE  WEIGHT  OF  CATTLE  BY  MEASUREMENT. 

Multiply  the  girth  in  feet,  by  the  distance  from  the  bone  of  the  tail  immediately  over 
the  hinder  part  of  the  buttock,  to  the  fore  part  of  the  shoulder-blade;  and  this  product  by 
31,  when  the  animal  measures  more  than  7  and  less  limn  9  feel  in  yirtk  ;  by  23,  when  less 
than  7  and  more  than  5;  by  16,  when  less  than  5  and  more  than-  3;  and  by  11,  when 
less  thin  3. 

EXAMPLE. — What  is  the  weight  of  an  ox  whose  measurements  are  as  follows;  girth, 
7  feet  5  inches ;  length,  5  feet  6  inches  ] 

Solution.— 5ix7T5Y=40f|;  40^x31  =  1264  +  .    Answer. 

A  deduction  of  one  pound  in  20  must  be  made  for  half-fatted  cattle,  and  also  for  cows 
that  have  had  calves.  It  is  understood,  of  course,  that  such  standard  will  at  best,  give  only 
the  approximate  weight. 

5. — MEASURING  LAND. 

To  find  the  number  of  acres  of  land  in  a  rectangular  field,  multiply  t-he  length  by  the 
breadth,  and  divide  the  product  by  160,  if  the  measurement  is  made  in  rods,  or  by  43560 
if  made  in  feet. 

EXAMPLE. — How  many  acres  in  a  field  which  is  100  rods  in  length,  by  75  rods  in  width  1 
Solution.— 100x75=7500;  7500-M  60=401.     Answer. 

To  find  the  contents  of  a  triangular  piece  of  land,  having  a  rectangular  corner,  multiply 
the  two  shorter  sides  together,  and  take  one-half  the  product. 

183 


QUESTIONS    FOR    REVIEW. 


QUESTIONS    FOR    REVIEW 


CHANGING   SINGLE   TO   DOUBLE   ENTRY,— PAGE   152. 

1.  "Why  should  Double-Entry  Book-keeping  be  distinguished  as  the  " science"  of  Accounts?  2.  Ma_» 
Single  Entry  be  properly  called  a  science  ?  3.  Why  not  ?  4.  What  relation  does  Single  Entry  sustain  to 
Double  Entry  ?  5.  What  is  the  chief  difficulty  in  defining  and  treating  Single  Entry  ?  6.  In  what  particulars 
do  Single  Entry  Book-keepero  differ  among  themselves  ?  7.  What  does  the  term  Single  Entry  denote  ?  8. 
What  is  usually  understood  to  be  the  difference  between  Single  and  Double  Entry  ?  9.  What  is  the  rule  for 
converting  Single  to  Double  Entry?  10.  If  an  account  has  been  kept  with  Stock,  or  accounts  with  the  part 
ners,  what  must  be  done  with  the  gain  or  loss?  11.  Do  you  consider  Double  Entry  more  intricate  or  labo 
rious  than  Single  Entry?  12.  What,  in  your  opinion  are  the  principal  advantages  of  Double  over  Single 
Entry?  13.  In  changing  Single  to  Double  Entry,  is  it  necessary  to  disturb  the  accounts  already  shown  on 
the  Single  Entry  Ledger?  14.  What  are  the  usual  books  in  Single  Entry?  15.  For  what  purpose,  and  how 
is  the  Single  Entry  Cash-Book  used?  16.  What  is  the  difference  between  the  Single  Entry  and  the  Double- 
Entry  Cash-Book?  17.  Is  it  customary  to  journalize  or  post  the  Single  Entry  Cash-Book?  18.  What  other 
books  than  the  Day  Book,  Cash-Book,  and  Ledger  are  used  in  Single  Entry  ?  19.  When  all  these  auxiliaries 
are  kept  in  Single  Entry,  how  will  it  differ  from  Double  Entry?  20.  Can  the  gains  and  losses  in  business  be 
ascertained  by  Single  Entry ?  21.  How? 

FARM  ACCOUNTS,— PAGE   170. 

22.  Upon  what  do  the  peculiarities  of  business  chiefly  depend  ?  23.  What  conditions  are  common  to  all 
business  enterprises?  24.  What  do  you  understand  by  Investment?  25.  Can  anything  properly  be  called 
an  investment  except  tangible  resources  ?  26.  Can  you  explain  how  professional  ability,  talent,  a  good  name, 
etc.,  may  be  considered  capital?  27.  What  is  the  prime  object  of  business  enterprises?  28.  What  is  the 
substantial  proof  of  gain  ?  29.  How  is  the  increase  of  resources  effected  ?  30.  How  is  the  producing  power 
in  business  variously  represented?  31.  What  are  the  general  producing  accounts  in  a  mercantile  business? 
32.  In  a  banking  business  ?  33.  In  a  commission  business  ?  34.  In  a  professional  business  ?  35.  Is  it  diffi 
cult  to  supply  the  appropriate  terms  in  any  kind  of  enterprise  ?  36.  What  is  the  essential  point  in  Farm 
Books  ?  37.  Can  you  explain  the  "  Six  Column  Journal,"  as  used  in  this  set  ?  38.  What  are  the  advantages 
of  a  Cash-Book  in  business  ?  39.  What  is  the  peculiarity  of  the  Cash-Book  used  in  this  connection  ?  40. 
What  are  the  five  points  of  excellence  claimed  for  the  practical  Journal  used  on  this  set?  41.  How  are  the 
separate  items  posted  from  this  Journal  ?  42.  How  the  amounts  of  the  "  F*rm"  and  "Cash"  columns  ?  43. 
Can  this  form  be  used  in  any  other  kind  of  business  than  farming  ?  44.  When  used  in  mercantile  business, 
what  will  be  the  titles  to  the  special  columns?  45.  Can  the  number  of  special  columns  be  increased?  46. 
What  kind  of  business  is  peculiarly  adapted  to  special  columns  ?  47.  How  many  debit  and  credit  colunna 
are  sometimes  used  in  jobbing  houses  ? 

PRACTICAL  HINTS  FOR  FARMERS,— PAGE   182. 

48.  What  rule  have  you  for  measuring  grain  in  a  bin  ?  49.  How  many  cubic  inches  in  a  bushel  ?  50. 
Can  you  measure  grain  upon  the  floor?  51.  How?  52.  Give  the  rule  for  ascertaining  the  quantity  of 
lumber  in  a  log?  63.  What  is  the  rule  for  ascertaining  the  capacity  of  a  well  or  cistern?  54.  How  can  you 
get  the  approximate  weight  of  cattle  by  measurement?  55.  What  is  the  rule  for  measuring  land  ? 

184 


BOOKS   OF   AN   ADMINISTRATOR: 
HISTORICAL    DAY-BOOK,    JOURNAL,    LEDGER, 

EXHIBITING  THREE  DISTINCT  METHODS 
OF    KEEPING    THE    ACCOUNTS    OF    AN    AGENT. 


AGENCIES. 


AGENCIES. 

AN  AGENT,  in  common  acceptation,  is  "  one  who  acts  for  another."  A  broader  definition,  and  one  which 
would  better  suit  the  accountant's  purposes,  would  be  "one  who  acts ;"  for,  although,  the  idea  of  agent  presup 
poses  that  of  principal, — the  one  executing  the  will  of  the  other — it  is  by  no  means  impossible  that  both  functions 
should  coexist  in  the  same  person — in  other  words,  that  a  man  may  be  his  own  agent.  This  view  of  the  case  we 
have  fully  recognized,  and  sought  to  enforce  in  the  preceding  lessons,  by  constantly  keeping  in  view  the  distinc 
tion  between  the  proprietor  and  his  business.  The  analogy  between  the  records  of  the  two  classes  of  agencies — 
if  they  may  be  so  called — will  be  apparent  in  the  following  sets,  representing  various  departments  of  business, 
conducted  by  one  person,  in  the  name  and  for  the  interest  of  others. 

An  agency,  as  recognized  by  law,  is  "  the  substitution  of  one  for  another  in  some  matter  of  business."  It  is 
based  upon  a  contract,  either  expressed  or  implied,  by  which  one  confides  to  the  other  the  management  of  some 
business,  to  be  transacted,  either  in  his  name,  or  on  his  account,  and  by  which  the  other  assumes  to  do  the 
business,  and  to  render  an  account  of  it. 

Agencies  are  divided  into  two  general  classes,  Special  and  General.  A  Special  Agency  consists  in  a  delega 
tion  of  authority  to  do  a  single  act.  A  General  Agency  is  such  delegation  to  do  all  acts  and  things,  connected 
with  a  particular  business  or  employment.  These  classes  are  subdivided  into  Limited  and  Unlimited.  A  Limited 
Agent  is  one  who  is  bound  by  specific  instructions  as  to  the  manner  of  his  acts ;  an  Unlimited  Agent  is  one  who 
is  permitted  to  use  his  own  discretion  as  to  the  means  employed  for  the  specific  end. 

There  are,  also,  different  kinds  of  agencies  having  reference  specially  to  commerce;  such  as  the  Factor,  who 
is  an  agent  for  the  sale  of  property,  and  is  therefore  intrusted  with  the  possession ;  and  the  Broker,  who  simply 
negotiates  sales,  having  no  custody  of  the  property  sold. 

The  principles  which  regulate  the  relations  of  principal  and  agent,  both  as  between  each  other,  and  as  regards 
thirl  persons,  are  among  the  most  important  in  Mercantile  Law.  We  have  space  only  for  a  few  general  n  i3s: 

1.  The  agent  is  bound  to  obey  instructions;  and  when  explicit,  they  preclude  the  exercise  of  discretion. 
But  when  the  thing  to  be  done  is  such  that  two  or  more  different  modes  of  doing  it  will  answer  equally  well,  ho 
may  choose  cither  one,  provided  no  other  has  been  particularly  prescribed. 

2.  He  is  bound  to  use  all  ordinary  diligence  and  care  in  the  execution  of  his  trust.     In  the  absence  of  specific 
instructions,  he  must  pursue  the  accustomed  course  of  the  particular  business  in  which  he  is  employed.     As  ho 
receives  compensation  for  his  services,  lie  is  bound  to  bring  to  his  undertaking  such  a  degree  and  amount  of  skill 
and  knowledge  as  would,  in  ordinary  cases,  insure  its  successful  accomplishment. 

3.  His  liability  for  negligence  or  neglect  of  duty  is  not  limited  to  the  direct  injury  occasioned  to  the  property 
of  the  principal.     He  is  also  liabto  to  make  good  all  injuries  which  his  z  ,vn  act  as  agent  has  occasioned  to  tho 
property  of  others,  and  which  the  principal  lias  been  called  upon  to  pay ;  hence  a  verdict  obtained  against  the 
principal  for  the  act  of  his  agent  is  the  measure  of  damages  in  favor  of  the  former  against  the  latter. 

4.  He  is  not  chargeable  with  a  breach  of  instructions  in  any  of  the  three  following  cases:   1.  Where  an 
unforeseen  necessity  arises  not  originally  contemplated  by  tho  parties.     2.  Where  tho  circumstances  are  such 
that  a  strict  compliance  is  impossible.     3.  Where  a  compliance  would  have  been,  in  effect,  the  perpetration  of  a 
fraud  upon  others. 

5.  A  factor,  or  other  agent,  in  the  possession  of  property,  is  responsible,  to  a  certain  extent,  for  its  safety  and 
preservation.     He  is  bound,  at  least,  to  bestow  the  same  amount  of  care  and  attention  upon  the  goods  of  his 
principal,  as  he  would,  under  similar  circumstances,  upon  those  of  his  own ;  or  as  much  as  a  man  of  average 
prudence  would  bestow  in  the  keeping  of  his  own. 

6.  He  is  bound  to  keep  the  property  of  his  principal  insured  while  in  his  possession  under  the  following 
circumstances  :     1.  Where  tho  principal  has  effects  in  his  hands  and  directs  their  application  to  such  insurance. 
2.  Where  there  are  no  effects  in  the  hands  of  the  agent,  but  the  course  of  dealing  between  them  is  such  that  tho 
one  has  been  accustomed  to  send  orders  to  insure,  and  the  other  to  execute  them.     He  is  bound  to  continue  to 
obey  such  orders  until  he  gives  notice  to  discontinue  that  course  of  dealing.     3.  Where  bills  of  lading  come  to 
the  agent  with  an  order  to  insure,  this  being  the  implied  condition  of  their  acceptance.     4.  Where  tho  general 
usage  of  trade  requires  him  to  insure. 

The  regulations  above  quoted  apply  more  particularly  to  commercial  agents,  more  generally  known  as 
commission  merchants  or  consignees.  The  business  of  such  agents  is  fully  exemplified  in  tho  "  Commission  "  and 
"  Forwarding  "  sets,  hereinafter  presented, 

186 


ADMINISTBATOB'8  BOOKS 


ADMINISTRATOR'S   BOOKS. 

AN  ADMINISTRATOR  is  a  person  legally  appointed  to  settle  the  affairs  of  an  intestate — or  a  person  dying 
without  a  will,  His  duties,  which  are  specifically  prescribed  in  the  statutes,  pertain,  first,  to  the  liquidation 
of  outstanding  debts,  and  the  collection  of  amounts  due  the  estate;  and  next,  to  the  proper  distribution  of  net 
assets  among  the  heirs  and  legal  representatives. 

So  far  as  his  accounts  are  concerned,  they  do  not  differ  in  principle  from  those  of  a  commercial  agent  or 
consignee ;  and  the  same  general  rules  of  accountability  will  apply  equally  to  both.  The  nature  of  the  business 
is,  however,  essentially  different;  the  one  being,  in  its  intent  and  scope,  speculative,  and  ihe  other  having  refer 
ence  solely  to  liquidatioa  It  is  not  impossible,  however,  that,  in  the  vigilant  and  faithful  discharge  of  his  duties, 
an  administrator  may  increase  the  value  of  the  property  held  in  trust,  and  by  that  means  realize  a  gain  for  the- 
ultimate  owners;  and,  on  the  other  hand,  circumstances  over  which  he  has  no  control  may  teui  to  depreciate 
the  property,  resulting  in  a  loss.  The  accounts  may  be  kept  in  such  a  manner  as  to  show  these  fluctuations,  or 
they  may  show  only  the  general  final  results. 

If  the  gains  and  losses  are  shown,  the  system  will  not  differ  in  theory  from  that  of  a  regular  mercantile* 
business,  having  a  single  proprietor ;  and  in  the  set  which  follows,  we  have  used  this  hint  to  enforce  more  clearly 
the  relation  sustained  by  the  accountant  to  the  business  whose  continued  changes  and  fluctuations  he  records. 

To  this  end  we  have  suggested  three  distinct  methods  of  treating  the  subject,  each  founded  upon  a  separate 
theory,  yet  all  resulting  alike.  Let  the  student  carefully  observe  the  distinctions. 

The  First  Method  is  based  upon  the  general  theory  pertaining  to  the  business  of  a  single  proprietor ;  the 
resources  and  liabilities  being  exhibited  on  the  Ledger  at  the  commencement,  and  all  changes  shown  in  appro 
priate  accounts.  The  account  representing  the  undivided  interest  of  the  heirs — "  Park's  Estate" — is  treated 
precisely  as  a  Stock  account,  the  gains  and  losses  which  have  accumulated  and  been  represented  under  proper 
heads  being  finally  closed  into  this  account ;  but  without  passing  through  a  general  Loss  and  Gain  account,  as  is 
customary. 

The  Second  Method  embodies  the  theory  of  equal  resources  and  liabilities  which  has  been  so  carefully  put 
forth  in  the  previous  lessons.  The  agent,  whose  records  these  are,  stands  perpetually  between  the  forces  of  this 
perfect  equilibrium,  having  upon  one  hand  the  resources,  and  upon  the  other  the  liabilities,  which,  being  always 
equal,  are  susceptible  of  canceling  each  other.  This  is  the  practical  fact  which  the  agent  must  have  constantly 
in  view — viz. :  that  whatever  may  be  the  result  of  his  administration,  if  ho  acts  within  the  line  of  his  duty,  ho 
is  responsible,  or  liable,  to  the  parties  for  whom  he  acts,  in  just  the  amount  of  the  property  or  resources  which  he 
has  in  trust ;  so  that,  at  whatever  moment  he  may  be  called  upon  to  account,  the  one  will  exactly  offset  tho 
other.  In  carrying  out  this  theory  to  the  letter,  there  should  be  no  accumulation  of  gains  or  losses;  as  that 
would  temporarily  destroy  the  equilibrium.  Therefore,  as  fast  as  gains  or  losses  occur,  they  are  immediately 
taken  to  the  Estate  account ;  thus  increasing  or  diminishing  tho  liability  in  this  direction  in  the  exact  proportion 
of  the  increase  or  diminution  of  resources. 

This  method  necessitates  much  care  and  precision,  and  an  exact  knowledge  of  the  special  gains  or  losses,  as 
they  occur.  The  same  principle  could  be  carried  out  in  a  general  business,  if  it  were  possible  to  know  the  exact 
margin  of  gain  or  loss  attending  each  transaction. 

The  Third  Method  recognizes  no  liability  for  any  thing  but  cash ;  and  consists,  therefore,  of  only  such 
records  as  grow  out  of  cash  transactions.  The  Estate  account  is  credited  for  all  cash  received,  and  debited  for 
all  paid  out ;  and  as  the  result  of  the  liquidation  is  to  reduce  every  thing  to  a  cash  basis,  the  final  result  of  this 
method  is  precisely  the  same  as  that  of  the  other  two. 

The  business  represented  is  very  brief,  and  the  value  of  the  set  consists  mainly  in  the  theories  enforced. 


187 


ADMINISTRATOR'S  DAY  BOOK. 

Jairuary    Q9    I860. 


I  have  this  day  entered  upon  the  duties  of  Administrator  for  the  Estate  of 
James  Park,  deceased.     As  prescribed  in  the  Letters  of  Administration, 
I  am  to  assume  possession  of  all  the  personal  property  of  the  Estate, 
including  cash,  notes,  personal  debts,  farm  implements,  live  stock,  et<i. 
to  pay  off  all  just  liabilities  and  necessary  contingencies,  and,  after  con 
verting  the  surplus  resources  into  cash,  and  deducting  my  commission, 
to  divide  the  remainder  equally  among  five  heirs. 

The  following  is  a  list  of  such  resources  and  liabilities  as  are  ascertainable 
at  this  time : 

James  Monroe  owes  on  % 575 

Orlando  Warren  do.     do 400 

Peter  Dcshong      do.     do JOQ 

Edward  Gurney     do.     do gr>0 

James  Truman       do.     do 75     SS 

Robert  Paton       owes  on  note $500 

E.  C.  Bradford        do.      do 700 

Charles  Pettingill    do.       do 800 

L.  S.  Bliss,  do.      do 450 

2450 

Interest  due  on  Paton's         note 815  75 

do.         do.     Bradford's    do 27  50 

do.         do.     Pettingill's  do 17  25 

do.         do.     Bliss's  do 10  17          70     67 

Farming  Implements,  as  per  schedule 575 

Live  Stock,  as  per  valuation 3000 

Cash  in  hand 250 

do.    in  Farmers'  Bank 1500 

9G16     50 

W.  D.  Packard,  on  % 400 

E.  M.  Hale,  do ; 375 

Charles  Williams,  do 250 

Note  favor  of  S.  Willard $3(50 

do.     do.         P.  Horton 800 

Interest  due  on  note  favor  of  S.  Willard 5  75 

uo.  do.  do.         P.  ilurtun 32  80          oo     *  = 

'I         oo      OO 

22i23     55 
3 

Paid  the  following  expenses  in  cash : 

Undertaker's  Bill 8  75 

Livery  Bill — carriages  for  funeral 150 

Probate  Judge's  Fees 10 

4 

Collected  the  following  amounts  in  cash : 

James  Monroe,  in  full  of  % $.~>75 

Edward  Gurney         do.          (JOG 

James  Truman  do.          .  75  83 

1250     83 

188 


ADMINISTRATOR'S  DAY  BOOK. 

_AJbaiiy,    January    5,    I860. 

• 

Sold  at  public  auction  the  Farming  Implements  enumerated  in  schedule, 

for  cash       500 

Paid  liie  following  heirs,  on  %,  in  wish  : 

Rober:  Park $100 

James  Park,  Jr 75 

Jennie  Park ...  50 

225 

7 

The  following  amounts  due  the  Estate  were  not  enumerated  in  theoriginnl  list: 

Abraham  Cuyler,  on  % $123 

William  Jones,        do.        15  20 

Alex.  Buttre,  do 75 

213    20 

Paid  the  following  liabilities,  in  cash : 

VV.  D.  Packard $400 

E.  M.  Hale 375 

Charles  Williams 250 

1025 
10 

Sold  Live  Stock  for  cash 3500 

11 

The  following  notes,  with  the  interest  thereon,  were  this  day  paid  in  cash : 

Robert  Paton's $500 

Charles  Pettingill's 800         $1300 

Interest  on  Paton's  to  date      . ,  .     .     .     .        $16  50 

do.  Pettingill's  to  date     ....          18  45       $34  95 

12 

Paid  Doct.  Benson  cash  for  medical  attendance 

13 

Paid  the  following  notes,  with  interest  due  thereon,  in  cash : 

Note  favor  S.  Willard $360 

do.         P.  Horton 800         $1160 

Interest  favor  S.  Willard's  to  date   .     .     .          $6  50 

do.          P.  Horton's      do.      ...        $34  40       $40  90 

14 

Pcjter  Deshong  has  compromised  for  the  payment  of  the  amount  due  us 
@  75  %. 

Received  cash $90 

Lost  the  balance 30 

16 

Received  cash  in  full  for  the  following  notes  and  interest  thereon  : 

E.  C.  Bradford's $700 

L.  S.  Bliss's 450        $1150 

Interest  on  Bradford's $29  25 

do.         Bliss's 11  30       $40  55 


189 


ADMINISTRATOR'S  DAY  BOOK. 

.AJbany,    January    IT,    I860. 


Received  Cash  of  OrlandD  Warren,  in  full  of  % 400 

18 

Received  Cash  of  the  following  persons  it  full  of  %  : 

Abraham  Cuyler $123 

William  Jones 15  20 

Alex.  Buttre 75  ^13     20 

1(J 

Appropriated  Cash  for  my  services  as  Administrator 150 

20 

Deposited  Cash  in  Farmers'  Bank 5828     63 

21 

Having  converted  the  resources  of  the  Estate  into  cash,  and  discharged 
all  its  liabilities,  I  am  now  able  to  declare  a  dividend  in  favor  of  the 
heirs.  By  reference  to  their  representative  account,  "  Park's  Estate," 
I  discover  their  undivided  net  proceeds  to  be 7553  63 

The  dividend  to  the  credit  of  each  heir  is  as  follows : 

Robert  Park .     .     .       $151072 

James  Park,  Jr 1510  72 

Jennie  Park 1510  73 

John  Watson,  guardian  for  the  heirs  of  William  Park  deceased   1510  73 
Elizabeth  Dewitt 151073 

I  have  already  paid  to  heirs  on  /£,  as  per  record        ....   $  225 

Balance  to  my  credit  in  Farmers'  Bank .     7328  63 

$7553  63 


It  is  particularly  desired  that  the  relation  which  the  account  "Park's  Estate"  bears  to  Stock  account  in  indi 
vidual  books,  or  to  any  account  representing  capital  invested,  will  not  be  lost  sight  of.  The  inquisitive  student  will, 
in  a  moment,  discover  that  inasmuch  as  the  name-s  of  these  separate  heirs,  as  also  their  respective  shares  in  the  pro 
perty  administered  upon,  were  known,  it  would  have  been  proper  to  open  a  separate  account  with  them,  giving  each 
credit  for  his  or  her  share  at  the  commencement,  thus  dispensing  with  the  general  account,  "Park's  Estate."  This 
process  of  reasoning  will  bring  him  safely  to  the  right  conclusion,  viz. :  that  "  Park's  Estate"  account  merely  repre 
sents  the  undivided  interest  of  the  separate  heirs,  until  the  preliminaries  of  converting  the  resources  into  cash  are 
accomplished.  The  great  convenience  of  the  account  is  in  saving  the  trouble  and  perplexity  of  dividing  into  fifths 
each  separate  receipt  and  disbursement — for  all  cash  received  and  paid  out,  in  transacting  the  business,  \s  10.  each  of 
the  heirs  equally.  "Park's  Estate,"  in  this  sense,  is  precisely  similar  to  "Capital  Stock"  account  in  a  joint-stock 
association,  representing  the  heirs  precisely  as  "  Capital  Stock"  account  represents  the  undivided  interests  of  all  the 
separate  stockholders;  and  the  distribution  which  we  now  propose  to  make,  based  upon  the  net  proceeds,  ($7553.63), 
is  exactly  equivalent  to  a  final  dividend  to  stockholders.  An  entry  might  have  been  made,  paying  oft'  the  heirs,  and 
thereby  closing  up  the  accounts,  but  it  is  not  deemed  necessary,  since  it  can  be  easily  seen  that  the  amount  in  bank 
(7323.63)  is  just  sufficient  to  discharge  these  liabilities.  This  would  probably  be  the  condition  of  the  Administrator'* 
accounts  at  the  time  of  rendering  his  statement  to  the  Probate  Judge.  The  student,  should  he  so  desire,  may  make 
the  necessary  entry  for  closing  all  the  accounts,  which  would  be  simply  to  pay  off  each  heir  the  h«.lauce  shown  to  be 
due  in  his  or  her  account,  by  giving  each  a  check  on  the  Farmers'  Bank. 


190 


ADMINISTRATOR'S  JOURNAL. 

.Albany,    January    2,    18GO. 


FIRST  METHOD. 
Sundries                              Dr.          To  Park's  Estate       .     .     . 

575 

400 
1-20 
000 
75 
2450 
70 
575 
3000 
250 
1500 

250 
2223 

235 
235 

1250 
1250 

83 

67 

55 

S3 

83 

0616 

250 

400 
375 

250 
1100 
38 

* 

235 
235 

£75 

000 
75 

1250 

50 

55 

83 
83 

Cash                         

SECOND  METHOD. 
ifame  as  first. 
THIRD  METHOD. 

Cash                                   Dr.          To  Park's  Estate      .     .     . 

FIRST  METHOD. 
Park's  Estate                    Dr           To  Sundries     

W.  D.  Packard  .     .     . 
E.  M.  Hale          .     .     . 
Charles  Williams     .     . 
Bills  Payable      .     .     . 
Interest  Payable  .     .     . 

SECOND  METHOD. 
J$ame  as  first. 
THIKD  METHOD. 
No  entry 

3 

FIRST  METHOD. 

SECOND  METHOD. 
Park's  Estate                    Dr.          To  Cash      ...... 

THIRD  METHOD. 
Same  as  second. 

4 

FrasT  METHOD. 

James  Monroe    .     .     . 
Edward  Gurney  .     .     . 
James  Truman    .     .     . 

SECOND  METHOD. 
Same  as  first. 
THIRD  METHOD. 
Cash                                  Dr.           To  Park's  Estate    .    .    . 

150G1 

71  ||  15061 

71 

ii 

191 


ADMINISTRATOR'S  JOURNAL. 

.Albany,    January    5,    18GO. 


FIRST  METHOD. 
Cash                                     Dr.          To  Farming  Implements    . 

SECOND  MKTIIOD. 

Sundries                               Dr.           To  Fanning  Implements    . 
Cash    ...'.'. 

500 
Virt 

500 
575 

7r* 

THIRD  METHOD. 
Cash                                   Dr.          To  Park's  Estate      .     .     . 
6           

500 

500 

FIRST  METHOD. 
Sundries                             Dr.          To  Cash     .          .... 

100 

•225 

75 

50 

SECOND  METHOD. 
Same  as  first. 

THIRD  METHOD. 
Same  as  first. 
.„.,..    ,.„     7 

FIRST  METHOD. 
Sundries                              Dr.          To  Park's  Estate      .     .     . 

*>13 

2C 

j 

1  5 

>0 

7S 

SECOND  METHOD. 
Same  as  first. 

THIRD  METHOD. 
Vo  entry. 

o 

FIRST  METHOD. 

109^ 

W.  D.  Packard  
E  M   Hale       

400 

"7r; 

O.\A 

SECOND  METHOD. 
Same  as  first. 

THIRD  METHOD. 
Park's  Estate                    Dr.         To  Cash      

mo*; 

AOR 

40(i3 

0 

40G3    2 

0 

192 


ADMINISTRATOR'S  JOURNAL. 

Albany,    Jaimary    1O5    18GO. 


•  .,...-.  .           i             ;  —  r-  -_••-.— 

k 

FIRST  METHOD. 
Cash                                    Dr.          To  Live  Stock      .... 

SECOND  METHOD. 
Cash                                     Dr.          To  Sundries     

3500 

Q^OO 

3500 

Live  Stock       .... 
Park's  Estate      .     .     . 

THIRD  METHOD. 
Cash                                   Dr.          To  Park's  Estate      .     .     . 
11 

3500 

3000 
500 

3500 

FIRST    METHOD. 
Cash                                    Dr.          To  Sundries     

1334 

95 

Bills  Receivable 
Interest  Receivable 

SECOND  METHOD. 
Cash                                    Dr.          To  Sundries     

i  i^j. 

<i- 

1300 
34 

9 

Bills  Receivable  . 
Interest  Receivable* 
Park's  Estate 

TPIED    METHOD. 
Cash                                   Dr.          To  Park's  Estate       .     .     . 
12 

1334 

05 

1300 
33 

1 

1334 

a 
& 

FIRST    METHOD. 
expense                             Dr.          To  Cash      

az. 

(•K 

SECOND  METHOD. 
Park's  Estate                    Dr.          To  Cash      

ft** 

O» 
fi^ 

THIRD  METHOD. 
Same  as  second. 
13 

FIRST    METHOD. 
Sundries                              Dr.          To  Cash      

1  OAA 

ru 

Bills  Payable         

i  i  t'f\ 

1»UU 

V 

Interest  Payable 

I  loll 

At\ 

(1,  V 

SECOND  METHOD. 
Sundries                             Dr.          To  Cash      

4U 

;.'<» 

1  OAA 

<  ii 

Bills  Payable    

IZOO 

1M 

Interest  Payablef  

lloU 

•JQ 

Park's  Estate    

03 

.>.) 

oa 

17030 

Go 

17036 

ft 

—  ,  —  _  -  ,—  _                                       -,                                                        -..      ! 

*  Tliis  account  was  originally  debited  with  the  real  value  of  Interest  due  on  Notes,  and  is  now  credited  with  that 
value;  the  excess  ($1.05)  has  accumulated  since  the  notes  came  into  our  possession,  and  if  not  carried  as  a  liability 
to  the  credit  of  the  Estate,  would  remain  in  the  Interest  Receivable  Account,  making  it  show  a  gain. 

t  The  remarks  respecting  Interest  Receivable  will  apply  with  equixl  force  to  this  entry. 

13  193 


ADMINISTRATOR'S  JOURNAL. 

.Albany,    Jaimary    13,    I860. 


THIRD  MKTHOD. 
Park's  Estate                     Dr.          To  Cash      

( 

QO 

MO 

14 

FIRST  METHOD. 

Sundries                              Dr.          To  Peter  Deshong    .     .     . 
Cash    

120 

SECOND  METHOD. 

Sundries                              Dr.          To  Peter  Deshong    .     .     . 
Cash    

oV 

120 

Park's  Estate    

5*0 

THIRD  METHOD. 
Cash                                     Dr.          To  Park's  Estate      .     .     . 

16 

ou 

90 

90 

FIRST  METHOD. 
Cash                                     Dr.          To  Sundries     

I  1  AA 

re 

Bills  Receivable  . 
Interest  Receivable  .     . 

SECOND  METHOD. 
Cash                                     Dr.          To  Sundries    

11  JO 

OO 

K.K. 

11,50 
40 

55 

Bills  Receivable       .     . 
Interest  Receivable 
Park's  Estate      .     .     . 

THIRD  METHOD. 
Cash                                   Dr.          To  Park's  Estate      .     .     . 

17 

I  IVO 

1190 

OO 

55 

]150 
37 
2 

1190 

(57 
55 

FIRST  METHOD. 
Cash                                   Dr.          To  Orlando  Warren      .     . 

SECOND  METHOD. 

Same  as  first. 
THIRD   METHOD. 

Cash    •                               Dr.          To  Park's  Estate           .     . 

is    . 

400 
400 

400 
400 

" 
FIRST  METHOD. 

Cash                                     Dr.          To  Sundries     

Abram  Cuyler     .     .     . 
William  Jones     . 
Alex.  Buttre        .     .     . 

213 

20 

123 

15 
75 

•20 

0115 

55 

6115 

M 

1 

194 


ADMINISTRATOR'S  JOURNAL. 

-A-lbany,    January    18,    18GO. 


Same  as  fir  at. 
Cash 


Expense 

Park's  Estate 
Same  as  second. 


Farmers'  Bank 


Snme  as  first. 
Same  as  first. 


Park's  Estate 


Same  as  first. 
Same  as  first. 


SECOND  METHOD. 

THIRD  METHOD. 

Dr.          To  Park's  Estate 

FIRST  METHOD. 
Dr.         To  Cash 


SECOND  METHOD. 
Dr.         To  Cash 

THIRD  METHOD. 
20 


FIRST  METHOD. 
Dr.         To  Cash     .     .    .    . 

SECOND  METHOD. 
THIRD   METHOD. 

21 

FIRST  METHOD. 

Dr.  To  Sundries  .  .  . 
Robert  Park  .  . 
James  Park,  Jr. . 
Jennie  Park  .  . 
John  Watson 
Elizabeth  Dewitt 

SECOND  METHOD. 
THIRD  METHOD. 


213   20        213   20 


150  150 


150 


150 


5828    G3      5828   «3 


7553 


1510  72 

1510  72 

1510  73 

1510  73 

1510  73 


13895   46    13895   46 


195 


ADMINISTRATOR'S  LEDGER. 


Dr. 


PARK'S  ESTATE. 


First 
Or. 


Blethod. 

Dr.        INTEREST  RECEIVABLE.        Cr. 


Jan. 

2 
20 
20 
20 
20 
21 

2223 

30 
450 
2 

75 
7553 

55 

35 
63 

Jan. 

2 

7 
20 
20 

9616 
213 

4 
500 

50 
20 
83 

10334 

53 

10334 

53 

Dr. 

CASH.                       Cr. 

Jan. 

i 

2 

4 
5 
10 
11 
14 
16; 
17 
18 

250 

1250, 
500 
3500 
1334 
90 
1190 
400 
213 

i 
83 

95 

„ 

2d 

'••    Jan. 

t 

t 

< 

" 

3 
6 
9 

12| 

19 
20 

235 

225 
1025 
65 
1200 
150 
5828 

90 
63 

53 

8729 

53)1 

8729 

Dr.            JAMES  MONROE.             Cr. 

Jan. 

2 

57H 

Jan, 

I 

4 

575 

Dr.          ORLANDO  WARREN.           Cr. 

Jan. 

2 

4od 

Jan. 

H 

40C 

Dr.           PETER  DESFIONG.             Cr. 

Jan. 

2 

120 

Jan. 

14 

120 

Dr.           EDWARD  GURNET.           Cr. 

Jan. 

2 

60CJ 

Jan. 

4 

600 

Dr.            JAMES  TRUMAN.              Cr. 

Jan. 

2           7J 

\    83       Jan. 

4 

7i 

83 

Dr.          BILLS  RECEIVABLE.           Cr. 

Jan, 

2 

245( 

i 

Jan. 

H 

S 

130 
115 

» 

2451 

1 

245 

1 

Jan. 

2 

80 

70! 

4 

« 

67 

88 

50 

Jan. 

11 
16 

34     M 
40    55 

75    50 

Dr.           W. 

D.  PACKARD.            Cr. 

Jan. 

9 

400! 

Jan. 

2 

i 

400 

Dr.              E. 

M.  HALE.                 Cr. 

Jan. 

9 

375 

Jan. 

2 

875 

1 

Dr.          CHARLES  WILLIAMS.          Cr. 

Jan. 

9 

250 

Jan. 

2 

250 

Dr.        FARMING  IMPLEMENTS.        Cr 

Jan. 

' 

675 

— 

Jan. 
ft 

6 

30 

500 

675 

"1 

Dt.             BILLS  PAYABLE.              Cr. 

Jan. 

IS 

116CJ 

Jan. 

2 

116CJ 

Dr.              ROBERT  PARK.               Cr 

Jan. 
Dr 

6 

ii           Ji 

100               Jan.      21        1510    75 
JAMES  PARK,  JR.             Cr. 

Jan. 
Dt 

0 

_j_ 

Jan. 
STOCK 

j 

1M(|   7< 

LIVE 

CV. 

Jan. 

2 

80 

300C 

600 

Jan. 

1C 

>       8500 

S50( 

8500 

Dr. 

EXPENSE.                    Cr. 

Jan. 

u 

8 

15 

n 

281 
61 

15( 

Jan. 

460 

460 

450 

196 


ADMINISTRATORS  LEDGER 

First  Method — Continued. 


Dr.          INTEREST  PAYABLE. 


Cr. 


Dr. 


JENNIE  PARK. 


Cr. 


Jan. 

13 

-""40"  90 

Jan. 

V 

*0 

38 

a' 

55 

fif> 
90 

•-• 

Jan. 

6 

50 

jl 

Jan.     2 

1    !    1510 

73 

40    90  | 

40 

Dr.             ABRAM  CUTLER.             Cr. 

Dr.            WILLIAM  JONES. 

Cr. 

Jan. 

1           123 

Jan. 

18 

123 

Jan. 

»    1        15    20       Jan.      18           15 

20 

Dr.           FARMERS'  BANK.               Cr. 

Dr.              ALEX.  BUTTRE. 

Cr. 

Jail. 

« 

2T 

20 

1500 
5828 

63 

Jan. 

7 

75 

ii 

Jan.      1 

8  i       75 

20 

Dr.            Loss  AND  GAIN. 

Cr. 

Jan. 

14           30 

ii 

Jan,      2 

0 

Dr.             JOHN  WATSON.             Cr. 

Dr.         ELIZABETH  DEWITT.          Cr. 

Jan. 

_..„.. 

1510 

73 

|! 
II 

Jan.      2 

1       1510 

73 

Second  Method. 


Dr. 


PARK'S  ESTATE. 


Cr. 


Dr.     INTEREST  RECEIVABLE.      Cr. 


/07k     2 

2223  55 

Jan.   2 

9616  50 

3 

235 

"    7 

213  20 

5 

75 

"   10 

500 

12 

G5 

14   11 

1  95 

13 

2  35 

"   16 

2  88 

14 

30 

19 

150 

j 

21 

7553  G3 

10334  53 

. 

10334  53 

Ur. 

CASH. 

Or. 

Jan.   2 

250 

Jan.   3 

235 

"    4 

1250 

83 

"    6 

225 

"    5 

500 

"    9 

1025 

"    10 

3500 

•»   12 

65 

ii 

11 

1334 

95 

11 

13 

1200 

90 

ii 

14 

90 

M 

19  i 

150 

it 

16 

1190 

55 

il 

20  j 

6828 

G3 

ti 

17  i 

400 

ii 

18 

213 

20 

8729 

53 

8729 

53 

1 

Dr. 

JAMES  MOXROE. 

Cr. 

Jan. 

2 

575 

ii 

Jan. 

* 

575 

197 


Jan. 

2 

70 

67 
6T 

Jan. 
it 

11 

16 

33 

37 

07 
Gl 

70 

Dr.         W.  D.  PACKARD.           Cr. 

Jan. 

9 

400 

Jan. 

2 

400 

Dr.             E.  M.  HALE. 

Cr 

2         375 

1 

Jan. 

9  ||    375 

Jan. 

Dr.       CHARLES  WILLIAMS. 

Cr 
250 

Jan. 

9 

250 

Jan. 

2 

Dr.      FARMING  IMPLEMENTS.      Cr. 

Jan. 

2 

675 

Jan. 

5  !      575 

ADMINISTRATOR'S  LEDGER. 


Second  Metkod- 
Dr.        ORLANDO  WARREN.         Cr. 


•  Continued. 
Dr.  BILLS  PAYABLE.  Or. 


Jan. 

'21  j       400 

Jan. 

» 

400 

Dr.          PETER  DESHONG.           Or. 

Jan. 

2         120 

1 

Jan. 

4         120 

Dr.         EDWARD 

GURNEY.           Cr. 

Jan. 

2  |       600 

! 

Jan. 

4 

600 

Dr.           JAMES  TRUMAN.            Cr. 

Jan. 

2           75 

83 

Jan. 

41  1         75 

83 

Dr.        BILLS  RECEIVABLE.         Or. 

Jan. 

2       2450 

Jan. 
u 

11 
16 

1300 
1150 

2450 

2450 

Dr.        INTEREST 

PAYABLE.         Cr. 

Jan. 

13           38 

55 

Jan. 

2 

38    55 

Dr.          ABRAM 

CUTLER.           Cr. 

Jan. 

1         123 

1 

Jan. 

18 

123 

Dr.          FARMERS'  BANK.           Cr. 

Jan.     21       1500 
20       5828    63 

Dr.           JOHN  WATSON.            Cr. 

Jan. 

21 

1510 

73 

Jan. 

13 

1160 

Jan. 

\ 

2 

1160 

Dr.            ROBERT  PARK.             Cr. 

Jan. 

6 

100 

Jan. 

21 

1510 

72 

Dr.         JAMES  PARK,  JR.           Cr. 

Jan. 

6 

75 

Jan. 

21 

1510 

72 

Dr.              LIVE  STOCK.               Cr. 

Jan. 

2 

3000 

Jan. 

10 

3000 

Dr.            JENNIE  PARK.             Cr. 

Jan. 

6 

50 

Jan. 

21 

1510 

73 

Dr.          WILLIAM  JONES.           Ct 

Jan.       7 

15 

20 

Jan. 

18 

15 

20 

Dr.           ALEX.  BUTTRE. 

Or. 

Jan. 

75 

Jan. 

18 

75 

Dr.       ELIZABETH  DEAVITT.        Ct. 

I 

Jan.     21 

1510 

1 

"(3 

198 


CASH    STATEMENT, 

INVOLVING  ALL  THE  ENTRIES  IN  THE  "THIRD  METHOD. 


Jan. 

2 

3 

4 

5 
6 

9 

10 
11 

12 
13 

14 
1C 

17 
18 

19 

20 

250 

675 

600 

"1 

83 

50 
45 

25 
30 

20 

75 
150 
10 

100 
75 
50 

400 
375 
250 

65 

3G6 

834 

150 

5e28 

5C 
40 

>>s 

Livery  Bill,  Carriages  for  Funeral    .     . 

Roc'd  ou  Persona]  Accounts,  viz.  :  James  Monroe     j 

3500 

516 
818 

90 

729 
461 
400 

123 
18 

Jas.  Park.  Jr  

E  M  Hale               .              .... 

Chas.  Williams     

Received  on  Notes,  viz.  :   Robert  Paton  .....      $500  00 
Interest  on  same  .     ...           16  .riO 

Chas.  Pettingill    ....      $800  00 
Interest  on  same  .     ...           is  •!,"> 

Paid  the  following  notes  :  S.  Willard  $36000 
Interest  on  same      ...             (i  ;>" 
P  Horton             ....      $800  00 

Interest  .'M  •!<> 

Received  on  Notes,  viz.  :    E.  C.  Bradford      ....      $70000 
Interest  on  same       ...           2!»  2f> 

L  S  Bliss  $450  00 

Interest  on  same  .     ...           11   30 

Roc'd  of  0  Warren,  in  full  of  account     

75 

8729 

f 

53 

8729 

53 

199 


EXERCISES  FOE  THE  LEA  E  NEB. 

EXERCISES  FOR  THE  LEARNER. 

NOTE. — The  following  Narrative  comprises  a  series  of  transactions  in  a,  regular  Produce  Business,  designed  to 
be  written  up  iu  a  manner  similar  to  the  previous  set.  In  this  case  the  proprietor  is, his  own  agent,  and  the 
business  is  conducted  for  his  owu  benelit.  He  thus  occupies  a  double  relation  to  the  business,  viz.:  us  principal, 
and  as  agent.  His  interests  as  principal  are  represented  by  the  Stock  account ;  and  his  care  as  an  agent  should  be, 
as  in  the  previous  case,  to  know  that  the  resources  and  liabilities  are  perpetually  equal. 

The  transactions  are  so  arranged  that  tho  special  gains  and  losses  are  made  apparent  as  they  occur,  so  that 
the  different  methods  suggested  in  the  previous  set  may  be  carried  out  in  this.  The  teacher  can  make  use  of 
these  transactions  to  perfect  the  student  in  the  different  methods  of  exhibiting  gains  and  losses,  as  well  as  in 
developing  the  Science  of  Accounts.  Let  the  student  be  required  first  to  write  up  the  set,  in  the  ordinary 
manner,  retaining  the  gains  and  losses  in  the  proper  representative  accounts,  until  the  close  of  the  business;  and 
then  carry  them  through  the  general  Loss  and  Gain  account  to  Stock.  Next,  let  him  carry  each  separate  loss  or 
gain  directly  to  the  Loss  and  Cain  account,  when  it  occurs,  and  from  thf-nce  in  a  net  amount  to  Stock;  and, 
finally,  let  him  take  each  separate  loss  or  gain  directly  to  the  Stock  account.  This  will  teach  him,  in  the  most 
unequivocal  manner,  the  theory  of  gains  and  losse-,  ar.d  the  convenience  of  permitting  all  fluctuations  to  remain 
in  their  proper  accounts  during  the  current  condition  of  the  business. 

NARRATIVE. 

July  1.  Commenced  business  with  '$10,000  cash  capital Bo't  of  II.  R.  Munger, 

<&  10  ds.,  500  Bbls.  Genesee  Flour,  ©  $10 Bo't  of  James  E.  Jenkins,  for  cash,  700 

Hush.  Oats,  ©  60* Sold  John  J.  Anderson,  on  his  note  ©10  ds.,  300  Bbls.  Flour, 

©  $10-r-> Sold  Frederick  Win  tie,  for  cash,  200  Bush.  Oats,  ©  75*. 

2.  P>o't  of  W.  A.  Miller,  for  cash,  300  Bbls.  Toronto  Mills  Flour,  ©  $10  » Paid 

cash  for  Store  Expenses,  $75 Sold  Thos.  C.  Latto,  on  /£,  100  Bbls.  Gencsee  Flour, 

©$11 Bo't  of  Samuel  Martin,  for  cash,  1000  Bush.  Corn,  ©  65*. 

3.  Sold  James  E.  Day,  on  %,  300  Bush.  Oat<,  &  78* Bo't  of  Edward  C.  Rice, 

for  cash,  3000  Bush.  Milwaukee  Club  "Wheat,  ©  $1 Sold  Henry  C.  Spencer,  for  cash, 

500  Bush.  Corn,  ©  73"?. 

4.  Bo't  of  John  McMullen,  on  %,  4000  Bush.  Chicago  Spring  Wheat,  ©  85* Sold 

G.  Bailey,  for  cash,  1500  Bush.  Milwaukee  Club  Wheat,  ©  £l  i' Sold  II.  P.  Pen-in, 

for  cash,  200  Bbls.  Toronto  Mills  Floi.r,  ©  811  ^ Received  Cash  of  Thos.  C.  Latto, 

in  full  of  %,  $ . 

5.  Paid  II.  R.  Munger  Cash  on  %,  $2500 Bo't  of  Samuel  Lathrop,  for  Cash, 

•2000   Bush.   Rye,  ©  70* Sold  J.   Gundry,  for  Cash,   1500  Bush.  Milwaukee  Club 

Wheat,  ©  $1  20. 

6.  Sold  Henry  Eaton,  for  cash,  2000  Bush.  Chicago  Spring  Wheat,  ©  GO* Sold 

James  Conner,  for  cash,  200  Bush.  Oats,  ©  75*. 

7.  Sold  Philip  Kearney,  for  cash,  100  Bbls.  Genesee  Flour,  ©  $10  ~s;   100  Bbls.  Toronto 
Mills  Flour,  ©  $11. 

10.  Paid  J.  MfMullen,  cash  in  full  of  %,  $ Sold  J.  Simpson,  for  cash,  2000 

Bush.  Chicago  Spring  Wheat,  @  92* ;  500  Bush.  Corn,  ©  75*. 

12.  Sold  J.  Ilollister,  for  cash,  2000  Bushe's  Rye,  ©  GO* Received  Cash  in  full 

for  John  J.  Anderson's  note  of  the  1st  inst.,  6 Received  Cash  of  Jas.  E.  Day 

in  fill  of  "/c,  8 Paid  IT.  R.  Munger,  Cash  in  full  of  %,  $ . 

Statement  at  Closing. 


Cash  on  hand       .     .          .     .           .... 

11269 

Capital  at  commencing     $10000 

Net  Gain  1209 

11269 

|      11269 

11269 

200 


COMMISSION: 

EMBRACING,    AS    PRINCIPAL    AND    AUXILIARY    BOOKS, 

RECEIVING  BOOK,  SALES  BOOK,  CASH  BOOK, 
JOURNAL  AND  LEDGER; 


TOGETHER    WITH 


THE    MOST    PRACTICAL,    FORMS    IN    USE. 


REPRESENTING    BUSINESS    AS    IT   OCCURS    IN   TIRST   CLASS 


COMMISSION  HOUSES. 


COMMISSION. 


COMMISSION. 

A  COMMISSION  MERCHANT  is  an  ageut  for  the  sale  of  property  consigned  to  nis  care,  and  is  expected  to  care* 
fully  consult  the  interests  of  his  consignors.  He  should  not  be  interested  in  the  purchase  or  sale  of  articles  sim 
ilar  to  those  consigned  to  him  on  commission.  The  consignor  may  limit  the  price  at  which  his  property  shall 
be  sold,  or  withhold  it  from  market,  or  may  leave  everything  to  the  judgment  and  discretion  of  the  Commission 
Merchant.  If,  however,  explicit  directions  are  given  by  the  consignor  as  to  the  management  of  the  property, 
the  consignee  must  obey  them  to  the  letter.  Sales  on  commission  must  be  made  for  cash,  unless  the  article  '"5 
\ieh  os  is  usually  sold  on  time,  or  the  consignor  has  authorized  time  to  be  given.  A  departure  fr^^  these 
cstrietions  will  render  the  consignee  liable  for  any  damage  which  may  result.  He  may,  in  fact,  require  pay 
ment  to  be  made  before  delivery  of  the  property  sold,  and  should  do  so  where  any  doubt  exists  as  to  the  business 
integrity  ot  the  purchaser. 

There  are  various  methods  of  keeping  the  accounts  of  a  Commission  Merchant,  so  far  as  the  consignments 
are  concerned.  Some  keep  no  account  with  the  different  consignments,  but  enter  all  transactions  relating  thereto 
in  the  consignor's  account;  others  keep  a  general  consignment  %  for  each  consignor  under  the  title  of  "  Consign 
ments,"  "Sales,"  or  some  other  appropriate  name;  while  others  keep  a  separate  account  with  each  consignment, 
carrying  the  separate  results  as  "net  proceeds"  to  the  account  of  the  consignor. 

The  latter  method  is  the  one  here  adopted. 

The  books  in  common  use  with  Commission  Merchants  are  those  illustrated  in  this  set.  Then-  distinct  uses, 
although  apparent  upon  their  face,  may  be  briefly  stated,  as  follows : 

THE   RECEIVING  BOOK 

contains  the  copies  of  Bills  of  Lading  sent  with  the  consignments,  and  embraces  all  the  necessary  facts  as  to  the 
quantity  and  kind  of  merchandise,  by  whom  and  how  sent,  on  whose  account  to  be  sold,  etc.  It  also  contains  the 
amount  of  freight  due,  and  usually  the  receipts  of  the  Transportation  Agent  for  freights  paid.  This  is  a  purely 
auxiliary  book,  the  essential  facts  which  it  contains  being  properly  classified  in  other  books,  and  from  thence 
posted  to  the  Ledger. 

THE   SALES   BOOK 

is  the  book  of  principal  record  for  the  Commission  Merchant.  It  embraces  the  particulars  of  each  consignment, 
so  arranged  as  to  present  at  a  glance  the  progress  of  the  business,  and  of  each  part  thereof.  It  is,  in  effect,  a 
Ledger  of  the  consignment  accounts;  and  although,  as  in  this  instance,  a  general  Sales  %  may  be  kept  in  the 
Ledger  proper,  the  Sales  Book  is  indispensable  to  show  the  facts  connected  with  each  consignment.  This  book 
is  sometimes  journalized,  but  more  frequently  posted  direct,  as  here  shown.  The  only  difficulty  the  student  is 
likely  to  encounter  in  posting  direct  from  the  Sales  Book  will  be  that  of  obtaining  a  Trial  Balance  readily.  The 
Commission  Sales  Book,  unlike  the  Sales  Book  in  a  general  merchandise  business,  is  a  schedule  of  ditTereut  sales 
accounts  in  various  stages  of  completion ;  so  that,  should  we  select  any  particular  period  for  carrying  the  result 
to  the  Ledger,  such  as,  for  instance,  the  last  of  each  month,  it  would  be  impossible  to  make  the  entry  complete, 
from  the  fact  that  some  of  the  accounts  would  represent  the  sales  entirely  closed  out,  while  others  would  exhibit 
only  partial  results,  leaving  space  for  future  entries  which  might  not  occur  for  months;  while,  if  we  should  delay 
the  posting  of  the  amounts  in  the  general  column  of  the  credit  side  of  the  Sales  Book  until  the  sales  are  closed, 
our  Ledger  would  fail  to  show  the  indebtedness  of  parties  who  have  purchased  on  account.  (It  is,  in  fact,  this 
necessity  of  keeping  the  personal  accounts  posted  that  leads  to  all  the  difficulty  which  besets  us  in  the  matter 
•f  a  Trial  Balance.)  We  cannot,  therefore,  as  in  the  Sales  Book  connected  with  Set  V.,  foot  up  the  sales  at  the 
nd  of  the  month,  carrying  the  amount  to  the  credit  of  the  Sales  %,  to  balance  the  corresponding  debit  entries 
already  posted,  and  we  must  either  leave  the  sales  unposted  until  the  several  consignments  are  closed,  keeping 
the  Ledger  thus  much  out  of  balance,  or  collect  the  amount  of  sales  up  to  the  period  at  which  the  Trial  Balance 
is  wanted,  and  credit  it  to  Sales  %.  The  only  objection  to  the  latter  method  is  the  carrying  of  an  amount  to  the 
Ledger  which  does  not  appear  in  the  book  of  original  entiy,  thereby  rendering  it  difficult  to  check  the  work  iu 
case  the  Ledger  does  not  balance.  The  trouble  from  this  source  however,  should  not  discourage  the  accountant, 
b'-.t  should  only  make  him  the  more  vigilant  in  guarding  against  possible  errors  in  collecting  the  items  from  the 
Sales  Book.* 


•  It  will  be  seen  that  we  have  avoided  this  difficulty  by  making  In  the  Journal  a  memorandum  entry  at  the  end  of  each  month, 
showing  the  total  sales  not  posted  from  the  Cash  Book.  This  amount,  though  uot  extended  into  the  regular  money  column,  ia 
posted  to  the  credit  of  Sales  account,  and  the  difficulty  in  checking  is  avoided. 

202 


COMMISSION. 

The  debit  side  of  the  Sales  Book,  and  the  Cash  column  of  the  credit  side  will  lead  to  no  difficulty  of  t.  as  sort, 
from  the  fact  that  the  debit  of  each  consignment  is  posted  only  when  the  consignment  is  closed  oal,  and  the 
entry  complete.  Sales  %  is  then  debited,  and  the  several  items  making  the  total,  credited ;  preserving,  thereby, 
the  necessary  equilibrium.  The  entries  in  the  Cash  column  of  the  credit  side  are  also  made  in  the  Cash  Book, 
and  posted  from  thence  at  the  end  of  each  mouth,  being  balanced  by  an  equal  amount  of  cash  which  is  included 
in  the  cash  total. 

It  is  uot  deemed  necessary  to  have  a  separate  column  for  Cash  on  the  debit  side  of  the  Sales  Book,  from  the 
fact  that  there  would  generally  be  but  one  item  to  enter  in  it  from  each  consignment,  viz..  the  amount  paid  for 
Transportation.  We  have  therefore  made  a  neutralizing  entry  of  this  amount,  crediting  Transportation  from  the 
Sales  Book,  and  debiting  it  from  the  Cash  Book,  after  the  method  indicated  in  the  second  paragraph  on  p.  129. 

THE   CASH   BOOK 

differs  in  no  essential  particular  from  other  Cash  Books  shown  in  this  work.     The  special  columns  will  be  readily 
understood. 

THE   JOURNAL 
contains  only  such  records  as  may  not  properly  be  entered  in  the  other  books.     It  will  explain  itself. 

THE   LEDGER 

differs  from  the  Ledgers  already  shown,  only  in  the  form  of  entry,  the  explanations  being  more  full  and  satisfac 
tory.     This  feature  is  one  which  we  would  commend  to  the  careful  attention  of  the  student. 

The  NARRATIVE  OF  TRANSACTIONS  preceding  the  books  of  entry  should  be  carefully  studied,  and  all  the  entries 
made  therefrom,  instead  of  copying  them  from  the  books  themselves.  We  briefly  indicate  the  order  of  entry. 

The  first  regular  transaction  of  the  business  is  that  of  May  12th,  relating  to  the  550  bbls.  Flour  received  by 
the  boat  "Sam  Miller." 

The  first  entry  to  be  made  is  in  the  Receiving  Book,  stating  the  date  of  arrival,  and  copying  from  the  Bill 
of  Lading  the  name  of  the  vessel,  railroad,  or  other  mode  of  transportation,  and  all  the  essential  facts  as  to  the 
quantity  and  kind  of  property,  by  whom  forwarded,  at  what  date,  on  whose  account  to  be  sold,  the  charges 
accrued,  etc.  Careful  attention  should  be  given  to  the  quantity  and  condition  of  the  property,  to  see  that  it  cor? 
responds  with  the  Bill  of  Lading,  and  if  it  varies  in  either  particular,  the  facts  should  be  noted  immediately  on 
the  Receiving  Book,  that  reference  may  be  had  to  it  in  the  final  settlement  Upon  paying  the  freight,  a  receipt 
is  token  (generally  in  the  Receiving  Book),  and  the  amount  entered  to  Transportation  %. 

The  Sales  Book  is  then  opened,  and  under  the  name  of  the  owner  an  entry  is  made,  on  the  left  hand  or  debit 
page,  of  the  property  received,  specifying  the  same  particulars  as  in  the  Receiving  Book.  Other  charges,  suoh 
as  Storage,  Insurance,  Commission,  etc.,  will  be  entered  as  the}r  occur.  When  the  property  is  all  disposed  of, 
these  charges,  of  course,  are  to  be  deducted  from  the  gross  amount  of  the  sale,  and  the  "net  proceeds"  placed  to 
the  credit,  or  made  subject  to  the  order  of  the  owner. 

The  cash  paid  for  freight  ($93.50)  must,  of  course,  be  entered  in  the  Cash  Book,  and  as  "Transportation"  % 
is  credited  in  the  Sales  Book,  it  will  now  be  debited  iu  the  Cash  Book,  the  amount  being  carried  to  that  special 
column,  and  included  iu  the  total  at  the  end  of  the  month. 

It  will  be  readily  seen  that  the  entries  thus  made  in  the  Transportation  Account  must  cancel  or  neutralize 
each  other.  The  use  of  such  accounts  becomes  necessary  where  conflicting  entries  are  made  from  different  books. 
Iu  this  case,  the  account  is  something  better  than  a  mere  necessity,  as  it  shows  the  amount  we  have  paid  ou 
Transportation. 


This  set  is  designed  to  give  the  student  a  practical  idea  of  the  best  method  of  keeping  Commission  Books 
as  practised  in  the  first  Commission  Houses  along  the  great  central  thoroughfare,  extending  from  the  Atlantic 
to  t.ie  Mississippi,  liiis  and  the  Forwarding  t>et  which  follows  are  made  up  iroin  transactions,  furnished  Ly 
Mr.  II.  B.  TuriLE,  of  Cleveland,  to  whom  we  are  indebted  for  most  of  the  ai rangement,  and  the  practical  huiii 
touching  tho  customs  in  this  department  of  trade. 

The  first  two  months'  transactions  are  entered  up  in  detail  in  the  proper  books.  The  last  two  are  left  for 
the  student  to  enter,  and  are  relied  upon  mainly  for  practical  instruction. 

We  are  confident  that  no  better  forms  are  before  the  public,  or  in  use  among  business  meu. 


203 


COMMISSION. 


NARRATIVE   OF   TRANSACTIONS. 

May  1.  Commenced  a  general  Commission  business,  occupying  the  office  and  warehouse  rented  of  H.  Harvey, 
River  Street,  at  $800  per  annum.  Appropriated  $10,000  as  capital,  which  is  now  paid  in.  (C.  B.)  -  -  -  -  Paid 
Cash  for  Office  Furniture,  $38.  (Furniture  %,  C.  B.) 

3.  Paid  Cash  for  Stationery  and  Blank  Books,  $9.95.  (Expense  %,  C.  B.)    Also  for  Iron  Safe  (Furniture  %, 
$230,  C.  B.) 

4.  Paid  Cash  for  sundry  articles  for  office  and  warehouse  use,  $3.25.  (Expense  %,  C.  B.) 

12.  Received  by  Boat  "S.  Miller,"  from  Monroe  Mills  Co.,  Akron,  0.,  550  bbls.  Flour,  to  be  sold  on  theu 
account     The  brands  are  as  follows:  440  bbls.  "Monroe  Mills  Extra,"  85  bbls.  "Summit  Mills,"  and  25  bbla. 

"  A.  Potter."     Paid  Canal  Freight,  lit  per  bbl.  in  Cash.     (R.  B.;  S.  B. ;  C.  B.) Procured  Fire  Insurance  in 

the  Commercial  Mutual  Ins.  Co.,  Cleveland,  to  cover  any  property  in  store  to  the  amount  of  $5,000,  ©1£  ¥  ct. 
prem.    Paid  Premium  in  Cash.*     (C.  B.)  -  -  -  -  Sold  P.  Anderson,  from  Monroe  Mills  Co.'s  Consignment,  300  bbls. 

"  Monroe  Extra"  .^'our,  ©  $8  per  bbl. Also  sold  A.  M.  Perry  &  Co.  40  bbls.,  same  brand,  @  8.12£,  both 

payable  on  presentation  of  bill.f     (S.  B.) 

13.  Rec'd  by  Boat  "Cuyahoga,"  from  R.  M.  Ashley,  Cuyahoga  Falls,  100  bbls.  Linseed  Oil,  for  %  of  Henry 

Wetmore;  paid  Freight,  37£  <f  per  bbl.  in  Cash.  (R.  B.;  S.  B. ;  C.  B.) Sold,  for  Cash,  25  bbls.  "A.  Potter" 

Flour,  Monroe  Mills  Co.'s  Const.,  ©  $5.  (S.  B. ;  C.  B.) Sold  H.  Steller,  85  bbls.  "  Summit  Mills"  Flour, 

Monroe  Mills  Co.'s  Const,  ©  7.50.  (S.  B.) 

14.  Sold,  for  Cash,  10  bbls.  Linseed  Oil,  403  gallons,  ©  95<f — "Wetmore's  Const. — (S.  B.;  C.  B.) Sold 

Gaylord  &  Co.  30  bbls.  Linseed  Oil,  1200  gallons,  ©  92<f— same  Const — (S.  B.) Received  of  P.  Anderson, 

Gush  for  Bill  of  Flour  of  12th  inst     (C.  B.) 

15.  Sold,  for  Cash,  100  bbls.  "Monroe  Extra"  Flour,  Monroe  Mills  Co.'s  Const.,  ©  $8.    (S.  B.;  C.  B.) 

Also  5  bbls.  Linseed  Oil— H.  Wetmore's  Const— 201  £  gals.  ©  95  <F.     (S.  B ;  C.  B.) 

17.  Received,  per  C.  C.  &  C.  R.  R.,  from  New  London  Station,  for  %  J.  II.  Luther,  Ashland,  0.,  100  bbls. 
"  Ashland  Mills"  Flour;  paid  R,  R.  digs,  on  same,  $22.47  ;  Drayage,  $2.50.     (R.  B. ;  S.  B. ;  C.  B.)  -  -  -  -  Rec'd 

Cash  of  A.  M.  Perry  &  Co.  for  amount  of  their  bill  of  12lh  inst.    (C.  B.) Also,  of  H.  Steller,  for  amount  of 

his  bill  of  13th  inst.  (C.  B.) Sold  A.  M.  Perry  &  Co.  100  bbls.  "Ashland"  Flour— J.  H.  Luther's  Const— 

(%  $7.75.  (S.  B.)  -  -  -  -  Closed  Monroe  Mills  Co.'s  Const.,  and  rendered  them  %  sales  of  the  same.     Our  chnrgea 
(aside  from  Transportation,  already  entered)  are  as  follows :  Storage,  $13.50;  Insurance,  $10.72;  Commission, 
2$-$  on  total  sales,  $107.19;  :\et  proceeds  credited  to  Monroe  Mills  Co.  (S.  B.)  \ 

18.  Rec'd  Cash  of  Gaylord  &  Co.  for  amount  of  their  bill  of  14th  inst.  (C.  B.)  -  -  -  -  Sold  for  Cash,  55  bbls. 
Linseed  Oil— IT.  Wetmore's  Const— 2200  gals.  ©  90?  (S.  B. ;  C.  B.) 

19.  Paid  Cash  for  II. Wetmore's  sight  draft  on  me,  favor  A.  Gray,  $1400.  (C.  B.)  -  -  -  -  Procured  a  Cargo  for 
Schr.  Lavinia,  as  requested;    Freight  amounting  to  $850;    my  Commission  on  same,   5#,  chgd.  to  Schr. 
L;ivinia  (J.). 

21.  Rec'd  Cash  of  A.  M.  Perry  &  Co.,  for  amt.  of  bill  of  17th  inst.  (C.  B,) Paid  Cash  for  Monroa 

Mills  Co's.  sight  draft  on  mo,  favor  H.  B.  Hurlbut,  Cashr.,  $2000.  (C.  B.) 

24.  Closed  H.  Wetmore's  Consignment,  and  rendered  him  an  %   Sales  of  the  same:  Our  digs,  (aside  from 
Transportation,  already  entered)  are  as  follows:  Storage,  $8;  Insurance,  $9.14;  Cooperage,  $2.50;  Commission, 
$91.40. — Net  Proceeds  to  be  credited  to  H.  Wetmore.  (S.  B.) 

25.  Rec'd,  per  Boat  "Cataract"  from  Haughcy  &  Byers,  Newark,  0.,  for  %  of  Consignors,  1915  bush. 

Wheat.     Paid  Freight  in  Cash,  SJf  per  bush.   (R.  B. ;  S.  B. ;  C.  B.) Also  per  Boat  "  C.  Delano,"  from 

same  parties,  and  for  their  %,  200G  bush.  Wheat,  being  6  bush,  over  the  Bill  of  Lading,  for  which  we  paid  the 


*  It  is  customary  for  Commission  Merchants  to  effect  a  general  Insurance  on  all  property  that  may  be  in  their  warehouse, 
making  the  amount  largo  enough  to  cover  nil  probable  risks,  and  then  charge  consignors  a  sufficient  percentage  to  cover  their 
outlay.  They  thus  become  insurers  to  their  consignors,  and  in  turn  transfer  their  risks  to  some  reliable  Insurance  Company,  not 
aufrequently  realizing  a  small  margin  of  gain  in  this  wny. 

t  Nearly  all  Cash  sales  to  regular  customers  are  made  in  this  way,  the  hills  not  being  presented  for  two  or  three  days  after 
the  purchase.  In  all  such  cases  the  purchaser  should  be  charged  immediately,  the  same  as  if  the  sale  were  on  account. 

J  It  is  proper  that  a  Consignment  account  In  tho  S;iles  Book  be  closed  immediately  upon  disposing  of  the  property.  In  'lug 
case,  although  the  last  sale  was  effected  on  the  15th,  the  account  is  not  closed  until  the  17th,  the  date  of  payment  of  the  two  hills 
due  for  previous  sales.  The  reason  for  this  delay  is  obvious,  as  the  consignee  does  not  consider  himself  as  owing  the  consignor 
until  he  holds  in  his  hands  the  avails  of  the  sales.  When  the  account  sales  is  received  by  the  consignor,  he  can  draw  for  th« 
unonnt,  it  being  in  tho  hands  of  his  agent,  the  consignee. 

204 


COMMISSION. 

Cnpt.  the  market  price  of  $1.20  per  bush.;*  also  paid  Freight  on  the  2000  bush.,  as  per  Bill  of  Lading, 

(R.  B. ;  S.  B. ;  C.  B.) Sold  C.  Iliekox,  1915  bush.  Wheat — Ilaughey  &  Byers'  Const.— @  $1.20.  (S.  B.)  -  -• . 

Also,  sold  Harvey  &  "Witt,  2006  bush.  Wheat,  same  Const.,  ©  $1.20.  (S.  B.) Paid  Cash  for  Cooperage, 

$2.50.  (C.  B.) 

26.  Paid  Cash  for  II.  Wctmore's  sight  draft  for  K.  Comstock,  Cashr.,  $2200.  (C.  B.) Closed  J.  IT. 

Luther's  Consignment,  and  rendered  him  an  %  Sales :  Our  charges  (aside  from  Transportation  already  entered) 
are  as  follows:  Storage,  $3;  Insurance,  $1.94;  Commission,  $19.37;  Net  Proceeds  remitted  in  Cash.f 
(S.  B. ;  C.  B.) 

•  27.  Rco'd,  per  Steamer  "Ocean,"  from  C.  A.  Trowbridge,  Detroit,  for  %  of  Thos.  Paxton,  100  bbls.  White 
Fish  ;  paid  Freight,  ©  124?  per  bbL  (R.  B.;  S.  B. ;  C.  B.)  -  -  -  -  Rec'd.  per  Schr.  Lavinia,  from  Ames  &  Merriain, 
Oswogo,  (May  19)  600  bbls.  Water  Lime,  for  %  of  H.  M.  Ames.  Freight,  ©  18?  per  bbl.,  credited  Schr.  Lavinia. 
(R.  B. ;  S.  B. ;  J.) 

29.  Ree'd.  per  Str.  "Ocean,"  from   C.  A.  Trowbridge,  Detroit,  for  %  of  Thos.  Paxton,  100  hf.  bbls.  Fish. 

Paid  Freight,  ©  6]?  per  hf.  bbl.  (R.  B.;  S.  B. ;  C.  B.) Accepted  Thos.  Puxton's  draft,  dated  24th  hist., 

®  1  month  from  date,  for  $10004  (J.) 

30.  Rec'd   Casli  of  C.  Iliekox  for  bill  of  Wheat  of  the  25th  inst.  (C.  B.) Also  of  Harvey  &  Witt  for 

bill  of  Wheat,  same  date.  (C.  B.) 

31.  Paid  Inspection  bill  of  T.  Paxton's  Fish,  $57.50.  (C.  B.) — One  hf.  bbl.  over  on  inspection.§ Paid 

Warehouseman's  wages  this  month,  $25.  (C.  B.)  -  -  -  -  Closed  Ilaughey  &  Byers'  Consignment,  and  rendered 
them  an  %  Sales.     Our  charges  (aside  from  Transportation  already  entered)  are  as  follows:   Commission,  If 
per  bush.,  $39.21 — Net  Proceeds  to  credit  of  TIaughey  k  Byers.  (S.  B.)  -  -  -  -  Closed  Cash  Book,  and  posted 
results  to  the  Ledger:  Total  Transportation  paid  this  month,  $507.50;  Total  Expense  for  the  month,  $40.70. — 
Balance  Cash  on  hand.  $16144.36.  -  -  -  -  Also  transferred  to  Journal  the  Sales  not  entered  from  Cash  Book,  viz.: 
"Monroe  Mills  Co.,"  $3362.50;    II.  Wetmore,   $1104;    J.  H.  Luther,  $775;    Ilaughey  &  Byers,   $4705.20: 
Total,  9946.70.  | 

June  2.  Sold  Gordon,  McMillan  &  Co.,  @  10  ds.,  from  Paxton's  Const.,  51  bbls.  White  Fish,  ®  $8 ;  82  hC 

bbls.  do.,  ©  $4.25.  (S.  B.) Sold  Hubby,  Hughes  &  Co.,  from  Ames'  Const.,  300  bbls.  Water  Lime,  ©  $1.25. 

(S  B.) Drew  on  H.  Wetmore  for  balance  of  %,  $00.32.«[  (C.  B.) 

5.  Paid  Cash  for  Monroe  Mills  Co's.  Draft  on  me,  favor  T.  P.  Handy,  Cashr.,  $2062.59.  (C.  B.) Rec'd, 

per  C.  &  P.  R.  R.,  from  Akron,  0.,  for  %  of  J.  B.  Woods,  250  bills.  Flour,  "  Plienix  Mills."     Paid  Freight,  14? 

per  bbl.,  $35 ;  Drayage,  $6.25.  (R.  B. ;  S.  B. ;  C.  B.) Sold  Bradburu  &  Fisher,  from  Ames'  Const.,  300  bbls. 

Water  Lime,  ©  $1.25    (S.  B.) 

6.  Sold  Gordon,   McMillan  &  Co.,  from  Paxton's  Const.,  49  bbls.  Inspected    Fish,   ©  $5,  and  19  hf.  bbls. 

same,  ©  $2.75.  (S.  B.) Rec'd.,  per  C.  C.  &  C.  R,  R.,  for  ",{•  of  Baldwin  &  Payne,  Franklin,  Ind.,  500  bbls. 

"  Pearl  Mills'   Flour ;  paid  Freight  to  Union,  36?  per  bbl. ;  from  Union  to  Cleveland,  40?  per  bbl. ;  Total  Freight, 
$380;  Drayage,  2J?  per  bbl.,  $12.50.  (R.  B. ;  S.  B.;  C.  B.) 


*  Tin1  master  of  a  vessel,  boat,  or  other  public  vehicle,  is  hold  responsible  for  the  safe  delivery  of  goods  as  entered  on  hie  Hill 
of  Lading.  If  the  quantity  falls  short,  he  must  make  good  the  deficiency,  and,  on  the  other  hand,  if  it  overruns,  custom  allows 
him  to  appropriate  the  excess.  In  this  case  we  pay  the  captain  the  regular  market  price  for  6  bush,  over,  and  charge  the  same 
to  '.he  owners. 

+  In  ordinary  eases,  we  should  scarcely  deem  it  necessary  to  open  an  account  with  a  consignor,  when  -we  remit  him  his  net 
proceeds  in  cash ;  but,  as  we  must  enter  the  cash  in  the  Cash  Hook,  and  post  it  from  thence  to  the  Ledger,  we  are  obliged  to 
make  of  this  a  neutralizing  entry,  the  same  as  we  do  of  Transportation.  We  therefore  credit  the  consignor  for  his  net  proceeds 
"roMi  the  Sales  Rook,  and  debit  him  for  the  remittance  from  the  Cash  Book. 

t  Tt  is  customary  fnr  consignors  to  draw  against  their  consignments,  making  the  draft  payable  far  enough  ahead  to  allow  tlu> 
consi^ne/e  to  realize  on  the  property  before  the  draft  matures.  There  is  no  risk  in  accepting  a  draft  when  we  have  sufficient 
property  belonging  to  the  drawer. 

§  In  this  case,  the  "over"  is  not  discovered  until  the  property  is  inspected,  and  is  not  therefore  claimed  by  the  transporter. 
We  simply  add  it  to  the  number  already  entered,  and  give  the  consignor  the  benefit. 

I  If  the  student  will  carefully  examine  his  Sales  Rook,  he  will  discover  that  these  amounts,  comprised  in  the  total  amount 
carried  to  the  Ledger  as  "other  sales"  (than  cash)  for  the  month,  he  will  see  that  a  corresponding  debit  for  each  one  in  the 
shape  of  a  personal  account  has  been  already  posted  ;  and,  of  course,  if  this  credit  to  Sales  were  omitted,  the  Ledger  would  fail 
thus  much  of  balancing.  It  may  be  optional  with  him  to  post  the  amount  to  the  Lodger  at  this  time,  or  to  post  the  sepr.ra'.e 
sales  when  thi'ji  are  closed  out,  always  keeping  in  mind  that,  in  the  latter  case,  there  will  be  a  deficit  ncy  in  his  Trial  Balance  of 
the  amount  of  credit  sales  unposted. 

T  Business  houses  do  the  most  of  their  collecting  through  the  Bank  where  their  deposits  are  made.  As  this  is  a  sight  drnft, 
and  will  be  paid  on  presentation,  we  deposit  it  the  same  as  cash  The  Bank  will  of  course  send  it  on  immediately  for  collection. 
Wu  keep  no  Bank  account  in  our  Ledger,  reckoning  the  amount  on  deposit  as  cash. 

205 


COMMISSION. 

8.  Paid  Cnsli  for  Haughey  &  Byers'  sight  draft,  favor  of  H.  B.  Hurlbut,  Cashr.,  $2116.07. Also,  pei 

their  order,  remitted  to  R.  Mead  &  Co.,  N.  Y.,  $2198.95.    Exchange  on  above,  \%  prem.,  $  10.99.*  (C.  B.) 

Sold  for  Cash,  from  J.  B.  "Wood's  Const.,  200  bbls.  "Phenix  Mills"  Flour,  ©  $8.20;  and  50  bbls.  do.,  ©  $8.25. 

(3.  B. ;  C.  B.) Rec'd,  per  C.  C.  &  C.  R.  R-,  from  Baldwin  &  Payne,  Franklin,  Ind.,  200  bbls.  "Pearl  Mills" 

Flour,  and  50  do.  "  Fine"  Flour.     Paid  Freight  to  Union,  36<f  per  bbl. ;  from  Union  to  Cleveland,  40?  per  bbl. ; 

Total  Freight,  $190;  Drayage,  2|?,  $G.25.  (R.  B.;  S.  B.;  C.  B.) Rec'd,  per  C.  &  P.  R.  R.,  for  %  of  J.  B. 

Woods,  Akron,  0.,  50  sacks  Wool,  7500  Ibs.     Paid  Freight,  ©  1  Of  per  100  Ibs.,  $7.50;    Drayage,   5  loads, 

@  25?,  $125.  (R.  B. ;  S.  B. ;  C.  B.) Rec'd,   from   Boat  "Tornado,"  for   %   of  H.  Meek,  Coshocton,  0., 

200  kegs  Butter,  22,410  Ibs.     Paid  Freight,  @  18?  per  100  Ibs.,  $40.34.  (R.  B. ;  S.  B. ;  C.  B.) Sold  N.  Sack- 
rider,  from  Baldwin  &  Payne's  Const.,  500  bbls.  "Pearl  Mills"  Flour,  ©  $7.50.  (S.  B.) Closed  J.  B.  Wood's 

Const.,  of  June  5,  and  rendered  %  Sales  of  same. — Our  charges  not  previously  entered  are  as  follows :  Storage, 
$7.50;    Insurance,  $2;    Commission,  1\%  on  $2052.50  — $51.31.     Net  Proceeds  to  credit  of  J.  13.  Woods. 
(S.  B.) 

9.  Rec'd  Cash  of  Hubby,  Hughes  &  Co.  for  bill  of  Water  Lime,  of  2d  inst.  (C.  B.)  -  -  -  -  Paid  Cooperage, 
83.  (C.  B.) 

12.  Rec'd  Cash  of  Bradburn  &  Fisher  for  bill  of  Water  Lime,  of  5th  inst.  (C.  B.) Rec'd  Cash  of  Gor 
don,  McMillan  &  Co.  for  bill  of  Fish,  from  Paxton's  Const,  of  June  2,  and  June  6,  due  this  day.    (C.  B.)  -  -  -  - 

Drew  at  sight  on  N.  Sackrider,  for  $3235.50.    (C.  B.) Remitted  Cash  to  J.  A.  Carlton,  Cinci.,  for  %  of 

J.  B.  Woods,  $1500.  (C.  B.) Closed  Ames'  Const,  and  rendered  %   Sales  of  same.     Our  charges,  not 

already  entered,  are  as  follows:    Storage,  8?  per  bbl.,  $48;    Insurance,  $1.50;    Cooperage,  $3;   Commission, 

12|f  per  bbl.  on  600  bbls.,  $75.    Net  Proceeds  to  credit  of  H.  M.  Ames.  (S.  B.) Remitted  H.  M.  Ames, 

for  his  net  proceeds  above,  my  sight  draft  on  N.  Sackrider,  Ogdensburg,  N.  Y.  (J.) Closed  Baldwin  & 

Payne'  Const.,  of  June  6,  and  rendered  %  Sales  of  same.    Our  charges,  not  already  entered,  are,  for  our  Comrnia* 

eions,  @  15?  per  bbl.  on  500  bbls.  Flour,  $75.     Net  Proceeds  to  credit  of  Baldwin  &  Payne.    (S.  B.) 

Accepted  II.  Meek's  draft  of  June  9th,  ©  2  months  from  date,  for  $1500,  payable  at  Commercial  Bank.  (J.) 

15.  Ree'd,  per  Boat  "S.  Miller,"  from  Monroe  Mills  Co.,  for  %  of  Shipper,  544  bbls.  Flour,  of  the  following 
brands:  400  bbls.  "Monroe  Extra/'  125  bbls.  "Summit  Mills,"  and  19  bbls.  "A  Potter."   Paid  Freight,  16?  per 
bbl.,  $87.04.     10  bbls.  Wet;  Damage  appraised  and  deducted,  $10.f  (R.  B;  S.  B.;  C.  B.) 

16.  Remitted  Baldwin  &  Payne,  as  per  their  request,  Cash  to  balance  %,  $3282.50.  (C.  B.) Received 

per  Boat  "Beacon,"  from  N.  T.  Claypole,  Noshport,  0.,  of  June  12,  for  %  of  W.  Lynn  &  Co.,  120  pieces  Bacon, 
3204  Ibs.     Paid  Freight,  18?  per  100,  $5.76.  (R.  B. ;  S.  B. ;  C.  B.) 

18.  Rec'd,  per  Schooner  "Lavinia,"  from  Ames  &  Merriam,  Oswego,  of  June  11,  for  %  of  H.  M.  Ames,  500 

bbls.  Water-Lime ;  Freight,  18?  per  bbl.,  credited  Schr.  "  Lavinia."  (R.  B. ;  S.  B. ;  J.) Also,  per  same  vessel 

from  H.  C.  Wright,  Oswego,  for  %  of  Shipper,  250  bbls.  Coarse  Salt,  and  1000  bbls.  Fine  Salt;  Freight  15?  per 
bbl.,  credited  Schr.  "  Lavinia."  (R.  B. ;  S.  B. ;  J.) 

19.  Procured  cargo  for  Schr.  "  Lavinia,"  freight  amounting  to  $1425,  for  which  we  charge  her,  as  per  agreement, 

5  £  (J.) Sold  for  Cash,  from  J.  B.  Woods'  Const.,  50  sacks  Wool,  7250  Ibs.,  ©  35?.  (S.  B. ;  C.  B.) Closed 

J.  B.  Wood's  Const.,  and  rendered  %  Sales  of  same.     Our  Charges  not  already  entered  are:  Storage,  $7.50; 
Insurance,  $6.34;  Commission,  1?  per  lb.,  72.50.     Net  Proceeds  to  credit  of  J.  B.  Woods.  (S.  B.)  -  -  -  -  Sold,  for 

Cash,  from  H.  Meeks'  const.,  50  kegs  Butter,  5100  Ibs.  ©  18?.  (S.  B.:  C.  B.) Received,  per  Schr.  "  Mar- 

quette,"  from  Hinckley  &  Handy,  Chicago,  for  %   of  Shippers,  14,000  bush.  Oats,  stored  in   Erie  Warehouse. 

Paid  Freight,  5?  per  bushel.  (R.  B. ;  S.  B. ;  C.  B.) Paid  J.  B.  Woods,  Cash  to  balance  %<  $2892.85.  (C.  B.) 

Sold  Gordon,  McMillan  &  Co.,  from  H.  M.  Ames'  Const.,  500  bbls.  Water  Lime,  ©  $1.20.  (S.  B.)  -  -  -  - 

Sold  R.  T.  Lyou,  on  his  note,  ©  30  ds.,  from  H.  C.  Wright's  Const,  250  bbls.  Coarse  Salt,  ©  $2,  and  1000  bbls 
Fine  do.,  ©  $1.50.  (S.  B.) 

20.  Closed  II.  M.  Ames  Const,  of  June  19,  and  rendered  %  Sales  of  the  same.     Our  Charges  not  already 
posted  are:  Commission,  12^?  per  bbl.,  $62.50.     Net  Proceeds  to  credit  of  H.  M.  Ames.  (S.  B.)  -  -  -  -  Remitted 
H.  M.  Ames  sight  draft  on  New  York,  for  his  net  proceeds  as  above,  less  -£  %  prem.  -  -  -  -  Closed  H.  C.  Wright's 
Const.,  and  rendered  %  Sales  of  the  same.     Our  charges  not  already  entered,  are:  Commission  on  1250  bbls. 


*  Unless  otherwise  agreed,  the  net  proceeds  of  sales  on  commission  are  payable  in  the  currency  of  the  place  where  the  sales 
are  effected.  To  send  money  to  New  York,  which  will  be  current  there,  we  are  obli  :ed  to  pay  i  per  ct.  premium,  and,  as  this  is 
done  at  the  request  of  the  consignor,  the  premium  is  as  mnch  chargeable  to  him  as  the  face  of  the  draft. 

t  As  the  carrier  engages  to  deliver  property  in  "good  condition,"  he  is  responsible  for  any  damage  which  m.iy  accrue  through 
his  neglect.  The  amount  of  damuge,  in  this  case,  as  agreed  upon  by  the  parties,  is  $10,  which  is  deducted  from  the  freight  The 
Commission  Merchant  owes  it  to  his  principal  to  guard  against  all  losses  which  his  vigilance  may  avert;  and  is,  in  fact,  legally 
responsible  for  the  result  of  oversight  or  negligence. 

206 


COMMISSION. 

Salt,  ©  Gt,  $75.  Net  Proceeds  credited  H.  0.  Wright,  to  be  paid  upon  collection  of  note  for  which  property 
was  sold,  and  which  matures  July  22.* 

24.  Procured  Fire  Insurance  on  14,000  bush.  Oats  stored  in  Erie  Warehouse,  as  requested  by  the  con 
signors,  to  the  value  of  $-400,  in  Com.  Mut.  Ins.  Co.;  Policy  No.  3210;  paid  premium  on  same,  $10.50.f 
(J. ;  C.  B.) 

27.  Paid  Cash  for  our  acceptance  of  T.  Paxton  s  dft.,  dated  May  24.  due  this  day,  $1,000.  (C.  B.) 

Closed  T.  Paxton's  Const,  of  May  27  and  29,  and  rendered  %  Sales  of  same.  Our  charges  not  already  posied 
are:  Inspection,  $57.50;  Storage,  $13.05;  Insurance,  $2.50;  Commission,  1\%  on  $1053.75.  Net  Proceeds 
to  credit  of  Thos.  Paxton.  (S.  B.) 

29.  Procured  additional  Fire  Insurance  for  three  months  on  property  in  warehouse  to  the  value  of  $oOOO 
Paid  Premium,  $25.  (J. ;  C.  B.) 

30.  Rec'd.  of  Gordon,  McMillan  &  Co.,  Cash  to  balance  %.  (C.  B.)  -  -  -  -  Paid  Warehouseman's  wages  thia 

month,  $25;  also,  for  extra  labor,  $6.50.  (C.  B.) Paid  H.  G.  Wright,  Cash   to  balance   %,  $1737.50,  less 

$10.62  for  interest  on  charges  advanced.:):  -  -  -  -  Closed  Cash  Book  and  posted  results.    Cash  on  hand,  $8611.71. 
Total  Transportation  paid  this  month,  $1461.89;    total  Expense,  $34.50.     Also,  entered  in  Journal,  total  sales 
credit  not  entered  from  Cash  Book,  as  follows:  Thos.  Paxton,  $1053.75;  II.  M.  Ames,  $750;   do.,  $COO;  Bald 
win  &  Payne,  $3750  ;  II.  C.  Wright,  $2000.     Total,  $8153.75. 


MEMORANDA    OF    TRANSACTIONS 

TO   BE   WRITTEN   UP  BY  THE  STUDENT. 

July  2.  Rec'd,  per  Boat  "Eagle,"  from  R.  M.  Ashley,  Cuyahoga  Falls,  100  Bbls.  Whiskey,  for  %  of  W. 
Deming  &  Co.,  which  I  refuse  to  sell  Paid  Freight  on  same,  $25,  and  placed  it  in  store  subject  to  owner's 

orders. Sold  P.  Anderson,  from  Monroe  Mills  Co.'s  Const.,  400  Bbls.  "  Monroe  Extra "  Flour, 

<&  $8.30;  19  Bbls.  A.  Potter  Fine  Flour,  &  $5: — from  Baldwin  &  Payne's  Const.,  200  Bbls.  Pearl  Mills  Flour, 
@  $8.00 ;  50  do.  Pearl  Mills  Fine  Flour,  ©  $4.90. 

3.  Sold  for  Cash,  from  H.  Meek's  Const.,  100  Kegs  Butter,  9120^  ©  n*.  ....  Roc'd,  per  Schooner 
"Coral."  from  Randall  &  Gilbert,  Oswego,  8000  Bags  Dairy  Salt,  ea.  20  ». ;  5000  do.,  ea,  14  D>.  Paid  Freight  on 
same,  1 15  vons,  ©  $2.00  per  ton. 

5.  Sold  A.  M.  Perry  &  Co.,  from  Monroe  Mills  Co.'s  Const,  125  Bbls.  Summit  Mills  Flour,  @  $7.50. 

Bo't  for  H.  Meek,  per  his  order,  and  paid  Cash,  Invoice  of  Mdse.  amounting  to  $815.50,  for  which  I  charge  him 
Commission  @  2-J-  %  -  -  -  -  Rec'd,  per  C.  C.  &  C.  R.  R.,    from  New  Orleans,  via  Cincinnati,  for  %  Reynolds, 
Ely  &  Co.,  Chicago,  100  Hilda.  Sugar.     Paid  Freight  on  same,  $825 ;  Drayage.  $25.  -  -  -  -  Sold  for  Cash,  from 
Randall  &  Gilbert's  Const.,  3000  Bags  20  »  Salt,  ©  13? ;  1000  do.  14  »  Salt,  ©  10*.  -  -  -  -  Rec'd  Cash  of  P. 
Anderson  on  %  of  Bill  of  Flour  of  2d  inst.,  $341 5. 

6.  Sold  for  Cash,  from  Randall  &  Gilbert's  Const,  5000  Bags  20  n>  Salt,  ©  12?;  4000  do.  14  H>  Salt,  ©  10*. 

-  -  -  -  Rec'd  Cash  of  P.  Anderson,  for  balance  of  BUI  of  Flour  of  2d  inst,  $1845.   -  -  -  -  Closed  Randall  & 
Gilbert's  Const,  and  rendered  them  %  Sales  of  same.     Our  charges  not  already  entered,  are  Commission  on  Sales 
($1490),  ©  5#.     Net  proceeds  to  credit  of  Randall  &  Gilbert  -  -  -  -  Sold  Randall  &  Gilbert,  from  Hinckley  & 
Handy's  Const,  14,000  Bush.  Oats,  ©  40*.  -  -  -  -  Rec'd  Cash  of  Randall  k  Gilbert  to  balance  %,  $4414.50. 

-  -  -  -  Closed  Hinckley  &  Handy's  Const.,  and  rendered  them  %  Sales.     Our  Charges,  not  already  posted,  are, 
Interest  on  Advance  Freight,  $700,  for  17  ds.,  ©  6  £,  $1.98  ;  Insurance,  $10.50;  Storage,  Erie  Warehouse  bill, 
$140;  Commission,  1*  per  Bush.,  $140.     Net  proceeds  credited  Ilinckley  &  Handy. 

*  As  this  sale  was  made  on  time,  at  the  Instance  of  the  consignor,  he  must  wait  for  the  net  proceeds  due  him  until  the  not* 
matures. 

t  The  plan  of  keeping  a  "  Memorandum"  account  in  the  Ledger,  after  the  mnnner  of  the  one  shown  in  this  connection,  is  most 
admirable,  and  its  general  adoption  in  business  would  go  far  towards  remedying  the  countless  evils  which  grow  out  of  a  tnjacher- 
ous  memory. 

J  There  are  two  ways  of  making  this  entry:  one,  to  be  made  entirely  from  the  Cash  Book,  crediting  Cash  for  the  whole  amount 
($17:17.50),  and  debiting  it  for  the  Interest  ($10.62);  and  the  other  to  be  divided  between  the  Cash  Book  nnd  Journal,  debiting  the 
pnrty.  nnd  crediting  Cash  from  the  Cash-IJook  with  the  net  amount  pnid  (^IT^B.S1?),  and  debiting  the  party,  and  crediting  Inter««t 
from  the  Journal  for  the  abatement  ($10.02).  We  prefer,  and  have  adopted  the  former. 

207 


COMMISSION. 

10.  Rec'd  Cash  of  A.  M.  Perry  &  Co.,  for  Bill  of  Flour  of  5th  inst.,  $9?,7.50.  ....  Sold  for  Cash  from  TV. 
Lynn  &  Co.'s  Const.,  120  PCS.  Bacon,  3190  B>..  @  9<f.  ....  Paid  Cash  for  Hinckley's  sight  draft  on  us  for 
$4007.52.  ....  Paid  Cash  for  Erie  Warehouse  Bill  of  Storage.  $140.  -  -  -  -  Closed  Monroe  Mills  Co.'s  Con 
signment,  and  rendered  %  Sales  of  same.  Our  charges  not  already  posted  are,  Storage,  $16.32  ;  Insurance, 
$10.88  ;  Commission,  $108.81.  Net  proceeds  credited  Monroe  Mills  Co.,  $4139.45.  -  -  -  -  Closed  Baldwin  A 
Payne's  Const.,  and  rendered  them  %  Sales.  Our  charges  not  already  entered  are,  Interest  on  Advance 
Freight,  79*;  Storage,  $7.50;  Insurance,  $4.G1  ;  Commission,  $37.50.  Net  Proceeds  to  Baldwin  &  Payne's 
credit,  $1598.35. 

12.  Paid  Monroe  Mills  Co.  Cash  to  balance  %,  $4139.45.  -  -  -  -  Closed  TV.  Lynn  &  Co.'s  Const,  and  ren- 

ed  them  %  Sales  of  same.     Our  charges  uot  already  entered  are,  Commission,  ©  5£.  including  Storage  and 

Insurance,  $14.35.     Net  proceeds  to  their  credit,  $206.99.  -  -  -  -  Purchased  of  Bradburn  &  Fisher,  for  Baldwin 

&  Payne,  as  per  order  of  the   10th  inst.,  Invoice  of  Groceries,  amounting  to  $1260.     Charged  2-J-  %  for  my 

Commission.  ----  Sold  TV.  Lynn  &  Co.,  from  Reynolds,  Ely  &  Co.'s  Const.,  2  llhds.  Selected  Sugar,  2160ft.,  ©  81 

15.  Sold  Bradburn  &  Fisher  (@  4  mos.),  from  Reynolds,  Ely  &  Co.'s  Const,  50  Hhds.  Sugar,  49,500  ft.,  ©  If. 
•  -  -  -  Rec'd  from  Schr.  Marquette,  500  Bbls.  Fine  Salt,  to  sell  for  %  of  vessel  and  owners.  Advanced  Cash  on 
same,  $500.  -  -  -  -  Sold  for  Cash,  from  II.  Meek's  Const.,  50  Kegs  Butter,  5090  ft.,  ©  17 


16.  Rec'd  from  Bradburu  &  Fisher,  to  balance  %,  their  note,  dated  June  15,  ©  4  mos.,  for  $3465,  payable 
at  Merchants'  Bank.  -  -  -  -  Closed  IT.  Meek's  Const.,  and  rendered  %  Sales  of  same.  Our  charges  not  already 
entered  are,  Commission  (5  #  including  Storage  and  Insurance),  $107.95.  Net  proceeds  to  H.  Meek's  credit 

19.  Paid  Bradburn  &  Fisher  Cash  for  Bill  of  Groceiios  of  12th  inst.,  1260.  -  -  -  -  Received  by  Teams  from 
Ethan  Allen  Twinsburg,  on  %  of  Ailing  &  Co.,  119  Boxes  Cheese.  Transportation  Chgs.  paid  by  Consignor. 

22.  Rec'd  Cash  for  R.  T.  Lyon's  note,  due  this  day,  $2000. 

26.  Sold  Reynolds,  Ely  £  Co.,  from  Ailing  &  Co.'s  Const.,  119  Boxes  Cheese,  4284  ft.,  ©  9$  ;  also,  purchased 
for  them  bill  of  Cheese,  amounting  to  $1982,  for  Cash;  my  commission  for  purchasing,  1\  $,  $49.55.  -  -  -  - 
Closed  Ailing  &  Co.'s  Const,  and  rendered  them  %  Sales.  Our  charges  are  for  Commission,  ©  5  £,  $19.28.  Net 
Proceeds  to  credit  of  Ailing  &  Co. 

29.  Sold  for  Cash,  from  Schr.  Marquette  and  Owner's  Const.,  250  Bbls.  Fine  Salt,  ©  $1.80.  -  -  -  -  Paid  Cash 

for  Ailing  &  Co.'s  order  fav.  Gordon,  McM.  &  Co.  for  net  proceeds  of  Cheese,  $366.28.  -  -  -  -  Sold  J.  B.  Woods, 

from  Reynolds,  Ely  &  Co.'s  Const,  15  Hhds.  Sugar,  12.825  ft.,  ©  7^?  ;  also,  from  Schr.  Marquette  and  Owner's 
Const,  250  Bbls.  Salt,  ©  $1.80.  -  -  -  -  Sold  Gordon,  McM.  &  Co.,  from  Reynolds,  Ely  &  Co.'s  Const,  33  Hhds. 

Sugar,   28,215  ft.,  ©  6|t.  .....  Rec'd,   per  Schr.    Lavinia,   from   Crawford  &  Co.,   Ogdcnsbnrg,   for  %   of 

Hammond  &  Co.,  Crown  Point,  150  Gro.  tons.  Pig  Iron.     Lake  Freight,  $218.40;  previous  charges,  $353 
Credited  to  Schr.  Lavinia. 

30.  Procured  Freight  for  Schr.  Lavinia,  amounting  to  $1455.     Charged  her  5  %  commission. 

31.  Paid  Cash  to  Schooner  Lavinia,  to  balance  %,  $770.40.  .....  Closed  Schr.  Marquettc's  Const,  and 

rendered  %  Sales  of  same.     Our  charges  are,  for  Storage,  $15;  Commission,  7<?  per  Bbl.,  $35.     Net  Proceeds  to 
credit,  $850.  -  -  -  -  Paid  Schr.  Marquette,  to  balance  %,  Cash,  $345.     Interest  on  advance,  $5*.  -  -  -  -  Paid 

Cash  for  Warehouseman's  wages  this  month,  $25  ;  also,  to  II.  Harvey,  for  rent  of  warehouse,  3  mos.,  $200.  -  -  - 
Sent  to  Baldwin   &  Payne,  Franklin,  Ind.,   per  express,   Cash  to  balance   %,   $306.85.  -  -  -  -  Prepaid  my 

acceptance  of  H.  Meek's  draft,  due  Aug.  12,  $1500.  -  -  -  -  Credited  H.  Meek,  $10.70,  for  balance  of  interest  duo 

him  on  current  %.---•  Paid  Cash  for  draft  on  New  York,  and  premium,  and  remitted  same  to  II.  Daw  & 
Son,  Buffalo,  per  order  and  for  a/c  of  H.  Meek.     Face  of  draft,  $814.43  ;  premium,  $11.25. 

Memorandum.  —  Have  this  day  discontinued  business.  Disposed  of  my  lease  to  Colcman  &  Co.,  to  have- 
possession  Aug.  1,  and  who  take  office  furniture  ©  5  %  less  than  cost  -  -  -  -  Closed  Cash  Book,  and  posted 
results  to  Ledger.  Total  Transportation  paid  this  month,  $1105;  Total  Expense,  $225;  Balance  Cash  on  Hand, 
$7003.28.  Also,  transferred  to  Journal  the  Sales  not  entered  in  Cash  Book,  as  follows:  Monroe  Mills  Co., 
$4352.50;  Baldwin  &  Payne.  $1845;  Hinckley  &  Handy,  $5600;  Reynolds,  Ely  &  Co.,  $6504.16;  Schooner 
Marquelte,  $450;  Allinjr  <fe  Co.,  $385.56. 


•  Tt  is  customary  for  Commission  Merchants  to  advanc.e  on  goods  consigned  to  them  :   in  other  words,  to  lend  the  Consignor 
funds  for  which  the  goods  are  security.     In  all  such  cases,  of  course,  it  is  proper  to  charge  tho  Consignor  with  interest 

208 


COMMISSION. 

•  August  1.  Rec'd  Cash  of  Gordon,  McMillan  &  Co.,  for  balance  of  $,  $190-1.51.  -  -  Rec'd  Cash  of  J.  B. 
Woods,  for  Bill  of  Sundries,  29th  ult.,  $1411.87.  -  -  -  -  Charged  Coleman  &  Co.,  for  Office  Furniture,  $2C8,  loss 
5  %,  $254.60;  for  sundry  articles  Stationery,  $2.80.  -  -  -  -  Closed  Reynolds,  Ely  &  Co.'s  Const,  and  rendered 
a/c  Sales  of  the  same.  Our  charges  not  already  entered  are,  Interest  ou  Freight  advanced,  $3.56;  Storagev 
$37.50;  Insurance,  $10.84;  Commission,  $162.60.  Net  Proceeds  to  their  credit,  $5439.68. 

2.  Paid  Cash  for  "W.  Lynn  &  Co.'s  sight  draft,  $94.19. 

3.  Rec'd  Cash  of  T.  Paxton,  to  balance  %,  $64,39.  -  -  -  -  Sold  Carpenter,  Geary  &  Co.,  from  Hammond  .t 
Co.'s  Const.,  150  Tons  Pig  Iron,  @  $40,  for  which  they  are  to  pay  charges  already  accrued  in  Cash,  balance  in 
six  mouths. 

4.  Rec'd  Cash  for  freight,  $25,  and  storage,  $10,  on  100  Bbls.  Whiskey,  stored  July  2,  for  W.  Doming  &  Co., 
and  now  forwarded  by  their  order  to  Buffalo.  -  -  -  -  Rec'd  Cash  of  Carpenter,  Geary  &  Co.,  on  %  of  Pig  Metal 
purchased  3d  inst,  $758.90 ;  also  their  note,  dated  Aug.  3,  ®  6  mos.,  to  the  order  Hammond  &  Co.,  for  $5241.10. 
....  Closed  Hammond  &  Co.'s  Const.,  and  rendered  them  %  Sales  of  same.  Our  charges  not  already  entered 
are,  Storage,  $75  ;  Commission,  $112.50.  Net  Proceeds  to  their  credit,  $5241.10.  Remitted  them  in  payment 
Carpenter,  Geary  &  Co.'s  note,  as  above. 

7.  Charged  Coleman  &  Co.  balance  of  Insurance  Policy  transferred,  $50. 

8.  Rec'd  Cash  of  Coleman  &  Co.,  to  balance  %,  $307.40. 

9.  At  Reynolds,  Ely  &  Co.'s  request,  I  have  assumed  Bradburn  &  Fisher's  note,  @  4  mos.,  for  $3465,  received 
July  15,  for  50  Hhds.  Sugar,  and  have  rendered  them  an  a/c  current.     Balance  of  interest  to  their  debit,  $55.50. 

10.  Purchased  for  Cash,  and  remitted  to  Reynolds,  Ely  &  Co.,  sight  draft  on  New  York  to  balance  %.     Face 
of  draft,  $2952.31;  Premium,  $14.76. 

The  following  balances  are  carried  to  Loss  and  Gain  %,  viz. :  Delils,  Furniture,  $13..40;  Expense,  $291.90 
Credits,  Insurance,  $10.47;  Commissions,  $1855.30;  Storage,  $261.87;  Interest,  $66.75. 

Statement   of  Business  at   Closing. 


£>_„, 

8424 

09 

340t> 

11889 

09 

10000 

1889 

09 

11889 

09 

NOTE. — The  natural  order  for  the  books  of  this  set  would  be : 

1.  KECEIVIXG  BOOK;    2.  SALES  BOOK;    3.  CASH  BOOK;     4.  JOURNAL;     5.  LEDGER. 

An  economical  use  of  space  has  made  it  necessary  to  plac'3  the  Journal  Jii-nt.     However,  as  each  book  is  distinct  by  itself,  the 
Order  of  preference  is  a  matter  of  little  importance. 


14 


JOURNAL— COMMISSION. 

Cleveland,    May    19,    1861. 


24     SCHR.  LAVINIA                              To  COMMISSION    ....          42    50 
7  For  procuring  Cargo  of  Freight,  of  $850  @  5% 42    50 

28  - 

4     TRANSPORTATION  To  SCHR.  LAVINIA    .    .    .         108 

24  For  Freight  of  600  Bbls.  "Water  Lime  from  Oswego,  @  181?  .  108 

29- 

15     THOS.  PAXTON  To  BILLS  PAYABLE  .    .    .       1000 

1 3  For  acceptance  of  dft.  of  May  24,  favor  R.  Ganson,  @  1  month 

from  date  (payable  at  our  office,  June  27) !  1000 

The  above  dft.  is  made  against  100  Bbls.  and  100 
Hf.  Bbls.  Fish,  received  on  Consignment. 

31  - 

Mem. — The  following  Sales  on  %,  during  the  month,  already  debited  to 
purchasers  from  Sales  Book,  are  now  posted  to  credit  of  Sales : 

From  Monroe  Mills  Co. S.  B.  Folio  1,  $3362.50 

H.  Wetmore    ......  "        "2,  1104 

J.  H.  Luther "        "3,  775 

9          "      Kaughey  &  Byers     .    .     .    .  "        "4,  4705.20    $9946.70 

June  12  - 

31      II.  M.  AAIES  To  N.  SACKKIDER    .    .    .        514    50 

30  For  my  draft  on  Snckrider  remitted  to  Ames  for  proceeds  of 

Water  Lime,  as  per  %  Sales 514    50 

i 

H.  MEEK  To  BILLS  PAYABLE          .    ||  1500 

1 3  For  acceptance  of  draft  of  June  9,  @  2  months  from  uate, 

payable  @  Commercial  Bk.,  Aug.  12 1500 

I  O     

lo 

4     TRANSPORTATION  To  SCIIR.  LAVINIA    .    .    .         277    50 

For  Frt.  of   500  Bbls.  "Water  Lime,  @  18<f  $90 

24  "      "     "  1250     "         "         "         "  187.50  277    50 

-  19- 

24     SCIIR.  LAVINTA                               To  COMMISSION    ....  71    25 

7  For  procuring  Freight,  of  $1425  @  5% 71     25 

n    

35  Mem. — Procured  Insurance  on  14000  Bush.  Oats  stored  in  Erie  "Ware 
house,  on  a  value  of  $4000,  in  Com.  Mut.  Ins.  Co. — Policy 
No.  3210. 

-  29- 

35  Mem. — Procured  additional  Insurance  on  property  in  "Warehouse  to  the 
to  the  amount  of  $5000,  for  3  mo.,  in  llome  Ins.  Co.  of  N.  Y. 
Policy  No.  2G41. 

Mem. — The  following  are  the  Sales  on  %  for  the  month : 

Thos.  Paxton S.  B.  Folio  5,    $1053.75 

H.  M.  Ames "         "6,       1350 

Baldwin  &  Payne "        "8,       3750 

9  H.  C.  Wright "        "11,      2000        $8188.75 

3513    75     3513    75 


RECEIVING  BOOK. 

Cleveland,    Ohio,    May    12,    1861. 


1861 
May    12 


Canal  Boat  "S.  Miller." 

From  "Monroe  Mills  Co.,"  May  10. 
%  MONROE  MlLLS  Co. ;  440  Bbls.  Flour,  "Monroe  Mills  Extra." 

85     "        "      "Summit  Mills." 
Care  H.  B.  TUTTLE,  !    25    "       "     "A.  Potter." 

550        Canal  Fit.  17$  ^  BbL     .    . 
Rec'd  Frt.  May  12, 

ELI  SHERMAN. 


Cleveland,  0. 


13 


Canal  Boat  "Cuyahoga." 

From  R.  M.  Ashley,  CuyaKa  falls,  May  11. 

%  HENRY  WETMORE.    100  Bbls.  Linseed  Oil    .    .    35,00on> 

Frt.  37|f  V  Bbl. 
Ovyahoga  Falls. 

Rec'd  Frt.  May  13, 

ISAAC  LEWIS. 


93 


17 


C.  C.  &  C.  Bail  Koad. 

From  Ifeia  London. 
of  J.  H.  LuTUER.     |  100  Bbls.  Flour,  "Ashland  Mills." 

R.  R.  charges     ......          22    47 


37 


Ashland,  0. 


25 


Chrirm\s  paii  I  per  Iliveipt. 


Canal  Boat  "  Cataract." 

From  Ilaughey  &  B'jers,  Newark,  0.,May  19. 

'<  HAUGHEY  &  BYERS,   1915  Bush.  Wheat. 

Freight  8£<?  V  Bush 

Rec'd  Frt.  May  26, 

S.   S\VEEKART,   Capt 


Newark,  0. 


26 


%  of  Shippers. 


27 


Canal  Boat  "C.  Delano." 

From  Haughey  &  By  era,  Newark,  0.,  JfaylT. 
2000  Bush.  Wheat 

Canal  Frt.  8£<P  V  Bush.   .    .    . 


24 


50 


?n!es. 
Fol.  1. 


Ful.  2. 


Fol.  3 


170 


Fui.  -t 


Rec'd  in  full, 

W.  WILSON,  Master. 


Fi.!.  -I. 


%  THOS.  PAXTOX, 

Detroit,  Jfich. 


Steamer  "Ocean." 

From  C.  A.  Trowbridge,  Detroit,  May  28. 
100  Bbla.  White  Fish. 

Lake  Frt.  I2$t  ¥  BbL     ... 
Rec'd  Frt.  May  27, 

Y.  MCDONALD,  Clk. 

211 


I 


Fol.  5. 


2 


RECEIVING  BOOK. 

Cleveland,    OMo,    May    27,    1861. 


18G1 

Schooner  "Lavinia." 

'May 

27 

From  Ames  <t  JUerrfam,  Oswego,  3Iay  19. 

%  H.  M.  AMES, 

600  Bbls.  Water  Lime. 

Frt.  18?  IP  Bbl  

ins 

Sales. 

Oswego,  N.  T. 

Credited  Schr.  Lavinia,  May  28. 

J.UO 

1  ol.  6. 

u 

29 

Steamer  "Ocean." 

From  C.  A.  Trowbridge,  Detroit,  May  2S. 

%  THOS.  PAXTON, 

100  Hf.  Bbls.  White  Fish. 

Detroit,  Mich, 

Lake  Frt.  6£?  V  Bbl  

6 

25 

Sales, 
l-'ol.  5. 

Eec'd  Frt.  May  29, 

V.  MCDONALD,  Clk. 

June 

5 

C.  &  P.  Rail  Road. 

From,  Akron,  Ohio. 

%  J.  B.  WOODS, 

250  Bbls.  Flour,  "Phoenix  Mills." 

Frt.  14?  ¥  Bbl  

?5 

Akron,  0. 

G 

25 

41 

or 

Sales. 

*•  *-* 

Charges  paid  per  Receipt. 

Fol.  7. 

M 

6 

C.  C.  &  C.  Rail  Road. 

' 

From  Baldwin  <fc  Payne,  Franklin,  Ind. 

- 

%  BALDWIN  &  PAYNE, 

500  Bbls.  Flour,  "Pearl  Mills." 

FranUin,  2nd. 

Frt.  to  Union,  36?  3P  Bbl.     .    . 
"    from    "    40?  "     "  .    .    . 

180 

200 

Drayage,          2^  "     "  .     .    . 

12 

so  ; 

092 

no 

i  Sa!os. 
i,1..  i   u 

Charges  paid  per  Receipt. 

I 

1  O..  o. 

« 

8 

Same. 

%  of  Same. 

200  Bbls.  Flour,  "Poarl  Mills." 

60     "        "      "Fine." 

250          E.  R  Frt.  to  Union,  3G£   . 

90 

"    "  Cleve^  40?   . 

100 

(5 

25 

inn 

•)!"; 

Qnlna 

iyo 

«.<-> 

»  .11  1  vii. 

Fol.  8. 

U 

t( 

C.  &  P.  Rail  Road. 

From  Akron,  OMo. 

%  of  J.  B.  WOODS, 

50  Sacks  Wool,     7600& 

E,  R,  Frt.  10?  V  100  .    .    .    . 

7 

50 

Akron,  0. 

1 

'25 

8 

.. 

Sa'e<». 

(  t) 

Fol.  7. 

Paid  per  Receipt. 

212 


RECEIVING  BOOK. 

Cleveland,    Oliio,    Jiane    9,    1861. 


1861 
June 

9 

%  II.  MEEK, 

Canal  Boat  "Tornado." 

From  R.  W.  Thompson^  Itoscoe,  June  3. 
200  Kogs  Butter  ....     22,410tt 
Frt.  I8f  V  100  

40 

OosJwcton,  0, 

Kec'd  Freight, 
R.  WELSH. 

j 

M 

15 

%  of  Shippers. 

Canal  Boat  "  S.  Miller." 

From  Alonroe  3Rlls  Co.,  June  13. 
400  Bbls.  Flour,  "  Monroe  Mills  Extra." 
125     "         "      "  Summit  Mills." 
19     "        "      "A.  Potter." 

644          Canal  Frt.  16<?  ¥  BbL   .     . 
10  Bbls.  vrct;  —  Damngc  appraised 

and  deducted  .         .... 

87 
10 

04 

77 

Roc'd  in  full, 
ELI  SHERMAN. 

f( 

16 

%  W.  LYNN  &  Co., 

Canal  Boat  "Beacon." 

From  A.  F.  Claypoole,  Nashport,  June  13. 
120  Pieces  Bacon    ....     3204tt 
Frt.  18<?  V  100  

Rec'd  Freight, 
J.  M.  TEH  ETCK. 

1C 

18 

%  ofH.  M.AMES, 

Schooner  "Lavinia." 

From  Ames  <fc  Merriam,  Oswego,  June  10. 
600  Bbls.  Water  Lime. 
Frt.  18*  V  BbL  

on 

H 

u 

%  of  Shippers. 

Same  Vessel. 

From  H.  C.  Wriyht,  Oswego,  June  11. 

250  Bbls.  Coarse  Salt. 
1000     "     Fine       " 
1250        Lake  Frt  15$  V  BbL    .    . 

Credited  Schr.  Lavinia,  June  19. 

C.  C. 

187 

U 

19 

%  of  Shippers. 

Stored  with  F.  fiurnham  in 
Erie  Warehouse. 

Schooner  "  Marquette." 

From  ninckley  A  Bandy  \  Chicago,  June  11. 
14,000  Bush.  Oats. 
Lake  Frt  5*  V  Bush.  .... 
Rec'd  Freight,  June  21, 
E.  DAT,  Master. 

., 
700 

34 


Sales. 
Fol.  a 


Sales 

ioi.  a 


Sales. 

Tol.10 


Sales. 

r«i.  G. 


Fol.  12 


SALES 


iMIills    Oo (Akron,  o.) 


1861 
May    12 
17 


June 


Boat  S.  Miller 


15    Boat  S.  Miller 


Bill. 

EH*,     mil. 

, 

: 

Jftxn* 

Summit  \A.Pot'r 

Extra 

Mil/i 

Pint 

flour. 

flour. 

flour. 

440 

85 

25 

Transp.,  17$  ¥  BbL 

4 

93 

50 

Storage,  of  450  Bbla. 

8 

13 

50 

Insurance,  \% 

6 

10 

72 

Commission,  2|-  % 

7 

107 

19 

224 

91 

Net  Proceeds  to  Cr.  May  17 

22 

4062 

59 

440 

85 

25 

9 

4287 

50 

400 

125 

19 

Transp.,  $87.04;  deduct  $10 

77 

04 

Henry   "Wetmore ( Cuyahoga  Falls, 


1861 

May    13     Boat  Cuyahoga 

"     124; 


M!,. 

.  

- 

Lin  teed 

Oil. 

100 

Transp.,  37^  f  Bbl. 

4 

37 

50 

Storage 

S 

8 

Insurance 

G 

9 

14 

Expense  (Cooperage) 

;! 

2 

50 

Commission,  2£  % 

7 

91 

46 

148 

60 

Net  Proceeds,  averaging  as  ) 
cash,  May  18,               J 

21 

3509 

68 

100 

9 

3058 

28 

3 


J.    H. 


V                   »        ' 

1861 

May 
u 

u 
u 

17 

24 
it 

11 

C.  C.  &  C.  K  R. 

Bo!,. 
Atki'd 
Mill, 
Flour. 

100 

Transp. 
Storage,  31  ¥>  BbL 
Insurance, 
Commission,  2  j  jtf 
Net  Proceeds  to  Cr.  May  24 

4 
8 
0 

7 

Cj 

24 
3 

1 
19 

97 

94 
37 

49 
725 

775 

28 

72 

00 

100 

4               Heuiigliey    <3c-    I 

Byers          (Newari 

kt  0.) 

1861 

May 

u 

u 

M 

25 

26 
u 

30 

Boat  Cataract 
"     0.  Delano 

£«»*. 
Wkeat. 

1915 
2000 
6 

over 

Transp.,  8|<P  ¥  Bush. 
Do.              do. 
Paid  Capt.  &  chgd.  Consgrs. 
Commission,  If  ^  Bush. 
Net  Proceeds  to  Cr.  May  31 

4 
4 

2G  j 
8 

162 
170 

39 

78 
21 

371 
4333 

99 
21 

3921 

===== 

4705    20 

-i 

211 


BOOK. 


3V£onroe 


Co. 


BJ'i. 

3f              f 

telra 
flour. 

Bh't. 
Summit 
Miflt 

Fw*r. 

Bk't. 

A.  rut 

fin, 
Flour. 

LF. 

On  Accc-unt. 

Oui. 

r  :u.. 

isci 

May 

12 

P.  Anderson 

300 

®$8 

If) 

2400 

" 

A.  M.  Perry  &  Co. 

40 

"     Si- 

Ifi 

325 

« 

13 

H.  Steller 

85 

"     7* 

17 

637 

50 

u 

" 

Casli 

25 

"     5 

125 

n 

15 

ti 

100 

"     8 

800 

440 

85 

25 

3362 

50 

fJ-.'5 

4287 

50 

Henry    "Vv^etmore. 


li:,*eid 

1861 

Oil. 

May 

14 

Cash 

10 

403  Gala.   95* 

382 

85 

u 

u 

Gavlord  4  Co. 

30 

1200  "    92? 

18 

1104 

" 

15 

Cash 

5 

201  £  "    95* 

191 

43 

1C 

18 

55 

2200  "    90* 

1980 

100 

1104 

2554 

28 

3G58 

28 

J.    H.    HiTitner. 


3 


1861 
May 

17 

A.  M.  Perry 

!!!:',. 

AiV*d 

Millt 
Flour. 

$7  75 

16 

775 

775 

100 

100 

775 

<Sz>    Byers. 


1861 

May 

25 

C.  Fickox 
Harvey  &  Witt 

1915 

2006 

$1  20 

19 
20 

3921 

2298 
2407 

20 

4705 

20 

4705 

20 

215 


SALES 


5 


TllOS.     3Pa,XtOH. (Detroit,  Mich) 


Bbll. 

Bf.B!,. 

if. 

1861 

May 

27 

Steamer  Ocean 

100 

Transp.,  1  2i?  V  BbL 

4 

12 

50  1 

" 

29 

Do. 

100 

Do.         6£       " 

4 

6 

25 

June 

3 
27 

(On  Inspection)  over 

1 

Inspection 
Storage,  8?  &  5? 

5 

8 

57 
13 

50 

05  1 

» 

•« 

Insurance  on  $1000 

6 

2 

50 

u 

a 

Commission,  1^% 

7 

26 

34  : 

118 

14  ^ 

u 

« 

Net  Proceeds  to  Cr.  June  12 

25 

:j   935 

61 

= 

100 

101 

9 

1053 

75 

IVf.     .A.mes. (Oswego.N.Y) 


Water 

1861 

Lime. 

llav 

27 

Schr.  Lavinia 

600 

Transp.,  18?  IP  Bbl. 

4 

102 

June 

9 

Expense  (Cooperage) 

3 

3 

" 

VI 

Storage,  8?  V  Bbl. 

8 

48 

u 

" 

Insurance 

6 

1    50 

u 

u 

Commission,  12£?  V  BbL 

7 

75  ! 

235 

50 

u 

" 

Net  Proceeds  to  Cr.  June  12 

31 

514 

50 

• 

COO 

9 

750 

June 

18 

Schr.  Lavinia 

500 

Transp.,  18?  V  Bbl. 

4 

90 

" 

20 

Commission,  12^?  3P  Bbl. 

7 

62    50       152 

50 

it 

u 

Net  Proceeds  to  Cr.  June  20 

31 

447 

50 

9 

GOO 

BV,. 
Phtnix 

Sacla 

i 

1861 

Flow. 

June 

5 

C.  &  P.  R.  R. 

250 

Transp. 

4 

41 

25 

u 

8 

Storage 

8 

7 

50 

it 

u 

Insurance 

(> 

2 

i. 

u 

Commission,  1\% 

51    31 

102 

06 

u 

ii 

Net  Proceeds  to  Cr.  June  8                             ''•  1950 

44 

14 

u 

Same 

50 

Transp. 

8    75 

II 

19 

Storage 

7    50 

II 

u 

Insurance,  \% 

(> 

6 

34    j 

II 

u 

Commission. 

1 

72 

50 

95 

09 

U 

u 

Net  Proceeds  to  Cr.  J  une  19 

n 

2-142 

41 

250 

50 

• 

9 

4590 

216 


BOOK. 


Th.os. 


JS6/I, 
fuk. 

Bf.Blt. 

I'M. 

LF. 

OnAtM 

M*       I 

M. 

TifcO, 

1861 

June 
u 

u 

2 
6 

Gordon,  McM.  &  Co. 

u 

u 

51 
49 

82 
19 

White  F.®  $8  00 

"       a   a     4  25 

Trout       "    5  00 
"         "    2  75 

2!)  ! 
2-J  ; 

408 
348 
245 
52 

50 

25 

100 

101 

! 

1053 

76 

1053 

75 

c 


1861 

Kbit, 

WnttT 

I.-.'. 

June 

u 

2 
6 

Hubbj,  Htighcs  &  Co. 
Bradburn  &  Fisher 

300 

300 

®$1  25 
"     1  25 

27 
23 

875 
375 

600 

750 

750 

Juue 

19 

Gordon,  McM.  &  Co. 

500 

Fm  ves'l,  @$1  20 

29 

600 

500 

COO 

600 

L 

J.    B.    "Woods. 


1861 

June     8     Cash 


Oh. 

»»<•*• 

flow. 

ir.,.'. 

200 

@$8  20 

16-10 

50 

"  8  25 

412 

50 

2052 

50 

50 

7250  H>  "   35$ 

2537 

60 

2537 

50 

260 

60 

4590 

4590 

217 


SALES 


8  Bald-win    •&&    Fayne. (franklin,  J»<?.) 


Bhlt. 
Pearl 
fiour. 

SMi. 
fin, 
flour. 

1861 

June 
ii 

6 
12 

C.  C.  &  C.  R.  R. 

500 

Transp. 
Commission,  15$  ¥  Bbl. 

i 

392 
75 

50 

467 

50 

Net  Proceeds  to  Cr.  June  12 

?,2 

3282 

50 

<! 

8 

500 

9 

3750 

Juue 

8 

Same 

200 

50 

Transp. 

196 

.I—  _" 

25 

.    Ivdleek:. (Coshocton,  0.) 


1861 

June 

19 

Boat  Tornado 

200 

Transp. 

i  -•-•  " 
40 

34 

1 

10 


"W.     Lynn     <Sz>     Co. (Nashport,  0.) 


1861 

June 

6 

Boat  Beacon 

Piece* 
Bacon. 

Transp. 

6 

76 

120 

11 


PI.     C.    "Weight. (Oswego,  N.  Y.) 


1861 
June 


in,',. 

O^r,, 

8a,t. 

r.',,;. 

Fi,,« 
Salt, 

18 
20 

Schr.  Laviuia 

250 

1000 

Transp.,  15f  IP  BbL 
Commission 

4 

7 

187 
75 

50 

262 

bO 

Net  Proceeds  to  Cr.  June  20 

3-1 

1737 

50 

250 

1000 

As  Cash,  when  note  is  due 

9 

2000 

la  I^inokley    &&    Handy. (Chicago,  in) 


1  

r—j^tZ 

- 

, 

1861 

Oat*. 

June;   19 

I 

Schr.  Marquette            !  14000 

Transp. 

700 

i     / 

i 

218 


BOOK. 


Baldwin    <3c-    IPayne. 


8 


1861 

/:,",. 
f',irl 
fluur. 

m/t. 

Kn, 
Flowr. 

On  Account. 

Caii. 

Tvtal, 

• 

June 

8 

N.  Sackridor 

500 

From  Cars,  $7  50 

30  j 

3750 

3750 

3750 
3750 

500 

1861 
June 

19 

Cash 

K:,!, 
Bulttr. 

50 

5100  ft  @  18^ 

918 

!!• 

Lynn    <Sz>    Co. 


10 


KE.    C.  <Wrright. 


11 


Shi,. 

W,  '.. 

t  •..,-« 

«<« 

1861 

&/(. 

&/<. 

June 

19 

Bills  Receivable               250 

R.T.Lvonn.Jn.19 

ii 

n            tt 

1000 

®1  mafia-  $2000 

250 

1000 

2000 
2000 


2000 


Hinckley 


Bittk. 
Oat». 


2i 


CASH 


Cleveland,    May,    1861. Receipts. 


861 

LR 

General. 

Sales. 

tfav 

1 

Cash)  Dr  To  Sundries  

« 

Capital  Stock     .     .     .  Amt.  Invested  

1 

10000 

13 

19*1 

14 

382 

R^ 

u 

P.  Anderson  .     .     .     .  Bill  of  Floor,  12th  inst  

14 

2400 

15 

ROD 

a 

43 

17 

A.  M.  Perry  &  Co.     .  Bill  of  Flour,  12th  inst  .... 

10 

325 

u 

H.  Steller  "          "     isth  "     .... 

1  7 

637 

50 

18 

Gaylord  &  Co.  .    .     .    "        Oil,     14th  "     .... 

18 

1104 

u 

1  QMO 

21 

A.  M.  Perry  &  Co.      .  Bill  of  Flour,  17th  inst.  .... 

10 

775 

30 

C.  Hickox      .     .     .     .    «        Wheat,  25th  "      .... 

19 

2298 

u 

Harvey  &  Witt.    .    .    "           "      26th"     .    . 

20 

2407 

20 

0 

3479 

•>« 

3479 

*>8 

Total  Cash  Received    .    ... 

11 

23425 

98 

/ 

/ 

23425 

98 

• 

220 


BOOK. 

Cleveland,    May,    1861.- 


-ID  isbiirsements. 


3(51 

LF 

General 

Transp. 

Expenses. 

ay 

1 

l'J 

t< 

Furniture    .      .      .  Office  Furniture,  per  Bill     . 

2 

38 

3 

9 

05 

a 

230 

4 

Expense.     .     .     .  Sundry  Items,  per  P.  C.  B.  . 

3 

25 

12 

Transportation     .  Monroe  Mills  Co.'s  Const    . 

93 

50 

a 

Insurance    .     .     .  Prem.  on  $5000     .... 

6 

75 

13 

Transportation     .  H.  TVetmore's  Const  .    .    . 

37 

50 

17 

"                   .  J.  II.  Luther's     "       ... 

24 

97 

19 

II.  Wetmore    .     .  Paid  st.  dft.  fav.  A.  Gray     . 

21 

1400 

21 

Monroe  Mills  Co.     "     "    "    "  H.  B.  Hurlbut 

22 

2000 

25 

Transportation     .  Haughey  &  Byers'  Const     . 

162 

78 

" 

U                                            ti                    «(                II 

170 

" 

Haughey  &  Byers  6  Bush,  over  —  Paid  Capt    . 

26 

7 

20 

u 

2 

50 

26 

II.  Wetmore    .     .  Paid  st  dft.  fav.  E.  Comstock 

21 

2200 

u 

J.  II.  Luther   .     .  Remitted  to  Balance  %  .    . 

28 

725 

72 

27 

Transportation     .  Paxton's  Const.     .... 

12 

50 

29 

«                          u          « 

6 

25 

31 

Inspection  ...        "          "         .... 

5 

57 

50 

u 

Expense.     .     .     .  Warehouseman's  "Wages  .    . 

25 

u 

EXPENSE     .     .     .  Total  for  the  Month     .    .    . 

3 

40 

70 

40 

70 

u 

TRANSPORTATION.    "                "... 

4 

507 

50 

507 

50 

Total  Cash  Paid     .... 

11 

7281 

G2 

Balance  on  hand    .... 

16144 

36 

23425    98 

1 

• 

CASH 


Cleveland,    June,    1861. Receipts. 


1861 

LF. 

General. 

Sales. 

June 

2 

H.  Wetmore  ....  Dft.  on  him  to  Balance  %   .    .    . 

21 

90 

32 

8      Sales     J.  B.  Woods'  Const    

1640 

"               «                                                                             «                  U                 H 

412 

50 

i  9     Hubby,  Hughes  &  Co.  Bill  of  Water  Lime,  2d  inst     .    . 

27 

375 

,  1  2    Bradburn  &  Fisher    .    «          ««        «     sth  inst.  .    . 

28 

375 

"     Gordon,  McM.  &  Co.  .    "        Fish,  due  this  day    ... 

29 

1053 

75 

"      1ST.  Sackrider  .     .     .     .  Dft.  on  him  fav.  T.  P.  Handy,  Cash 

30 

3235 

50 

1  9     Sales     J.  B.  Woods'  Const    ,    .    .    .    . 

2537 

50 

30       "          H.  Meeka'         "        .... 

01  ft 

"      Gordon.  McM.  &  Co.  .To  Balance  «/n   ...... 

OQ 

600 

u 

j  Discount   on    H.  C.  Wright's  %, 
'     '     '     '     (      $173750,  10#  off  at  his  request 

10 

10 

62 

u 

5508 

r.  ,~  A  q 

fin 

Total  Cash  received      

i: 

11248 

19 

Balance  on  liand  from  May  .    .    . 

16144 

36 

/ 

V 

27392 

55 

\ 

BOOK. 

Cleveland,    June,    1861.- 


-H)  is"kmrse:ments. 


LF. 

General           Transp.        Expenses 

IbO  1 

J  unc 

I 

5 

Monroe  Mills  Co.  .  Pd.  st.  dft  for  T.  P.  Handy  . 

22 

2002 

59 

1C 

Transportation     .  J.  B.  "Woods'  Const.   .    .    . 

41 

25 

6 

"                   .  Baldwin  &  Payne's  do.    .    . 

392 

50 

8 

Haughey  &  Byers  Pd.  st.  dft.  for  H.  B.  Hurlbut 

20 

2116 

07 

« 

"                   .  Remitted  E.  Mead  &  Co.  .    . 

20 

2198 

95 

u 

"                   .  Exchange  on  above  \  %  .    . 

20 

10 

99 

it 

Transportation     .  Baldwin  &  Payne's  Const.    . 

196 

25 

u 

"                  .  J.  B.  Woods'               " 

8 

75 

9 

"                   .  H.  Hecks'                    " 

40 

34 

it 

3 

° 

12 

J.  B.  "Woods   .     .  Remitted  J.  A.  Carlton   .    . 

12 

1500 

15 

Transportation     .  Monroe  Mills  Co.'s  Const.    . 

n 

04 

16 

Baldwin  &  Payne  Remitted  per  Express     .    . 

32 

3282 

50 

u 

Transportation     .  W.  Lynn  &  Co.'s  Const.  .    . 

5 

76 

19 

"                   .  Hinkley  &  Handy's  Const.   . 

700 

u 

12 

2892 

85 

20 

H.  M.  Ames    .     .  Remitted  dft.  to  N.  T.    .    . 

31 

445 

28 

u 

"                   .  Exchange  on  same  \%  .    . 

31 

2 

'22 

24 

Insurance    .     •      .On  Hinkley  &  Handy's  Oats 

G 

10 

50 

27 

Bills  Payable  .     .  Accepted  T.  Paxton's  Dft.  . 

13 

1000 

29 

Insurance    .     .     .  Additional  on  Prop,  in  Store 

C 

25 

30 

Expense       .      .      .  Warehouseman's  Wages  .    . 

25 

u 

6    50 

(( 

II.  C.  Wright  .     .  Amount  due  July  22  ... 

34 

1737 

50 

u 

EXPENSE     .     .     .  Total  for  the  Month     .    .    . 

3 

34 

50 

34 

50 

u 

TRANSPORTATIONS     "                 "... 

4 

1461 

SO 

1461 

89 

Total  Cash  Paid     .... 

11 

18780 

84 

Balance  on  hand    .... 

8011 

71 

27392 

65 

221 


LEDGER,— COMMISSION. 

Oa/pitaJL    Stools. 


1861 

May 

1 

By  Cash  invested          c.  B. 

1 

10000 

2                                       F'nrnifu.re. 

1861 

May 
ii 

1 
3 

To  Sundries                   c.  a 
"  Safe                          O.B. 

1 
1 

38 
230 

966  00 

3                                       Expense. 

1861 

1861 

May 
June 

31 

30 

To  Cash                         c.  a 
"        "                                  O.B. 

1 

2 

40 
34 

70  i;  May 

50  !    Juno 

24 
12 

By  TI."Wetmore's  Const  S.B. 
"  H.  M.  Ames'      "      an. 

1 

6 

2 
3 

50 

15  tO 

B  50 

Transportation. 


1861 

\ 

I 

1861 

May 

28 

To  Schr.  Lavinia                J. 

1 

108 

May 

17 

By  Monroe  Mills  Const,  s.  B. 

1 

93 

no 

ii 

31 

"  Cash                          0.  B. 

1 

607 

50 

i> 

24 

"  Luther's            "      s.  B. 

3 

24 

97 

June 

18 

"  Schr.  Lavinia               J. 

1 

277 

50 

«i 

it 

"  Wetmore's         "       s.  B. 

2 

37 

50 

it 

30 

"  Cash                        O.B. 

2 

1461 

89 

" 

30 

"  Haughey&B.'s  "      s.  B. 

4 

170 

a 

31 

"        Do.               "      s.  B. 

4 

162 

78 

S3M  83 

June 

8 

"  J.  B.  Woods'      "      s.  H. 

7 

41 

25 

it 

12 

"  H.  M.  Ames'      "       S.  B. 

6 

108 

11 

ii 

'  Baldwin  &  P.'s  "       S.  B. 

0 

892 

no 

it 

19 

'  J.  B.  Woods'      "       s.  B. 

7 

8 

75 

tt 

it 

'  II.  M.  Ames'      "      8.  B. 

Q 

90 

<i 

20 

'  H.  C.  Writrlit's  "      8.  B. 

11 

187 

50 

H 

27 

1  T.  Paxton's,  12.50;6.25,  s.  B. 

5 

18 

75 

KS5  50 

Inspection. 


18G1 
May 

31 

To  Cash                         o.  B. 

1 

67 

50 

1801 
June 

27 

By  Paxton's  Const.       s.  B.  :  2  ;  i       67    5C 

(3 


Insurance. 


1861 

1861 

May 

12 

To  Cash                       '  c.  B. 

1 

75 

May 

17 

By  Monroe  Mills  Const.  8.  B. 

1 

10 

72 

June 

24 

"     "                           c.  B. 

2 

10 

60 

H 

24 

'  Luther's             "      8.  B. 

3  ! 

1 

94 

it 

29 

"     "                        o.  a 

2 

25 

H 

ii 

'  "Wetmore's         "      s.  B. 

2 

9 

14 

June 

8 

'  J.  B.  Woods'      "      s.  a 

7 

2 

110  (0 

i< 

12 

«  H.  M.  Ames'      "      8.  B. 

6 

1 

50 

' 

ii 

19 

1  J.  B.  Woods'      "      S.  B. 

7 

6 

:;4 

ii 

27 

'  Paxtou'a           "      8.  a 

5 

2 

60 

84  14 

224 


LEDGER,—  COMMISSION. 


ooramission.                                       7 

1861 

May 

17 

By  Monroe-  Mills  Const,  s.  n. 

1 

107 

151 

" 

19 

"  Sclir.  Lavinia                j. 

1 

4'-> 

-  > 

u 

24 

"  J.  If.  Luther's  Const,  s.  n. 

3 

1!) 

:n 

11 

ii 

"  Wotmore's          "      s.  u. 

2 

91 

,' 

ii 

30 

"    Haulier  &B.'S    "        S.  15. 

4 

39 

_ 

June 

8 

"  J.  B'  Woods'       "      s.  B. 

7 

51 

31 

'' 

12 

"  H.M.Amos'       "      s.u. 

6 

7."> 

u 

" 

"  Baldwin  &  IVs    "      s.  u. 

8 

7(5 

II 

19 

"  Sclir.  Lavinia                 j. 

1 

71 

25 

ii 

u 

"  J.  B.  Woods'  Const,  s.  n. 

7 

72 

5') 

II 

20 

"  II.  M.  Amos'       "      s.  it. 

6 

G2 

50 

ii 

" 

"  ILC.  Wright's    "      s  u. 

11 

75 

n 

27 

"  Thos.  Paxton's  "      s.  B. 

5 

20 

34 

80S  «3 

Storage. 


8 


18G1 

May 

17 

By  Monroe  Mills  Const  s.  B. 

1 

13 

50 

u 

24 

"  Luther's              "      s.  B. 

3 

3 

M 

ii 

"  Wctmore's          "      S.  K. 

2 

8 

June 

8 

"  J.  B.  Woods'       "      s.  B. 

7 

7 

50 

u 

12 

"  H.M.  Amos'       "      s.  B. 

6 

48 

/ 

19 

"  J.  B.  Woods'       "      S.B. 

7 

7 

50 

M 

27 

"  Thos.  Paxion's   "      S.B. 

5 

13 

u., 

100  U 

186. 

May 

17 

To  Monroe  Mills  Const.  S.  B. 

1 

:    42S7 

24 

J.  II.  Luther's 

8.  B. 

3 

775 

11 

H.  Wetmore's 

S.  B. 

2 

3G58 

28 

Haughey&B.'s 

S.B. 

4 

4705 

.Ii 

10 

12 

H.  M.  Ames' 

S.B. 

6 

750 

u 

Baldwin  &  P.'s 

S.B. 

8 

3750 

19 

J.  B.  Woods' 

S.  B. 

7 

4500 

20 

H.  M.  Ames' 

S.  B. 

6 

GOO 

" 

H.  C.  Wright's 

S.  B. 

11 

:  2000 

2? 

Thos.  Paxton's 

S.B. 

5 

1053 

*r.«9  13 

Sales 

1861 


50 


May 
June 


Interest. 


Cash.. 


1861 

Mav 

31 

To  Sundries  this  mo.      c.  B. 

1 

23425 

98 

Juno 

30 

"           "             "       "          C.  B. 

2 

11  248 

19 

S40I  IT 

9 


31 

BvCnsh  Sales                 C.  n. 

1 

3479 

28 

" 

"  Oilier     ''                         J. 

j 

9!>4G 

70 

30 

"  Cash  Salos                  C.  B. 

2 

5508 

u 

"  Other    "                        J. 

1 

815:5 

75 

ro«7  is 

10 


1861 

June 

30 

By  Cash                          c.  B. 

2 

10 

G2 

11 


1861 

_. 

May 
Juno 

31 
30 

By  Sundries  this  ran.     c.  B. 

""          "              "       "         C.  B. 
«R*I  «e 

1 
2 

i 

7281 

18780 

ea 

81 

15 


225 


LEDGER,— COMMISSION. 

3.    B.    "V^oods. 


1861 

1 

1861 

~ 

June 
it 

12 
19 

To  Cash                          c.  B. 
C.  B. 

to  to 

1500 

2892 

85  | 

'  June 
u 

8 
19 

By  Net  Proceeds           s.  B. 
"      "         "                as. 

7 

1950 
2442 

44 

41 

II 

C.M  82 

13 


Bills    IPsLya/ble. 


1861 



1861 

.   _.,.  

June 

27 

To  Thos.  Paxton's  Dft.  c.  B. 

2 

1000 

May 
June 

29 
12 

By  Thos.  Paxton's  Dft.     j. 
"    H.  Meek's           "       j. 

1 

1 

1000 
1500 

SK»  00 

14 


Bills    !R,eoeiv£ible. 


1S61 
June 


To  R.  T.  Lyon'snote     S.B.    11  '•  2000 


15 


IP.    .Anderson. 


861 

1 
| 

1861 

May 

12 

To  300  Bbls.  Flour       a  B. 

1 

2400 

May 

14 

By  Cash                         c.  B. 

1 

2400 

16 


.    Ivl.    Ferry    £z>    Co. 


1  

— 

-  —  • 

-,, 

I 

-     ,  — 

. 

18C1 

1861  j 

May 

12 

To  40  Bbls.  Flour          S.B. 

1 

325 

May     17 

By  Cash                          o.  B.  j  1 

325 

17 

"100     "        "              S.B. 

3 

775 

«      21 

"        "                                    C.B.   !   1     | 

775 

j 

17 


Henry    Steller. 


18f5l 
May 


To  85  Bbls.  Flour          s.  B. 

1 

637 

50 


1861 

May 


17 


By  Cash 


O.B.      1 


637 


18 


Gray  lord.    <Sz>    Co. City. 


1861 
May 


14 


To  30  Bbls.  Li'na  Oil     s.  B. 


n 

1861  | 

1104 

May 

18 

By  Cash 

C.  B.      1        1104 


10 


O. 


ISfil 

May 

25 

To  1915  Bush.  "WTieat  s.  B. 

4 

2298 

x. city. 


1861 
May 


29  !  By  Cash 


0.  B. 

1 

2298 

LEDGER,— COMMISSION. 

H  survey    <Sz>    "Witt. City. 


20 


1861 

Hay    26    To  200G  Bush.  Wheat  S.B. 


2407 


1861 
20      May 


By  Cash 


k                              C.B. 

1 

2407 

Henry   "Vv^etmore. — -Cuyaiwga  Falls,  0.  21 


1861 

May    19    To  paid  your  draft         o.  B.     1      1400 
"      2G      "   Cash  C.B.  '  1      2200 


1861 

May  ,  24    By  Net  Proceeds  s.  B. 

June     2       "   Dft.  on  you  o.  B. 


2     ,3509 
2          90 


iMIonroe    ^Eills    Oo. Akron,  0. 


22 


1861 
May 
June 


21    To  paid  your  Draft       o.  B. 


1861 

1  12000  May 

2  2062    59 


17  :  By  Net  Proceeds          s.  B. 


_L 


4062    59 


J.    H.    Horther. Ashland,  0. 


23 


1861 
May 


26    To  Cash 


O.B. 


IP! 

72 

1861 

May  |24 

By  Net  Proceeds          a  B. 


725 


72 


Soh.r. 


24 


1861 
May 
June 


19    To  Commissions 
19 


:  1 1861 

j!  j  1  I       71  125  :!  June    18 


' 


3y  Transportation 

J. 
J. 

SM  W 

I 
1     i 

108 
277  J60 

Tlios.    IPEixtoii. 


25 


1861 
May 


29 


1861 
To  Bills  Payable  J.  \  1    j  1000  'June    27    By  Net  Proceeds  Fish,  s.  B.     5        935    61 


<5c-    Byers. Newark,  0. 


26 


1861 


1861 


May    26    To  6  Bush.  Wheat,       O.B.     1   ;!        7    20      May    30    By  Net  Proceeds  a  a     4      4333    21 

June    18,    "  paid  your  draft         C.  B.     2      2116    07 
u         u        u  Cash,  $2198.95 ;  10.99  a  B.      2        2209     94 


H!ii"b"by,    IKiigh.es    <Sz>    Oo. City. 


27 


1861 

June 


1861 
2     To  300  Bbls.  Lime         B.B.     6        375  Juno     9     By  Cash 

227 


0.1      2        375 


LEDGER,— COMMISSION. 


I8G1 
JULIO 

5 

To  300  Bbls.  Lime         6.  B. 

6 

375 

1861  j 
June    12 

By  Cash                          c.  B. 

i 

2 

1 

i 

375 

G-ordon,    IvIciMIillsin    <Sz>    Co. City. 


1861 

1861 

June 

o 

To  Bill  of  Fish               s.  B. 

5 

756 

50 

June 

12 

By  Cash                        c.  B. 

1 

1053 

76 

6 

"     "     "     "                   s.  B. 

5 

297 

25 

ii 

it 

"      "                            c.  B. 

2 

600 

ii 

19 

"     "    "  Lime             s.  B. 

6 

600 

1M3  7i 

1M3  « 

3O 


!M.     SSLCXkrider. Ogdensburg,  N.  Y. 


1861 



1801 

I 

June 

8 

To  500  Bbls.  Flour        S.B. 

8 

3750 

June 

u 

12 

it 

By  Dfl.  fav.  II.  M.  Amos     J. 
"     "      "    Handy         c.  B. 

1 

2 

514 
3235 

50 
60 

3150  00 

31 


IrL. 


Oswego,  N.  T. 


1861 

1801 

1 

; 

June 

12 

To  Dft.  on  N.  Sackrider      J. 

1 

514 

50 

June 

12 

By  Net  Proceeds           s.  B. 

6  ji    514  •>  .',0 

" 

20 

u     ii     ti  X.Y.&Exch.  C.B. 

2 

447 

50 

ii 

20 

"      "        "                   S.B. 

6  1 

447  '•  60 

i 

Baldwin    <5z>    Fsuyne. Franklin,  Iml 


1861 
Juno 

16 

To  Cash                         c.  B. 

2 

3282 

50 

1861 
June 

12 

By  Net  Proceeds           s.  B. 

8 

3282 

50 

33 


Ivleek. Coshocton. 


1861 
June 

12 

To  Bills  Payable               J. 

1 

1500 

34 


C 


Oswcgo,  N.  Y. 


1861 
June 

30 

To  Cash                         c.  B. 

2 

1737 

50 

1861 
June 

20 

By  Net  Proceeds           8.  B. 

11 

1737 

50 

35 


lv£  emor  a,nd.a,. 


1861 

Nov. 

19 

Insurance  on  Oats             j. 

1 

u 

29 

Do.        "   Property      j. 

1 

228 


ACCOUNTS    SALES. 

The  following  are  presented  as  among  the  best  forms  for  Accounts  Sales.  These  are 
rendered  to  the  Consignor  immediately  upon  the  closing  out  of  each  Consignment.  The 
average  time  of  payment  is  given  as  the  date  of  the  credit  of  the  net  proceeds. 

The  student  should  be  required  to  render  a  similar  Account  for  each  Consignment. 

Account  Sales   of    550   Bbls.   Flour,   per   Canal  Boat  "S.  Miller,"  for   %    and  risk  of 

Monroe  Mills  Co.,  Akron,  O. 


Wi. 

M,mrot 
Extra. 

Btlt. 

Summit 
Mil/t. 

Bhlt. 
A.P»Pr 
t'int. 

1861 

May 
ii 
it 
ii 
<i 

May 

12 

a 

13 

ii 

15 
12 

300 
40 

100 
440 

85 
85 

25 

@$8 
"     8J 
"     7* 
"     5 
"     8 

2400 
325 
637 
125 
800 

50 

4287 
224 

50 
91 

A.  M.  Perry  &  Co  

H.  Steller      

Cash    

ii 

25 

93 
13 

10 

107 

50 
50 
72 
19 

-  CJicirges.  — 
Transportation,  550  Bbls.,  ©  17$     

Storage  of  450  Bbls.,  ©  3<t     

40f>2 

59 

Account  Sales  of  100  Bbls.  and  101  Hf.  Bbls.  Fish,  per  Str.  "  Ocean,"  for  %  and  risk  of 

Thos.  Paxton,  Detroit. 


BMt. 
Puk. 

TTf.R't. 
/«*. 

1SC1 
June 

? 

51 

©  $8 

408 

ii 

ii 

a              ii 

82 

a     41 

348 

W) 

ii 

6 

ii              ii 

49 

«     5* 

245 

ii 

ii 

ii              ii 

19 

"     2J 

52 

25 

1053 

76 

100 

101 

May 

27 

—  C/iarfjes.  — 
Transportation,  12J*  per  Bbl.  ;  6|*  per  HC  BbL     .    . 

18 

75 

ii 

57 

50 

June 

?7 

13 

05 

Insurance  on  $1000  

2 

50 

20 

34 

118 

14 

935 

eT 

229 


FOKWAKDING: 


EMBRACING 


RECEIVING  BOOK,  CASH  BOOK,  AND  LEDGER, 


TOGETHLU   WITH   THE   MOST   APPROVE  I)    FOltMS   OF 


WAREHOUSE  RECEIPTS,  BILLS   OF   LADING,  ETC., 


WITH   FULL   INSTRUCTIONS 


CONCERNING  THE  DETAILS  OF  THE  BUSINESS. 


FORWARDING. 


FOE  WARDING, 

A  FORWARDER  is  an  agent  for  the  transshipment  and  delivery  of  goods.  His  place  of  business  is  usually  at 
the  termini  of  various  Transportation  lines,  and  his  principal  duties  aro  to  receive  goods  from  one  line  and 
deliver  to  another,  or  to  the  owner  or  consignee,  direct,  charging  a  commission  for  his  services.  To  conduct  the 
business  properly,  lie  must  have  dockage  and  warehouse  room,  where  property  will  be  sale  while  in  tranxilu,  or 
may  be  stored  during  the  pleasure  of  the  owner  or  consignee.  The  general  rates  for  handling  and  storing  goods 
are  fixed  by  usage,  and  are  as  uniform  as  rates  of  commission,  insurance,  etc. 

All  persons  engaged  in  the  Forwarding  or  Transportation  of  property,  are  held  by  law  responsible  for  its 
elivcry  to  the  proper  parties  in  as  good  order  and  condition  as  when  received  (except  for  dL-cay  of  perishable 
articles,  or  for  acts  which  their  watchfulness  could  not  have  prevented),  and  this  must  be  done  without  unneces 
sary  delay.  It  becomes  necessary,  therefore,  that  a  systematic  record  be  kept,  which  will  show  at  a  glance 
from  whom,  when,  and  in  what  condition,  each  article  was  received,  and  to  whom,  when,  and  in  what  con 
dition  delivered. 

The  FORWARDER  and  the  CARRIER  has  each  a  lien  on  the  property  while  in  his  possession,  for  all  neces- 
pary  and  equitable  charges  which  may  have  accrued  thereon,  including  a  proper  remuneration  for  his  own 
care,  labor,  and  responsibility. 

If  either  voluntarily  parts  with  the  possession  of  the  goods,  he  loses  his  lien,  and  is  not  authorized  by  law 
to  reclaim  them:  but  if  he  has  br>en  induced  to  part  with  possession  by  false  and  fraudulent  representations, 
such  delivery  will  not  amount  to  a  waiver  of  his  lieu.  So,  also,  a  lien  may  be  created  and  retained  after  deliv 
ery,  by  agreement  of  the  parties. 

The  books  necessary  for  the  Forwarder  (beside  the  Journal,  Cash  Book,  and  Ledger,  which  are  incident  to 
all  departments  of  business)  are  as  follows: 

RECEIVING  BOOK, 
WAREHOUSE  DELIVERY, 

VESSEL  DELIVERY,          )    ,    . 

I  at  places  where  these  respective  modes 
KAIL  ROAD  DELIVERY,  >•  .. 

'  I  of  transportation  exist. 

CANAL  DELIVERY. 

The  RECEIVING  BOOK  is  that  upon  which  the  first  entries  are  made,  and  exhibits  all  property  received, 
specifying  the  quality,  condition,  from  whom  received,  to  whom  destined,  and  all  charges  thereon.  The  entries 
in  this  book  are  made  from  the  Bills  of  Lading  (B/L),  and  are  in  all  essential  particulars  transcripts  of  those 
bills.  Any  additions  of  our  own,  such  as  our  own  charges,  and  remarks  as  to  the  condition  and  delivery  of  the 
property,  are  made  in  red  ink,  that  they  may  be  readily  distinguishable. 

If  any  articles  are  shipped  to  the  Forwarder  noted  on  the  B/L  as  in  'bad  order,"  or  "damaged,"  it  must  be 
similarly  noted  on  the  Receiving  Book.  These  entries  being  in  black  ink,  will  be  easily  distinguished  from 
the  notings  of  "damages'"  and  "bad  order"  discovered  while  receiving  the  property,  which  should  be  written 
in  red  ink,  and  for  which  the  Forwarder  should  hold  the  Carrier  responsible. 

All  amounts  paid  for  freight,  drayage,  and  other  charges,  which  have  accrued  upon  the  property  before 
receiving  it  may  be  charged  to  Transportation  %  ;  and  when  the  property  is  delivered  and  the  amounts 
refunded,  Transportation  should  be  credited.  Thus,  when  all  the  property  is  delivered  or  forwarded,  and  the 
charges  collected,  Transportation  %  will  balance.  The  excess  of  the  debit  side  of  this  account,  when  it  does 
uot  balance  will  represent  the  advances  made  by  the  Forwarder  on  property  which  he  still  holds. 

The  Forwarder's  own  charges  for  doing  the  business  are  frequently  called  "  our  charges,"  and  when 
anything  is  realized  in  this  way,  a  special  account  should  be  credited,  which  will  show  the  earnings  of  the 
business.  This  account  is  variously  designated  "Storage,"  "Dockage,"  "Charges,"  "Forwarding,"  "Storage 
and  Forwarding,"  etc.  Wo  have  selected  the  term  "  Charges"  as  being  both  brief  and  comprehensive.  The  credit 
side  of  Charges  %  will  show  what  has  been  produced  by  handling  and  storing  goods,  and  the  debit  side  the 
cost  to  us  of  the  labor  and  facilities  necessary  to  do  the  business. 

Insurance  %  is  used  to  represent  what  we  have  advanced  for  the  insurance  of  goods  TV"""'""  iV-ough  our 
hands,  which  sums  are  to  be  refunded  by  the  owner  or  consignee.  This  account,  like  Transportation,  will 
balance,  when  the  transactions  giving  rise  to  its  entries  are  complete;  or,  in  other  words,  when  our  advances 
are  refunded. 

The  transactions  in  this  set  comprise  a  month's  business,  nnd  are  intended  to  embrace  as  much  of  a  variety 
as  possible.  The  business  itself,  like  all  special  departments  of  trade,  is  monotonous,  the  transactions  of  one  day 
being  nearly  a  duplicate  of  those  of  any  other. 

The  only  books  shown  entire  are  the  Receiving  Book,  the  Cash  Book,  and  the  Ledger.     The  Cash  Book 

232 


FOEWAKDINO. 


contains  nil  tlio  entries  that  are  to  appear  upon  the  Ledger,  and  may  be  said  to  embrace  the  functions  of  the 
Cash  Book  and  Journal.  The  Ledger  differs  somewhat  from  the  preceding  Ledgers  in  this  treatise,  in  the  form 
of  the  Entry.  It  is  not  closed,  but  present?  at  a  glauce,  the  result  of  the  business. 

To  give  the  student  as  correct  an  idea  ?iS  possible  of  the  regular  routine  of  receiving  and  delivering  goods, 
wo  will  take  one  transaction,  and  follow  it  carefully  through  all  its  entries.  Let  it  be  the  first  in  order  upon 
the  Receiving  Book,  relating  to  the  coffee  received  by  the  Propeller  Cataract. 

The  clerk  of  the  propeller  hands  us  a  3/L,  of  which  the  following  (except  the  receipt  across  its  face  hi  red 
ink)  is  an  exact  copy : 


Buffalo,  N.  Y, 


/  30, 


'i  yoacP  otaei  ancfi  ive/i? conc/i/tanea',  -6>/,   THE   AMERICAN    TRANS- 
S  <7 


-M.  -fai  a 

/ 


PORTATION  COMPANY,  a<f 

/     /  •  y  / 

e-M,  /o4.  account  ana  4i<f/i.  of  i 


a 


. 


**ye-t,  MOW  /voia  *.n  we  t^/GiS  of  Buffalo,  a)ic/  frounc/ 


e<z-ce/i/ea, 
f 


mau  conce-Ln, 

Propeller  Cataract,  Duncan, 

tn  we 

Cleveland,  O.,  S/e fotfowt'nv  a-i/e'c/cJ, 

/          X     /         •     //"  •  / 

ana  tmtntieiect   ad  •in   we/  tnalptn,  ancv  w 

t/ 


o  we  aetivetea  -en  /t/e  <saa(/  oiaei  ana  concMtan.    /•//le  eumaeid  0//navtya*/ian.  SikeJ  ana 
*  '  ff  /  / 

<S  ae/a/y  unfa 


Cleveland,  O.,  they  /ta^no  Aet<?/&. 

i    (/    i/  #      tf 

ty\\    WttUflSlS    Wltfltaf,  //^ 


a<f  fie*,  maiytn,  ai.  So  their  a£ca 
/  0  s    </ 


zwe< 


-iS  an 
on 


o/^'c/ 

/    /  /  S      /*•  S  S  • 

a   aec/e,   one/  of  u-^/uc/i  t'etnv 

aecft   a£>  4tdx   of   vetJet   ancv 

#7 


a<&*ne<6  un/a   two 

s  /•  /" 
acconi/iftj/te 


G.  McM.  &  Co. 

GORDON',  MCMILLAN  &  Co., 

M 

o 

120  Ba^s  Rij  Coffee    £    

14.460 

Cleveland,  0. 

13           c; 

c^ 

Freight  Cegi  N.  T?  to  Cleveland  . 
o     .     ^^ 
-  °     P1 
Aw£>T&nsp.  Co., 
\£*   ~f     ** 

^  '§*    f^per  XELSON. 

35 

61 

From  this  we  copy,  in  our  Receiving  Book,  enough  of  the  exact  words  to  express,  and  ever  afterwards  tn 
show,  all  essential  information,  viz.,  by  what  conveyance  the  coffee  was  received,  who  consigned  it  to  us,  at 
what  date,  to  whom  destined,  the  quantity  and  kind  of  property,  weight,  and  rate  of  freight  to  be  paid  thereon, 
etc.  (See  Receiving  Book  entry.)  A  men  orandum  of  the  quantity  and  marks  is  then  made  in  the  Tally  Book 
of  our  dock  clerk,  who  proceeds  to  note  (vvbilo  the  coffee  is  being  landed)  whether  the  quantity  is  correct,  and 
every  bag  in  good  order.  Upon  his  report  that  all  is  correct,  we  pay  the  freight  ($50.61),  which  we  charge  to 
Transportation  %,  in  our  Cash  Book  (see  entry),  and  the  clerk  acknowledges  the  payment  by  his  signature  on 
the  Receiving  Book. 

As  it  is  necessary  that  the  Propeller  si  all  preserve  a  voucher  that  it  has  properly  delivered  the  property  to 
us,  wo  acknowledge  its  receipt  by  writ'.ng  (with  red  ink  generally)  across  the  face  of  the  Bill  of  Lading) 
"Rec'd,  May  1  1SG1,  and  paid  freight,  $50.61,  L  mint  &  Stratum,"  and  return  the  B/L  to  the  clerk. 

233 


FORWARDING. 


DELIVERY   TO    VESSELS. 

The  8  boat-loads  of  corn,  received  from  Chill  icothe,  and  consigned  to  H.  Daw  &  Son,  Buffalo,  N.  Y.,  must  bo 
shipped  by  vessel  For  this  purpose  we  bargain  with  the  master  of  the  Schr.  Ironsides  for  freight  of  same  to 
Buffalo,  at  4  cents  per  bushel  "We  hand  him  our  order  ou  the  Erie  Warehouse  (where  the  corn  was  stored)  for 
tlie  quantity — 5761  bushels.  When  he  has  received  it  ou  board,  we  give  him  a  bill  of  lading,  as  follows: 


o, 


BRYANT  &  STRATTON, 

,  fa<i 


•  /    /      /         y 
//£     c-f    lAL/iGm     ^i 

c/  S/e  Schr.  Ironsides,  G-rover, 

jfyina.  w   we/  tyw/  a/  Cuyahoga, 

v  v  <r 

cie<4,     mat/ied/    and/    eztttn.ve'ied/     a<f    <M    we/    maiytn,    aiid/     wAtc-n     ate/    i/a    vet 


ae*4V 


d/    CGiiat'/tan.,      /•/Ae/   aanye-U    Of    nav-iy.a/tau. 
I 


aefau  twi/a   <&Gn<fty>iee<f  aJ  /let/  maiatn.  oJ/  /&  tlieir 

s  </          /  .       </ 

BuSalo,     they   Aau^a  /letaA/. 
/S  </  <?    S 

two 


<%}•;%    /  9^  /'  ^  /'//'•   y  /   /  ; 

i-SdttiJ  G-f   c^Caaitig!,,   aec   G*   v/tt<f  feno-i/  ana   date,   Gne/  Gf  -i 

ff  f  ff  ff  - 

//        /        /        /          •/  ffi  s       /  /    /     /         '  X    /       /  /       J, 

ersie'l'  ro   tfifa.no/  vo-ict.  C/-io/te-iv//,   &n   decA   OP~,  -tcdfi   G/  vet<)e(   atiO'   Gw>telJ. 

7  /     X 


II.  DAW  &  SON,  i  5761  Bushels  Corn. 

Buffalo,  N.  Y.  Freight  to  Cleveland 

For  a/c  of  J.  Madeira,  Our  charges 

Chillicothe,  0. 


691 

60 

57 

61 

57 

61 

lade  our  Dft.  at  3  days'  sight  .... 

806 

82 

jake  Freight  only,  41?  per  bush. 

BRYANT  &  STKATTON. 

A  duplicate  of  the  above  is  made  in  our  Shipping  BOOK,  which  is  signed  by  the  captain,  and  which  is  our 
voucher  for  the  proper  shipment  of  the  property.  He  also  signs  another,  precisely  similar,  which  we  mail  to 
Daw  &  Son,  as  notice  to  them. 

If  the  captain  had  been  in  possession  of  sufficient  funds  to  have  paid  the  charges  on  the  corn,  he  might  have 
done  so,  and  collected  them  with  his  freights  at  Buffalo,  but  this  not  being  the  case,  we  draw  on  the 
for  ihe  charges,  and  the  captain  is  to  collect  only  his  freight. 

234 


FORWARDING. 


WAREHOUSE    DELIVERY. 

The  party  (Gordon,  McMillan  &  Co.)  to  whom  the  coffee  is  destined  being  city  residents,  are  notified  of  its 
arrival,  and  send  an  order  for  its  delivery  to  their  drayman.  In  doing  so,  the  number  of  the  bags  is  tallied  as 
they  pass  out  from  our  possession.  Tho  written  order  of  Gordon,  McMillan  &  Co.,  retained  by  us,  is  our 
vouchci  for  its  having  been  delivered  to  them  ;  but  we  may  also  require  a  more  formal  receipt,  as  in  a  form 
given  below. 

"We  may,  if  we  choose,  require  payment  of  all  charges  accumulated  before  delivery,  which  would,  in  this 
instance,  be  the  freight  $50.61,  and  "  our  charges"  for  receiving,  paying  freight,  storage,  (if  any,)  and  delivery, 
which  charges  vary  in  different  localities,  or  by  special  agreement,  but  are  generally  $1  per  ton. 

Theoretically,  the  business  is  done  strictly  for  cash,  but,  practically,  short  credits  arise  with  responsible 
parties,  or  those  with  whom  we  have  reciprocal  transactions.  Connecting  transportation  companies  or  lines 
keep  an  open  account  with  each  other,  and  settle  weekly  or  monthly. 

In  this  instance  the  charges  were  paid  to  us,  at  the  time,  which  were  credited  as  follows: 

Transportation  %,  charges  of  G.,  McM.  &  Co  ...........      $50  61 

Charges  %,  our  charges,       ................          7  23 

A  common  form  of  receipt  for  property  delivered  is  as  follows; 


,  (§ftfo, 


*/  BRYANT  &    STBATTON,  w  acec/  otc/et,  anc/  /lat'c/  c/ataeJ  S/fe-Uon. 
v  S  /  </ 


Marks. 

Articles. 

Weight. 

Charges. 

G.  McM.  &  Co. 

120  Bags  Rio  Coffee  

14.460 

50 
1 

61 
23 

57 

,    ,   .. 

84 

Freight  from  N.  T  

GORDON,  MCMILLAN  &  Co. 

i 

They  also  require,  from  us,  a  receipt  for  the  payment  of  the  charges,  which  is  usually  in  a  form  similar  to 
the  following  : 


,  ®bio, 
GORDON,  MCMILLAN  &  co.,  <«  <?*«/***&<, 


., 

aiaeJ  f  Aegean. 
</ 


Maries. 

Articles. 

Weight. 

Charges. 

G.  McM.  &  Co. 

120  Bags  Rio  Coffee  

14460 

| 

50 

61 

1 

7 

?t 

Rec'd  in  full,  May  3, 

57 

84 

BRYANT  &  STRATTON. 

i 

"We  then  note  on  the  right-hand  margin  of  our  Receiving  Book,  and  opposite  to  the  entry  of  this  property, 
"Warehouse  Delivery,  May  3,"  and  the  entire  transaction  is  completed. 

Should  any  dispute  hereafter  arise  relative  to  it,  wo  have  preserved  evidence  throughout  of  our  having  prop- 
perly  executed  our  duties. 

235 


FORWARDING-. 
DELIVERY    TO    RAIL    ROADS. 

EXAMPLE.  —  Goods  for  James  Goodwin,  Columbus,  (see  Receiving  Book.) 

Form  of  Rail  Road  Bill  of  Lading. 


// 


BRYANT  &  STRATTON, 

<^ 
CLEVELAND,  COLUMBUS,  AND  CINCINNATI  RAIL  ROAD,  4 


/y  /  -      / 

concttfton   ancc   ad  con&anect. 

</ 


,    /a 


fite. 


so 

7300 

10 

Bales       "           

3.000 

10.300 

28 

<*,{ 

1 

»5 

BRYAST  &  STEATTON. 

35 

24 

A  duplicate,  in  our  book  for  R.  R.  delivery,  is  signed  by  the  Receiving  Clerk  of  the  R.  R.  Co.,  which  is  pro- 
served  as  our  voucher.  The  R.  R.  Co.  pays  the  charges,  on  receipt  of  the  goods,  which  amount  is  credited  to 
the  respective  accounts. 


FORM   FOR    CANAL   SHIPPING. 

Cleveland,  Ohio,__. 


BRYANT   &  STRATTON,  on 

rte 


/>     .  ..  J       //'//'•          /    •      >V  /        / 

uwna    a-teicfeJ,    fa    ve   aettvclea   tn    f-cA-e/  oooa   ctuet 


't    tn     oooa   otaet,    Sn&> 

•//    /    /  S 
/tcMf  cfetau, 


2311 


FORWARDINO. 


NARRATIVE. 

The  following  are  the  transactions  embraced  in  this  Set  Let  the  student  follow  them  through  the  various 
books  in  the  order  indicated  on  page  233. 

May  1.  Cash  Balance  on  hand,  $5.682. The  Propeller  Cataract  arrived,  with  B/L  from  the  American 

Transportation  Co.,  Buffalo  dated  April  30,  of  120  bags  Rio  Coffee,  to  our  care,  for  %  of  Gordon,  McMillan  & 
Co.  (City),  weight  14.460  Ib.     Freight  from  N.  Y.  to  Cleveland,  35?  per  100  Ib.  =  $50.01. 

2.  The  coffee  landed  in  good  order.     Paid  freight.  -  -  -  -  Canal-boat  America  arrived  with  B/L  of  1800  buslu 
corn,  from  Chillicothe,  shipped  by  J.  Madeira,  April  24th,  on  his  own  %,  and  consigned  to  H.  Daw  &  Son,  Buf 
falo.     Freight  to  Cleveland,  12$  per  bush.     By  advices  from  the  consignor,  two  other  boat-loads  are  on  the  way, 
and  all  aro  to  arrive  before  we  forward  the  corn  from  Cleveland,  and  special  instruction  is  given  to  omit  procur 
ing  insurance.     Ordered  the  corn  into  the  Erie  Warehouse. 

3.  Delivered  Gordon,  McMillan  &  Co.'s  coffee,  and  collected  the  charges  thereon,  as  follows :  Transportation, 
$50.61 ;  our  charges  (credited  to  "  Charges"  %\  $7.23.     Paid  Boat  America  freight  on  corn,  $216. Canal- 
boat  Nautilus  arrived  with  B/L  of  2000  bush,  corn  from  J.  Madeira,  April  25.      Freight  at  12?  per  bush. 
Ordered  to  Erie  Warehouse. 

4.  Boat  Nautilus  unloaded,  and  falls  short  2  bushels.     Deducted  the  value  of  2  bush,  (at  market  price  of  40? 

per  bush.)  from  the  freight  ($240),  and  paid  captain  in  full,  $239.20. Canal-boat  Grenada  arrived,  and  is 

the  third  and  last  load  advised  by  J.  Madeira,   and  was  shipped  by  him  April  26.     Freight   12?  per  bush. 

Ordered  to  Erie  Warehouse. Received  this  day  the  last  of  a  lot  of  1200  bars  of  R.  R.  iron,  from  Stone,  Chis- 

holm  &  Jones  (City),  to  be  forwarded  to  the  Chicago  and  North -Western  R.  R.  Co.,  Chicago.     Total  weight, 
403,200  Ib. 

6.  Boat  Grenada  unloaded,  and  overruns  3  bushels.      Paid  freight,  $235.20,  and  for  the  3  bush.,  at  40?  per 
bush.,  $1.20.  -  -  -  -  Propeller  "  Gov.  Cushman"  arrived  from  Dunkirk  (N.  Y.  &  Erie  R.  R.  Co.),  and  landed  goods 
for  Brad  bum  &  Fisher  (City);  weight,  44,935  Ib.     Freight  from  N.  Y.  to  Cleveland,  35?  per  100  lb.=$157.27. 
•  -  -  -  Contracted  Schr.  Ironsides  to  take  J.  Madeira's  corn  to  Buffalo  at  freight  of  4?  per  bushel,  and  gave  her  an 
order  on  the  Erie  Warehouse  therefor. 

7.  Paid  Propeller  Gov.  Cashman's  freight  on  goods  delivered  yesterday,  $157.27.      Schr.  Ironsides  being 
loaded,  gavo  her  B/L  5761  bush,  corn,  consigned  to  H.  Daw  &  Sou,  Buffalo,  N.  Y.,  for  %  of  J.  Madeira,  Chilli 
cothe,  freight  to  be  collected  by  captain,  at  4?  per  bushel.     Made  our  draft  on  H.  Daw  &  Son  favor  D.  P.  Eelis, 
Cashier,  ©  3  days,  for  charges  on  the  corn,  as  follows:  Transportation  (paid  on  the  3  boat-loads),  $691.60;  Stor 
age  in  Erie  Warehouse,  1?  per  bush.,  $57.61 ;  Do.  (our  charges),  1?  per  bush.,  $57. 61  =$806.82.    Drew.    Depos 
ited  the  draft  in  the  Commercial  Bank  to  our  credit.  -  -  -  -  Received  charges  on  Bradburn  and  Fisher's  goods : 

Transportation,  $157.27  ;  storage  (our  charges),  $22.47. Shipped  the  1200  bars  R.  R.  iron,  by  Barque  Naomi, 

to  the  Chicago  &  Northwestern  R.  R.  Co.,  Chicago,  at  a  freight  of  $1.25  per  ton.     Paid  extra  labor  loading  the 
same,  $21.15.     Received  our  charges  (Storage  %\  $1.00  per  ton  =  $201.60. 

10.  Received  1000  bbls.  flour,  "Beacon  Mills  Extra,"  from  Cleveland  and  Pittsburg  R.  R.  for  %  of  J.  B. 
Woods,  Akron,  to  be  forwarded  to  Bryant,  Stratton,  &  Packard,  New  York.     Paid  R.  R.  freight,  15?  ($150),  and 
drayagc  from  depot,  2?  per  barrel  =  $20. 

11.  Shipped  J.  B.  Woods'  flour,  by  Propeller  Gov.  Cushman,  through  to  NPW  York,  by  N.  Y.  &  Erie  R.  R. 
Co.,  from  Dunkirk,  at  85?  per  bbl.     Procured  Lake  Insurance  thereon  for  $4500,  in  Etna  Ins.  Co.,  Carlton'a 
Agency.     Paid   Insurance  prem.,  $22.50.     Received  charges  on  the  flour,  as  follows:  Transportation,  $170; 
Insurance,  $22.50;  Storage,  $50.     Received  of  Schr.  Fanvell,  from  Oswego,  5tl.  instant,  20  boxes  and  10  bales 
goods  for  James  Goodwin,   Columbus,  0.;  weight,  10,300  Ib.     Freight  28?  per  100  Ib.  to  Cleveland.     Paid 
freight,  and  sent  the  goods  immediately  to  the  C.  C.  &  C.  R.  R.  Co.'s  depot,  and  paid  the  drayage,  $1.25. 

13.  Collected  charges  of  the  C.  C.  &  C.  R.  R.  Co.,  as  follows :  Transp.,  $30.09  ;  Storage  (our  charges).  $5  15. 

16  Received  300  bags  coffee,  from  Prop.  "Fountain  City,"  shipped  by  Amer.  Transp.  Co.,  15th  inst,  for  % 
Gordon,  McMillan  &  Co.  (City);  weight,  39,000  Ib.  Freight,  N.  Y.  to  Cleveland,  35?  =  $!  36.50.  Of  these,  15 
bags  were  found  to  have  been  damaged  by  water,  and  by  agreement  between  the  owners  of  the  coffee  and  the 
Propeller,  $3.00  per  bag,  or  $45,  was  estimated  as  the  measure  of  damages.  Deducted  $45  from  the  freight  of 
the  coffee,  and  paid  balance,  $91.50.  Coffee  delivered  to  owners. 

17.  Rec'd  of  Gordon,  McMillan  &  Co.,  charges  on  coffee,  as  follows:  Trausp.,  $91.50 ;  our  chgs.,  $19  50. 

237 


RECEIVING-  BOOK. 

-Cleveland,    May,    1861. 


1 

2 
3 

4 

GORDON,  MCMILLAN  &  Co., 
Cleveland,  0. 

Propeller  "  Cataract." 

From  Am.  Transp.  Co.,  Buffalo,  Apr.  30. 

120  Bags  Rio  Coffee,      ....    14,460B> 
Freight  from  N.  Y.      ...           35$ 

Rec'd  Freight,  May  2, 
P.  RIOHAKDS,  Clerk. 

60 
216 

240 

61 

80 

50 
216 

239 

236 

For  %  of  Shippers, 
H.  DAW  &  SON, 
Buffalo,  N.  T. 
Stored  in  Erie  Warehouse. 

Canal  Boat  "America." 

From  J.  jfadeira,  Chillicothe,  Apr.  24 

1800  Bush.  Com. 
Canal  Frt.  to  Cleveland     ...    12$ 

Ree'd  May  3, 
ISAAO  LEWIS,  Capt. 

Same  as  above. 
Stared  in  Erie  Warehouse. 

Canal  Boat  "  Nautilus." 

From  J.  Madeira,  Chillicothe,  Apr.  25. 
2000  Bush.  Corn. 

2  Bush,  short  ;  deduct  40?  per  Bu. 
Rec'd  In  fall,  May  4, 
JOHN  MATTHEWS,  Capt. 

235 

1 

0 

20 

Same  as  above. 
Stored  in  Erie  Warehouse. 

Canal  Boat  "  G-renada." 

From  J.  Madeira,  Chillicothe,  Apr.  26. 
960  Bush.  Corn. 

3  Rush,  over:  add  40f  por  Bu. 
Rec'd  In  full,  May  6, 
GEO.  WATKBO,  Capt 

CHICAGO  &  NORTH  WEST 
ERN  R.  R.  Co., 
Chicago. 

Stone,  Chisholm  &  Jones. 

Cleveland,  (By  Team.) 
1200  Bare  T  R.  R.  Iron   .    .    .    403,200tt 

OOO  

61 


Delivered, 


B/L    127 


127 


I  n/r.  127 


,  L,    128 


RECEIVING  BOOK. 

-Cleveland,    May,    1801. 


861 
Jay 

6 

BRADBURV  &  FrsnER, 

Prop.  "Gov.  Cushman." 

N.  Y.  <L>  E.  R.  R.,  Dunkirk,  May  4. 
20  Bbls.  Syrup    G.500a 

Cleveland,  0. 

10     "     Refined  Sugar  ....    2.600 
20     "     P  R.          "        ....  2°.000 

85  Chests  Tea    2.520 
40  Hf.  Chests  Tea  1.410 

5  Bbls.          "        540 

44.935B 
Frt.  from  N.  Y.,  per  Contract  .    .    35$ 

Rec'd  Frt.,  May  7, 
D.  SCOTT,  Master. 

157 

2t 

157 

27 

Dfl!  iV'TcAf 
May  :. 

14 

10 

For  %  J.  B.  "Wooes, 
BRYANT,  STRATTON  & 

Cleve.  &  Pitts.  B.  B.  Co. 

1000  Bbls.  Flour,  "  Beacon  Mills,  Extra." 
R.  R.  Frt.  per  Bbl.,      ....    15$ 
Pravn"-e  frnm  Depot 

150 

20 

New  York. 

Paid  Chgs.  May  10,  per  Receipts 

170 

:  «/L  i« 

II 

n 

JAMES  GOODWIN, 

Schr.  "Farwell." 

J.  Fitzhugh,  Oswego,  May  5. 

10  Bales    "             3.000 

Columbus,  0. 

lO.SOOtt 
Frt  from  N.  Y.  to  Cleve.     .        28$ 

Eec'd,  May  12, 
O.  "W.  JONES,  Owner. 

23 

84 

c.  c  *  r.  n.  a 

MW  it. 

M 

18 

GORDON,  MCMILLAN  &  Co., 

Prop."  Fountain  City." 

Am.  Transp.  Co.,  Buffalo,  May  16. 
300  Bags  Coffee    39.000W 

Cleveland,  0. 

Frt  from  N.  Y.  to  Cleve.   .    .         85$ 
13  Bags  damn-eel—  Deduct  as  n-reed. 

Rec'd  in  full, 
CHAS.  Burrs,  Clk. 

136 

4.J 

50 

91 

IMivcrvdi 
May  17. 

23* 


Cleveland,    May,    1861. Pteoeipts. 


1861 

Transp. 

Charges. 

General. 

May 

1 

Amount  on  hand  from  Apr. 

56»2 

3 

Transportation  .  Fit.  Chgs.  on  120  Bags  Coffee     . 

50 

ei 

« 

Charges    .     .     .  Our     "     "            "        "    .    . 

7 

23 

7 

Transportation  .  Frt.  Chgs.  on  5761  Bush.  Corn    . 

691 

60 

1C 

Charges    .      .      .  Storage  paid  Erie  "Warehouse  .     . 

57 

61 

(( 

.     .     .  Our  Storage  on  above  Corn    .    . 

57 

61 

(( 

Transportation  .  Frt.  on  Bradburn  &  Fisher's  Goods 

157 

27 

«« 

Charges    .     .     .  Our  Charges  on  same     .... 

22 

47 

« 

"           ..."          "        "  1200  bars  J  Rail 

yc\i 

aO 

11 

Transportation  .  Frt.  on  1000  Bbis.  Flour   .    .    . 

170 

u 

Insurance       .     .  Ins.  on  same    

22 

50 

(( 

Charges    .      .     .  Our  Chgs.  on  same    

50 

13 

Transportation  .  Frt.  of  C.  &  C.  R.  R.  Co.        .    . 

30 

09 

« 

Charges    .     .     .  Our  Chgs.  on  same    .    . 

6 

15 

17 

Transportation  .  Frt.  on  300  Bags  Coffee     .    .    . 

91 

50 

Charges    .     .     .  Our  Chgs.  on  sam«    

19 

50 

Transportation,  Total      .... 

1191 

07 

1191 

07 

Charges,               "         .... 

421 

17 

421 

17 

7318 

74 

-      ,.         O4A  

BOOK. 


V-  '  -!•*-'  V  ^J-otJ.ldj      JA-Lci/Vj      JLOvx-L.                 -1—  x  J.fc>  UU.JL  fcaSIil©!!  Lfc> 

1861 

Transp. 

Charges. 

General. 

May 

2 

Commercial  B'k  Deposited    

4500 

Transportation  .  Freight,  Prop.  Cataract  .... 

50 

61 

3 

.        "       Boat  America  .... 

216 

4 

"                 .        "          "      Nautilus.    .     .     . 

•239 

20 

t) 

"                 .        "          "      Grenada  .... 

236 

40 

7 

Charges    .     .     .  Erie  Warehouse,  5761  Bu.  Corn  . 

57 

61 

(t 

.     .      .  Extra  Labor  on  R.  R.  Iron     .    . 

21 

15 

u 

Transportation  .  Freight  Prop.  Gov.  Cushman  .     . 

157 

27 

11 

Commercial  B'k  Deposited  Dft.  on  Daw  &  Son     . 

806 

82 

10 

Transportation  .  Freight,  Flour,  C.  <fe  P.  R.  R.  .    . 

150 

* 

.  Drayage  to                 "             .     . 

20 

11 

Insurance       .     .  Prem.  on  1000  Bbls.  Flour  .    .    . 

22 

50 

rranspuriauon  .  Freight,  Schr.  Farwell   .... 

28 

84 

13 

1 

95 

17 

.  Freight  Prop.  Fountain  City   .     . 

91 

50 

Transportation.  Total 

1191 

07 

1191 

07 

CJiarges,               -         .... 

78 

76 

78 

76 

Balance  on  hand   .... 

717 

5, 

7310 

74 

I 

•4^, 

LED  GER,— FORWARDING. 

Stock. 


1861 
May 

1 

Amount  Invested, 

r 
1 

K^*» 

1 
5682 

.  Jjr.                                        Cash..                                       (% 

1861 
May 

17 

Total  for  the  month 

1 

7316 

74 

1861 
May 

17 

Total  for  the  month 

6599 

15 

j}v.                            Transportation.                            Cr. 

07 

1861 
May 

17 

Total  for  the  month 

1 

1191 

07 

1861 

May 

17 

Total  for  the  month 

i 

17.91 

.     £ty.                                     Cliar^ress. 

] 

i 

tfr. 

1861 
May 

17 

Total  for  the  month 

1 

78 

— 
76 

1861 
May 

17 

Total  for  the  month 

421 

17 

|Jf.                                  Insurance. 

GO 

18G1 
May 

11 

Taid  on  1000  Bbls  Flour 

1 

22 

50 

1861 
May 

11 

Refunded 

i 

22 

Ur.                        Commercial 

B 

ank.                         (£r. 

1861 
May 
it 

2 

7 

Deposited 

14 

1 
1 

4500 
806 

82 

BANKING: 


EMBRACING,    A3    PRINCIPAL   BOOKS, 


DEBIT  JOURNAL,  CREDIT  JOURNAL,  AND  GENERAL  LEDGER ; 


A.N'O    A3    AUXILIA1UKS. 


DEPOSIT  LEDGER,  DISCOUNT  REGISTER,  COLLECTION 
REGISTER,    DOMESTIC     TICKLER,    FOREIGN    TICKLER,    AND 

PASSED    COLLECTIONS; 


WITH    TOKiia    OF 


CASH  BOOK,  STOCK  LEDGER,  TRANSFER  BOOK,  OFFERING  BOOK,  STATEMENT  BOOK,  ETC. 


(Tlje  most  npprobn)  forms  of  %  bnrioxis  Junbs  of  $mrh  I^Tjjrr. 


COMPRISING   TWELVE    DAYS5    BUSINESS,    REPRESENTING    AS    MANY    MONTHS,    AND    EMBRACING 
A    SUFFICIENT     NUMBER    AND    VARIETY    OF     TRANSACTIONS     TO     FULLY    ILLUS 
TRATE   THE    BUSINESS  OF  BANKING  AS  IT  IS    CONDUCTED    IN    THE 
GREAT   MAJORITY    OF   BANKING    INSTITUTIONS 
IN   TIIK    COUNTRY. 


BANKING. 


BANKING. 

THE  business  of  BANKING  is  so  inwoven  in  all  our  commercial  relations,  that  any  attempt  to  apply  the  prin 
ciples  of  Book-keeping  to  the  specialties  of  trade  which  should  ignore  this  department,  or  fail  to  make  it  prom 
inent,  would  be  justly  entitled  to  censure  as  falling  short  of  the  public  demand. 

In  presenting  the  subject  in  this  connection,  however,  the  authors  disclaim  any  dictatorial  rights  pertaining 
either  to  substance  or  form ;  but  would  respectfully  state  that,  after  a  careful  examination  of  all  the  published 
works  on  the  general  theme  of  BANKING,  as  well  as  those  having  more  particular  reference  to  Bank  Book 
keeping  ;  and  after  consulting  many  prominent  bankers,  and  examining  carefully  the  books  of  various  banking 
institutions  in  our  largo  commercial  cities,  east  and  west,  they  have  settled  upon  the  following  forms  as  being 
best  adapted  to  the  business  as  it  is  conducted  in  the  great  majority  of  banks  throughout  the  country,  and  as 
presenting,  in  the  most  concise  manner,  the  characteristic  transactions  of  those  banks  which  combine  in  their 
operations  the  various  departments  of  finance. 

It  is  well  known  that  in  largo  commercial  centers  the  tendency  of  trade  is  to  specializing  and  centralizing  ; 
so  much  so  that  the  cities  themselves  become  divided  up  into  homogeneous  business  communities,  the  limits  of 
which  may  be  almost  as  distinctly  defined  as  the  wards  or  election  districts.  So,  also,  each  establishment  is  spe 
cialized  into  departments,  and  the  labor  so  divided  as  to  give  to  each  employe  specific  and  monotonous  duties. 
This  can  be  clone,  however,  only  where  the  business  is  so  extensive  as  to  render  each  separate  department  a 
business  of  itself.  Thus,  in  a  large  metropolitan  banking  house,  fifty  clerks  may  be  necessary  to  do  labor  em 
bracing  no  greater  variety  than  that  of  a  country  bank  whose  duties  devolve  on  one  man.  This  massing  of 
business  begets  the  necessity  of  such  divisions  and  subdivisions  as  shall  secure  the  most  perfect  system  of 
operation,  and  the  most  effectual  application  of  the  peculiar  talents  of  employes. 

In  the  smaller  centers  of  trade  such  divison  of  labor  becomes  impracticable  from  want  of  magnitude  in  the 
business  itself;  and  hence,  commercial  houses  asssumo  a  more  general  character,  and  the  duties  of  clerks  become 
more  diversified. 

It  is  evident,  therefore,  that  the  forms  for  business  record  which  would  be  appropriate  in  a  large  establish 
ment,  where  each  department  is  distinct,  would  not  answer  so  well  in  a  house  where  all  the  departments  are 
merged  in  one. 

In  presenting  the  subject  of  BANK  BOOK-KEEPING,  we  have  not  been  unmindful  of  these  difficulties,  and  have 
tried  to  meet  them  in  a  manner  best  calculated  to  benefit  the  general  student,  and  to  afford  information  of  the 
most  practical  kind. 

The  business  represented  is  that  of  a  medium  institution ;  and  the  transactions  such  as  generally  occur  at  the 
counters  of  the  great  majority  of  banks  throughout  the  country.  The  locality  is  central,  affording  thus  a  more 
extended  variety  of  transactions  in  Exchange,  and  a  favorable  opportunity  of  illustrating  the  system  of  corre 
spondence  which  constitutes  so  important  a  feature  of  Banking. 

Before  referring  to  the  details  of  the  business,  it  may  be  well  to  speak  in  general  terms  of  some  of  the  more 
important  characteristics  of  banks,  and  the  offices  they  perform  in  the  communities  by  whose  patronage  they 
thrive. 

; .THE    SPHERE    OF    BANKS. 


A  BANK  is  a  perfected  system  of  organizing  capital  with  a  view  to  securing  the  best  interests  of  the  two 
great  classes  of  community,  borrowers  and  lenders.  The  private  means  of  individuals  are  united  in  a  general  fund 
which  is  loaned  out  on  interest  to  those  who  need  it,  and  can  afford  to  pay  for  its  use. 

In  this  view,  a  bank  is  simply  an  agency  for  the  promotion  of  the  public  weal;  and  when  properly  con 
ducted,  there  is  no  one  agency  which  will  do  so  much  for  the  material  prosperity  of  a  community.  It  is  scarcely 
to  be  expected,  however,  that  the  desire,  alone,  to  benefit  community  would  induce  men  to  employ  their  time 
and  means;  or  that  the  majority  of  men  will  consent  to  use  their  capital,  whether  of  money  or  brains,  without 
adequate  compensation ;  and  we  are  strengthened  in  this  impression  with  reference  to  banks  and  bank  owners, 
b/  the  fact  that  while  the  law  in  most  states  restricts  the  interest  on  loans  to  6  or  7  per  cent,  per  annum,  the 
yjarly  profits  of  many  banking  institutions  exceed  12  per  cent.,  while  the  majority  of  them  are  able  to  declaro 
annual  dividends  of  from  7  to  10  percent. ;  notwithstanding  the  fact  that  the  current  expenses  for  conducting 
the  business,  such  as  rent,  fuel,  salaries  for  officers  and  clerks,  etc.,  etc.,  amount  often  to  a  heavy  percentage  on 
t!)3  capital. 

It  may  be  well,  therefore,  to  look  at  some  of  the  sources  of  profits  enjoyed  by  banks,  as  also  at  the  legitimate 
means  employed  to  secure  their  prosperity. 

Most  banks  in  operation  in  this  country  are  joint  stock  corporations,  chartered  by  the  Legislatures  of  the  sev- 

246 


BANKING. 

eral  states  in  which  they  aro  located,  and  privileged,  under  certain  restrictions,  to  receive  money  on  deposit ;  to 
loau  money  on  interest ;  to  buy  and  sell  money,  and  negotiable  funds;  to  collect  paper  at  maturity;  and  to 
issue  notes  which,  being  redeemable  in  coin  at  their  own  counter,  pass  as  money,  and  constitute  the  great  cur 
rency  of  the  country.  Private  individuals  or  companies,  however,  may  engage  in  the  business  of  banking — 
except  that  of  issuing  notes — with  no  more  restrictions  or  privileges  than  thoso  incidental  to  other  business 
enterprises. 

We  will  consider  briefly  these  separate  characteristics  of  banks : 

1.    DEPOSITS    AND    DISCOUNT. 

As  places  of  deposit,  banks  afford  to  the  community  a  most  convenient  and  safe  custody  for  money ;  which, 
being  deposited  and  drawn  out  at  the  pleasure  of  the  owner,  enjoins  upon  the  banker  not  onlv  the  necessity  of 
keeping  a  strict  account  with  each  dealer,  but  tho  responsibility  of  having  always  on  hand  current  funds  with 
which  to  meet  the  drafts  he  is  bound  to  pay  upon  presentation.  Tho  great  improbability,  however,  that  all  or 
any  considerable  proportion  of  the  depositors  will  demand  their  money  at  the  same  time,  renders  it  perfectly  safe 
for  tho  bank  to  loan  a  portion  of  such  funds  at  interest,  thereby  receiving  compensation  for  tho  trouble  and 
responsibility  attending  depositors'  accounts.  Tho  original  capital  or  stock  of  tho  bank  is  also  employed  in  this 
manner,  tho  bank  exacting  ample  security  for  all  money  loaned  with  the  legal  rate  of  interest,  which  is  usually 
taken  in  advance,  or  computed  upon  the  face  of  the  obligation,  and  deducted  therefrom  when  the  money  is  loaned. 

Tho  advantages  to  a  business  man  of  keeping  a  bank  account,  can  scarcely  be  overrated.  They  may  be 
briefly  enumerated  as  follows  : 

1.  If  tho  bank  be,  in  all  respects,  responsible,  his  money  is  safer  than  in  his  own  hands. 

2.  Tho  payment  of  bills  by  checks  on  his  banker,  besides  being  much  more  convenient,  enables  him  to  keep 
•»race  of  his  money  transactions,  affording  him  vouchers  for  money  paid,  and  avoiding  errors  that  might  otherwise 
occur  without  detection.  » 

3.  By  making  his  own  notes  payable  at  tho  bank  where  his  deposits  are,  he  is  saved  the  trouble  and  annoy 
ance  of  hunting  them  up  at  maturity ;  and  by  depositing  his  bills  receivable,  ho  throws  tho  trouble  and  respon 
sibility  attending  their  collection  upon  his  banker. 

4.  By  doing  his  business  through  a  bank,  he  acquires  habits  of  promptness  and  order,  which  will  render  him 
more  efficient  in  all  his  business  relations ;  is  better  able  to  establish  his  credit  among  business  men,  and  enjoys 
more  extended  facilities  for  knowing  the  financial  standing  of  those  with  whom  he  deals. 

2  .    EXCHANGE. 

"Ranks  located  in  tho  interior  usually  keep  funds  on  deposit  at  tho  principal  canters  of  trade,  against  wh  ioh 
they  draw  in  amounts  to  suit  customers,  charging  therefor  a  certain  percentage  of  premium,  known  as  the  "rato 
of  exchange"  between  the  two  points.  The  amount  of  this  promiu  n  is  variable,  and  subject  to  contingencies 
which  we  have  not  space  in  this  connection  to  discuss.  Suffice  to  say,  that  when  tho  intrinsic  value  of  the  cur 
rency  or  "  money  of  account"  is  tho  same  at  any  two  given  points,  the  rate  of  exchange  between  them  can  not 
greatly  exceed  the  cost  and  risk  of  transporting  coin,  no  matter  what  may  ba  tho  prepondoranco  of  the  "  balance 
of  trade."  * 

Another  important  item  of  bank  profits  arises  from  dealing  in  uncurrent  and  premium  funds,  the  position 
occupied  by  banks  giving  them  tho  advantage,  both  in  purchases  and  sales,  over  private  individuals.  In  large 
cities,  however,  the  regular  banks  do  not  deal  in  uncurrent  funds,  leaving  that  department  of  finance  to  a  class 
of  private  bankers  known  as  Exchango  Brokers.f  We  have,  nevertheless,  incorporated  tho  feature  in  this  set, 
as  we  desire  to  make  tho  instruction  as  co.nprehcnsivo  as  possible. 

3.    COLLECTION. 

The  compbte  system  of  corrospondenoo  w'lich  banks  aro  forccl  to  put  in  practico  and  maintain,  enables 
them  with  tho  greatest  facility  to  collect  money  falling  due  at  various  points.  This  they  can  afford  to  do  for 
thoT  regular  dealers  at  a  small  charge  independent  of  tho  rate  of  exchange.  For  other  collections  they  charge 
a  small  additional  compensation,  usually  a  porcentago  on  tho  amount  collected. 

*  Perhaps  OT  no  one  Btibject  do  Political  Economists  diffjr  mor:>  widely  th  n  th^t  of  Currency;  and  more  pirtienlirly  as  to  tin) 
causes  which  lead  to  flnctirition*  in  exchange.  For  a  clear  statement  of  the  best  points  put  forth  by  one  class,  we  refer  Ihe 
s'udent  to  the  article  on  "  Exchange,"  in  Bryant  &  Stratum's  Commercial  Arithmetic,  by  J.  B.  Mariam,  Esq.,  Cashier  of  Cleveland 
City  Bank. 

t  In  many  of  the  states  banks  aro  prohibited  by  law  fro-n  dealiig  in  uneurrent  funda. 

247 


BANKING. 

4.    ISSUE,    OR    CIRCULATION. 

The  function  of  issuing  paper  money,  is  at  once  the  most  delicate  and  important  which  banks  possess,  and 
is  the  peculiar  feature  of  incorporated  institutions. 

The  conditions  upon  which  banks  are  permitted  to  issue  notes  to  circulate  as  money,  aim  to  secure  the 
prompt  redemption  of  such  notes  in  gold  or  silver  whenever  demanded;  and  the  intrinsic  value  of  the  paper  cur 
rency  thus  created,  depends  upon  the  certainty  of  this  redemption.  If  a  bank  were  obliged  to  keep  always  on 
hand  an  amount  of  specie  equal  to  its  circulation,  there  would  be  no  profit  from  circulation  except  what  would 
accrue  from  the  destruction  or  loss  of  its  notes,  or  their  failure  to  be  presented  for  payment,  which  does  not 
ordinarily  exceed  the  rate  of  one-tenth  of  one  per  cent,  per  annum;  while,  on  the  other  hand,  if  banks  were  per 
mitted  to  issue  notes  without  being  obliged  to  keep  idle  capital  with  which  to  redeem  them,  they  would  enjoy 
the  use  of  so  much  additional  capital  at  no  expense  save  that  incidental  to  the  manufacture  of  the  notes  them 
selves. 

To  secure  these  advantages  to  banks  as  far  as  possible,  without  weakening  the  basis  of  redemption,  the 
Legislatures  of  the  different  states  have  passed  such  laws  relating  to  the  subject  as  have  seemed  at  the  time 
most  promotive  of  these  ends.  The  particular  conditions  prescribed  in  these  statutory  grants  are  various,  and, 
in  many  cases,  local ;  the  general  provisions,  however,  may  be  summed  up  into  three  distinct  lines  of  policy, 
viz.,  the  specie  basis,  the  safety  fund  basis,  and  the  stock  basis.  The  latter  is  more  generally  known  as  the  "  free 
banking"  principle. 

The  SPECIE  basis  requires  a  certain  proportion  of  the  capital  to  be  retained  in  coin,  limits  the  amount  of  cir 
culation  in  proportion  thereto,  and  holds  the  assets  of  the  bank,  with  the  private  means  of  its  stockholders,  as 
liable  for  the  redemption  of  its  notes. 

The  SAFETY  FUND  system  requires  each  of  several  banks  to  deposit  in  the  State  Department  a  certain  per 
centage  of  its  capital  or  circulation,  which  is  invested  in  good  securities  and  retained  as  a  common  fund  for  tho 
redemption  of  the  notes  of  any  insolvent  contributing  bank. 

The  STOCK  or  "free  banking"  basis  requires  the  bank  to  deposit  in  the  State  Department,  State  or  United 
States  stocks  equal  to  its  entire  circulation,  tho  stocks  to  bo  estimated  not  above  their  market  value,  and  to  bo 
made  equal  to  stocks  producing,  in  some  states  five,  and  in  others  six  per  cent,  per  annum.  Tho  interest  on 
these  stocks  is  paid  over  to  the  bank,  unless  they  are  permitted  to  run  below  the  required  standard  ;  but  if  tho 
bank  refuses  to  redeem  its  notes,  the  notes  may  be  protested,  and  the  stocks  said  to  meet  tho  payment.  In 
some  states,  as  in  New  York,  it  is  made  optional  with  the  bank  to  furnish  public  stocks  for  the  entire  amount 
of  security,  or  to  deposit  one  half  in  stocks,  and  one  half  in  bonds  and  mortgages  on  real  estate ;  the  land  to  bo 
unencumbered  and  in  a  state  of  cultivation,  and  the  mortgage  not  to  exceed  two-thirds  of  its  appraised  value. 

This  is  called  tho  "free  banking"  law,  as  it  enables  any  person  or  association  to  engage  in  the  business  of 
banking  who  will  conform  to  its  reqiiirements ;  no  special  act  of  legislature  being  necessary  to  confer  a  charter. 
It  will  be  seen  that  any  of  the  above  systems  secures  to  tho  bank  the  privilege  of  increasing  its  working 
capital  by  issuing  its  own  promissory  notes  payable  on  demand  without  interest;  and  that  under  the  "free 
banking  law"  which  is  illustrated  in  this  set,  although  an  equal  amount  of  producing  stocks  must  be  pledged 
to  secure  the  notes,  yet  the  bank  receives  tho  interest  on  these  stocks,  while,  at  tho  same  time,  it  uses  the  notes 
in  its  regular  business,  thereby  obtaining  tho  benefit  of  a  double  use  of  its  capital.* 

Let  us  now  briefly  estimate  the  probable  earnings  of  a  bank  under  tho  franchises  above  enumerated. 
First,  it  has  a  nominal  capital  stock,  which  is  the  amount  originally  paid  in  by  its  stockholders,  and  which 
must  remain  as  a  permanent  investment.     This  is  tho  amount  upon  which  dividends  aro  paid.    This  capital  can, 
of  course,  be  used  in  the  legitimate  business  of  the  bank,  and  should  produce  in  tho  various  channels,  at  least 
six  per  cent. 

Next,  the  continual  balance  kept  by  dealers  on  deposit  will  not  usually  fall  short  of  the  original  capital.     In 

*  One  great  evil  which  has  attended  the  working  of  the  "  Free  Banking  Law,"  especially  in  the  Western  States,  is  the  inflation 
and  consequent  depreciation  of  paper  currency.  Banks  are  located  in  out-of-the-way  places,  having  none  of  the  facilities  for  a 
legitimate  hanking  business  except  that  of  issuing  notes.  A  limited  capital  is  invested  in  stocks,  which  being  deposited  with  tho 
proper  state  officer,  a  corresponding  is>sue  of  bank  notes  is  authorized  ;  these  notes  are  immediately  employed  in  purchasing  other 
stocks,  which  in  turn  are  deposited,  and  additional  issues  authorized,  and  thus  repeating  the  process  until  the  premium  paid  for 
stocks  has  BO  diminished  the  capital  as  to  render  farther  attenuation  unprofitable.  The  difficulty  of  presenting  these  notes  for 
redemption  at  the  counters  of  the  banks  issuing  them,  keeps  them  constantly  in  circulation,  and  while  every  thing  is  prosperous, 
and  the  currency  of  the  country  is  not  subjected  to  those  severe  tests  precipitated  by  revulsions  and  panics,  the  interest  on  the 
stocks,  thus  doubled  and  redoubled,  will  make  a  generous  dividend  on  the  investment.  If,  however,  any  considerable  quantity 
of  the  funds  are  pressed  home  for  payment,  the  bubble  bursts,  and  the  bank,  which  never  existed  in  fact,  ceases  to  exist  in  name. 
This  evil  is  securely  guarded  against  in  New  York,  and  other  States,  where  the  free  banking  law  prevails,  by  forcing  tho  "coun 
try  banks"  to  redeem  their  currency  at  certain  points  of  commercial  importance.  All  New  York  State  banks  have  established 
agencies  for  redemption  at  New  York  City,  Albany,  and  Troy.  The  New  England  banks  redeem  at  Boston. 

248 


BANKING. 

some  banks  it  greatly  exceeds  the  capital.  This  may  also  safely  be  used  for  short  loans,  and  in  fact  forms  a 
part  of  the  working  capital  of  the  bank. 

Next,  the  securities  deposited  with  the  State  Department  produce  a  regular  percentage  of  interest  to  which 
the  bank  is  entitled. 

Assuming  that  the  original  capital  of  the  bank  is  invested  in  stocks,  for  the  face  of  which  its  notes  are  issued, , 
and  that  the  continued  balance  of  deposits  is  equal  to  the  paid-in  capital,  we  have  a  producing  capital  three 
times  as  large  as  the  nominal  capital.  If  wo  can  s.ifely  keep  employed  two-thirds  of  this  amount  at  six  per' 
cent.,  the  earnings  from  these  sources  alone  will  amount  to  1 2  per  cent,  on  the  capital  stock. 

If,  then,  our  earnings  from  collections  and  exchange  can  be  relied  on  to  pay  the  current  expenses  of  the 
bank,  our  stockholders  will  have  no  just  occasion  to  complain  of  the  non-productiveness  of  their  investment. 

ORGANIZATION.- 


The  preliminary  steps  for  organizing  a  bank  are  duly  prescribed  in  the  law  which  confers  its  charter.  The 
general  course  may  be  thus  briefly  stated : 

Articles  of  Association  are  drawn  up,  giving  the  name  of  the  institution,  the  amount  of  capital  to  be  sub 
scribed,  and  such  other  facts  as  are  necessary  to  be  known  to  stockholders.  It  is  usual  to  mention  the 
names  of  the  first  directors  in  this  document,  their  election  being  secured  by  tiu  act  of  subscription.  The  stock 
holders  subscribe  to  these  articles,  each  placing  opposite  his  name  the  number  of  shares  he  is  willing  to  take  ; 
the  payment  of  which  is  divided  into  convenient  instalments  as  agreed  upon.  When  the  amount  of  capital  is 
fully  subscribed,  a  certificate  of  organization  is  filed  with  the  proper  State  officers,  and  also  in  the  County  CJerk's 
office  of  the  county  where  the  bank  is  located.  The  final  act  of  organization  is  the  deposit  in  the  State  Depart 
ment  of  the  necessary  securities;  which,  in  the  State  of  New  York,  can  not  be  less  in  value  than  one  hundred 
thousand  dollars.  As  soon  as  this  deposit  is  made,  the  bank  is  authorized  to  do  business ;  and  until  its  own 
bills  are  ready  for  use,  it  can  use  the  bills  of  other  banks  and  such  other  currency  as  its  depositors  may  pay  in. 

MANAGEMENT 


The  management  of  the  bank  is  vested  in  a 

BOARD     OP     DIRECTORS, 

who  are  annually  chosen  by  the  stockholders  from  their  own  number.  Directors  are  required  by  some  banks  to 
hold  a  certain  number  of  shares  of  the  stock,  upon  the  ground  that  the  greater  their  pecuniary  interest,  the  more 
carefully  will  they  look  after  the  welfare  of  tho  institution.  The  directors  appoint  one  of  their  number  as 

PRESIDENT, 

whose  duty  it  is  to  preside  at  their  meetings,  and  to  act  upon  their  authority  during  the  recesses  of  the  Board. 
He  is,  in  fact,  the  chief  executive  officer  of  the  bank,  and,  so  far  as  the  public  is  concerned,  is  the  bank  itself. 
The  President  usually  devotes  his  whole  time  to  the  interests  of  the  institution  which  he  represents,  and  is  not 
expected  to  engage  in  any  pursuit  which  may  distract  his  attention  and  sympathies  therefrom. 

A  BANK  PRESIDENT  should  be  the  soul  of  honor;  in  his  private  relations  above  reproach,  and  in  his  public 
character  a  man  of  known  integrity.  He  should  possess  that  happy  equanimity  of  temperament  which  will 
guard  him  from  inconsiderate  action,  and  that  ready  discernment  of  character  which  will  save  him  alike  from  the 
deep-laid  schemes  of  dishonest  tricksters  without,  and  from  the  influence  of  parties  and  cliques  within.  He, 
more  than  any  other  person  connected  with  the  bank,  imparts  to  it  his  own  character,  as  the  public  are  quite  apt 
to  judge  of  an  institution  by  what  they  know  of  its  acknowledged  representative  and  head. 

The  duties  of  the  Board  of  Directors  have  reference  more  to  the  general  management  of  the  bank  in  respect 
to  its  relations  with  the  public,  than  to  its  internal  workings,  about  which  they  are  expected  to  know  little. 

OPERATION..  


The  machinery  of  the  bank  is  under  tho  immediate  supervision  and  direction  of 

THE     CASHIER, 

•who  is  its  acting  financial  officer.  He  is  assisted  in  the  various  departments  by  a  larger  or  smaller  number  of 
clerks,  according  to  the  amount  and  classification  of  the  business.  The  Cashier  is  selected  with  reference  to  his 
ability,  and  is  not  necessarily  a  stockholder.  In  fact,  he  is  not  usually  permitted  to  have  any  private  dealings 

249 


BANKING. 

with  the  bank,  even  as  a  depositor.  lie  is  expacted  to  hold  himself  aloof  from  th3  petty  schemes  and  private 
dutdfdujes  of  the  friends  of  the  institution.  AlUiougli  appointed  by  the  Board  of  Directors,  and  subject  to  its 
control,  he  is  more  particularly  the  representative  and  trustee  of  the  stockholders,  and  is  so  considered  by  them. 
It  is  his  prerogitivd  to  guard  the  financial  interests  of  the  bank,  and  if  necessary  in  the  discharge  of  this  sacred 
trust,  he  .017  authoritatively  interpj.se  betbre  the  acts  of  the  Directors  themselves. 

The  duties  aal  responsibilities  of  a  Cashier  differ  in  different  institutions  In  the  smaller  ones,  known  as 
'"Country  Bauks,"  In  is  the  factotum ;  often  combining  in  his  person  the  dignity  an. I  duties  of  the  Board  of 
Management  wit  a  tin  more  onerous  labors  of  Teller,  Book-keeper,  and  subordinate  clerk.  In  the  larger  metro 
politan  nouses  his  duties  are  mare  circumscribed,  but  not  less  important.  Standing,  as  ho  does,  at  the  head  of 
the  operative  faa^tious  of  tho  bank,  he  is,  in  the  greatest  measure,  responsible  for  the  workings  of  its  machinery. 
Being  bi ought  into  im  nediata  contact  with  dealers,  he  is  supposed  to  know  all  about  their  business  and  their 
standing.  Conversant,  botli  with  the  theory  and  practice  of  financial  operations  his  judgment  is  consulted  in 
mittew  inquiring  the  nicest  discrimination,  and  compassing  the  most  important  results.  Ho  is  the  mouthpiece 
of  the  institution  to  the  public.  All  its  correspondence  is  conducted  in  his  name,  and  all  its  important  documents 
bear  his  signature.  If  the  institution  is  prosperous,  its  success  is,  in  great  part,  attributed  to  his  prudent 
managerial;  if  unsuccessful,  he  can  not  escape  his  corresponding  sharo  of  responsibility. 

If  it  is  essential  to  tho  continued  prosperity  of  a  bank  that  its  chief  officers  should  be  capable  and  trustworthy, 
it  is  not  tho  less  so  that  the  more  minute  details  of  the  business  should  be  in  charge  of  competent  assistants. 
When  tho  business  is  such  as  will  warrant  tho  employment  of  a  special  clerk  for  each  department,  the  division 
of  labor  is  somewhat  as  follows: 

THE    FIRST,    Oil    PAYING    TELLER 

pays  out  all  monies,  takes  charge  of  tho  vault  and  its  contents,  attends  to  the  Clearing  House  exchanges,  certi 
fies  checks,  iosues  certificates  of  deposit,  etc.  His  transactions  are  recorded  in  a  book  called  the  "  Paying  Teller's 
Cash  Book,':  or  "  Debit  Journal."  The  latter  title  is  given  it  from  tho  fact  that  all  debits,  except  cash,  which 
appear  in  tha  Ledger  are  first  entered  here. 

The  responsibilities  attached  to  tho  duties  of  this  department  are  of  the  gravest  nature,  and  call  for  a  kind 
and  degree  of  talent  out  of  tho  usual  order.  The  frauds  so  continually  practiced,  in  one  way  and  another,  upon 
banks;  the  froquent  temptations  presented  for  stopping  a.side  from  the  plain  path  of  duty,  and  tho  necessity  of 
keeping  constantly  in  mind  the  condition  of  dealers'  accounts,  requires  in  the  person  having  charge  of  bank  dis 
bursements,  keen  perception,  mature  judgment,  unfaltering  memory,  and  incorruptible  honesty. 

THE  SECOND,  OR  RECEIVING  TELLER 

receives  all  monies  paid  into  tho  bank,  keeping  a  proper  account  of  the  same.  His  records  are  made  in  a  book 
cdled  the  "  Receiving  Teller's  Cash  Book,"  or  "Credit  Journal." 

His  duties,  though  not  so  responsible  as  those  of  the  Paying  Teller,  are  by  no  means  sinecure ;  requiring  great 
futility  and  correctness  in  counting  money  and  adding  columns  of  figures,  as  also  a  thorough  familiarity  with 
c  irrency.  The  rapidity  with  which  an  accomplished  Bank  Teller  will  count  money,  is  truly  astonishing  to  the 
u:iinitiiit3(l;  and  tao  ease  and  certainty  with  which  ho  will  detect  a  spurious  bank  note,  not  tho  less  so. 

The  duties  of  the  Receiving  Teller  are  sometimes  divided  between  two  clerks,  called  Deposit  and  Noto 
Tellers;  the  one  having  charge  of  all  receipts  from  depositors,  and  the  other  from  notes,  either  discounted  or  left 
for  collection. 

THE    DISCOUNT    CLERK 

has  charge  of  all  piper  oTerei  for  discount,  as  well  as  that  which  has  been  discounted.  His  records  are  made 
iu  three  different  books:  the  "  Offering  Book,"  the  "  Discount  Register,"  and  tho  '•'  Tickler."  The  Offering  Book 
contains  an  alphabetical  list  of  tho  persons  offering  paper  for  discount,  with  a  description  of  the  paper,  amount, 
collaterals,  etc.  This  book,  with  tho  offerings  themselves,  13  submitted  to  tho  Board  at  its  regular  meetings, 
where  each  offering  is  passed  upoa,  and  the  result  noted  by  the  Cashier  opposite  eacli  name,  the  letter  '"A"  sig 
nifying  "  Accepted,"  and  the  letter  "R,"  "Rejected."  If  it  is  deemed  best  to  refer  an}'  of  the  offerings  to  some 
member  of  fie  Board  or  to  the  Cashier  with  power  to  act,  upon  sufficient  information,  tho  abbreviation  "  Ref " 
will  pro;>?rly  designate  such.  The  book  and  papers  are  returned  to  tho  Disconnt  Clerk,  who  immediately  pro- 
cojds  to  t,r inscribe  the  accepted  paper  in  tho  Discount  Register,  and  Tickler;  the  ono  containing  a  description  of 
each  bill  discounted,  numbered  in  proper  order,  and  the  other  exhibiting,  in  the  most  convenient  form  for  refer 
ence,  the  date  of  its  maturity.  The  discounted  paper  is  properly  filed,  and  remains  in  the  custody  of  the  Dis 
count  Clerk  until  paid  or  protested.  The  net  proceeds  or  present  worth  is  immediately  credited  as  a  deposit  to 
the  person  for  whom  the  discount  was  obtained.  Tho  rejected  paper  is,  of  course,  returned  to  the  owners. 

250 


BANKING. 

THE    BOOK-KEEPBR 

has  chargo  of  the  Ledgers,  of  which  there  are  two,  one  containing  depositors'  accounts  only,  and  the  other  the 
gjneral  accounts  of  the  business.  The  depositors  in  sotnj  banks  are  so  numerous  as  to  require  two  or  three 
Ledgers,  with  a  sjp  irate  clerk  for  each.  NVlien  such  is  the  casj,  tho  alplubjt  is  divided  sj  as  to  apportion  the 
names  properly,  giving  each  Lodger  its  duo  share.  Very  littb  knowledge  of  tlu  principles  of  Book-keeping  in 
necessary  to  transcribe  the  facts  connected  with  dapositors'  accounts;  but  the  utmost  correctness  and  prompt 
ness  will  bj  found  essential.  To  b3  able,  at  a  moment's  notico,  to  give  the  standing  of  any  one  of  five  hundred 
dealers  requires  not  only  quick  discernment  and  a  retentive  nninory,  but  ordjr  in  arrangement,  and  a  habit  of 
having  every  day's  transactions  written  up  to  time.  As  moderate  as  are  these  requirements,  many  banks  have 
just  cause  to  complain  of  the  inefficiency  of  thoir  Book-keepers. 

The  duties  connected  with  tlu  General  Ledger  are  more  divor.qfi  >1,  anl  require  a  better  knowledge  of  the 
Science  of  Accounts.  "When  this  book  ij  kept  by  a  separate  clerk  lu  i.s  called 

THE    GENERAL    BOOK-KEEPER. 

The  itemi  which  make  up  th3  accounts  in  the  General  Ledgjr  are  taken  from  the  Tellers'  Journals,  where 
they  are  arranged  with  a  view  to  the  prop  ;r  d  -bits  and  credits.  One  important  item  in  the  duties  of  the  General 
Book-keeper  is  to  keep  the  accounts  with  corresponding  banks,  charging  tlnn  w.t!i  notes  sent  for  collection — 
when  such  notes  are  paid — and  crediting  th-.-m  with  remittances  and  the  proceeds  of  notes  collected  for  them. 
This  duty  often  requires  a  vast  amount  of  correspondence.  He  has  also  charge  of  the  Stock  Ledger  and  Trans 
fer  Books,  and  is  obliged  to  render  periodical  statements  of  the  current  condition  of  the  business,  for  the  informa 
tion  both  of  stockholders  and  the  public.  Having  frequent  access  to  the  books  of  the  various  departments,  he 
becomes  the  repository  of  all  the  important  facts  connected  with  the  business.  His  position  brings  him  into 
confidential  relations  with  the  officers  of  the  bank,  who  defer  to  his  judgment  in  matters  pertaining  to  the  gen 
eral  condition  of  its  affairs. 

Besides  the  clerks  already  enumerated,  who  may  proporly  be  styled  heads  of  departments,  most  largo 
banks  employ  various  other  assistants,  such  as 

THE    ASSISTANT    TELLER, 
whose  principal  duty  is  to  aid  the  Paying  and  Receiving  Tellers,  in  counting  and  assorting  funds; 

THE    CHECK    CLERK, 
who  keeps  the  check-list,  and  assorts  the  checks  preparatory  to  their  entry  on  the  Debit  Journal ; 

THE    RUNNER, 

who  is  tho  Mercury  of  the  bank,  and  whos5  duty  it  is  to  collect  notes  and  drafts,  present  drafts  for  acceptance, 
serve  notices  of  tho  maturity  of  paper,  etc.,  etc. ;  and  last,  though  not  least, 

THE    PORTER, 

who  carries  the  keys  of  the  bank  and  its  sacred  depositories,  and  is  its  general  custodian  and  special  policeman. 
The  Porter  is  a  kind  of  general  assistant  of  tho  clerks,  but  his  duties  are  more  intimately  connected  with  the 
Paying  Teller's  department  He  has  much  to  do  with  the  handling  of  coin,  and  becomes  very  expert  in  count 
ing  it,  and  detecting  base  pieces.  All  valuable  packages  to  be  conveyed  to  and  from  the  Clearing  House, 
Express,  or  Post  Office,  are  entrusted  alone  to  him.  Though  lowest  in  tho  grade  of  regular  bank  employes,  he 
is  the  peer  of  the  highest  in  the  responsibility  and  importance  of  his  position;  and  his  selection  and  retention  in 
office  are  the  best  possible  recommendations  for  strict  honesty  and  fidelity. 

. _TIIE    DAILY    ROUTINE 


The  transactions  which  daily  occur  at  the  bank  counter,  though  varying  somewhat  in  their  method  and 
details,  produce  a  monotonous  record ;  one  day's  business  being  almost  a  transcript  of  every  other  day.  A  few 
hints  upon  this  point  may  better  enable  the  student  to  comprehend  the  '•  Narrative"  which  follows. 

1.    DEPOSITS. 

A  person  desiring  to  become  a  depositor  or  dealer  with  a  bank,  first  obtains  an  introduction  to  the  Cashier, 
who  learns  from  him  his  business,  and  the  probable  nature  and  extent  of  his  future  dealings  with  the  bank. 
These  preliminaries  are  mutually  advantageous  to  the  parties,  and,  so  far  as  the  bank  is  concerned,  are  neces 
sary  for  various  reasons;  the  chief  of  which  is,  that  the  dealers  of  a  bank  are  the  main  borrowers  of  its  capital; 
the  relative  average  of  deposits  being,  other  things  equal,  the  basis  of  "  accommodation."  If  the  introduction 

251 


BANKING. 

is  satisfactory,  the  dealer  is  requested  to  leave  the  signature  which  will  be  adopted  by  him  in  all  his  future 
dealings  with  the  bank,  and  is  furnished  with  the  necessary  auxiliaries  for  keeping  his  own  bank  account,  con 
sisting  of  a  blank  Check  Book,  a  Pass  Book,  and  a  package  of  Deposit  Checks.  Examples  of  these  and  the  meth 
ods  of  their  use  are  shown  in  connection  with  Set  IV.,  Pages  116  and  117. 

A  man  in  active  business  usually  makes  his  deposits  once  a  day.  Each  deposit  is  accompanied  with  the 
Pass  Book  and  a  Deposit  Check,  the  latter  enumerating  the  kind  of  funds  and  amount  of  the  deposit.  If,  upon 
examination,  the  Teller  finds  the  amount  to  be  right,  and  the  funds  satisfactory,  he  enters  the  amount  in  the 
Pass  Book,  and  files  the  check  for  future  record  upon  his  own  book.  The  entry  upon  the  Pass  Book,  accom 
panied,  as  it  is,  with  the  Teller's  initial  signature,  serves  as  the  depositor's  receipt.  The  Deposit  Checks  which 
thus  accumulate  on  the  Teller's  file,  are  taken  from  time  to  time  by  a  special  clerk,  and  entered  on  the  Credit 
Journal,  or  are  allowed  to  accumulate  until  the  close  of  the  day's  business,  and  entered  up  by  the  Teller.  So, 
also,  the  checks  of  dealers,  which  are  usually  much  more  frequent  than  their  deposits,  are  cashed  by  the  Paying 
Teller,  and  filed  until  the  close  of  the  day's  business,  when  they  are  collected,  assorted,  and  entered  up  in  proper 
order;  those  of  each  dealer  being  enumerated  together,  and  extended  in  ono  amount  to  the  deposit  column.  This 
arrangement  enables  the  Tellers  to  attend  to  their  business  with  less  hindrance  as  also  to  secure  a  more  sym 
metrical  entry,  by  classifying  their  transactions. 

2.  DISCOUNTS. 

Paper  to  be  discounted  is  first  presented  as  an  offering  to  the  Board  of  Directors,  who  hold  regular  sessions 
for  that  purpose,  usually  twice  a  week.  It  then  comes  in  charge  of  the  Discount  Clerk,  or,  if  there  be  no 
special  clerk  for  this  department,  of  ono  of  the  Tellers,  who  enters  it  on  the  Discount  Register,  and,  if  payable 
at  home,  in  the  Domestic  Tickler ;  or,  if  sent  abroad  for  collection,  in  the  Domestic  Exchange  Book.  Bills 
Receivable  is  then  debited  in  the  Debit  Journal  (under  the  title  of  "  Bills  Discounted,"  or  "  Domestic 
Exchange,"  as  the  case  may  be),  for  the  face  of  the  bill,  and  "  Interest,"  and  the  person  for  whom  discounted, 
credited  in  the  Credit  Journal  for  the  discount  and  net  proceeds.  If  the  net  proceeds  is  paid  in  cash,  Interest 
alone  is  credited. 

3.  COLLECTION'S. 

TVhen  notes  are  received  for  collection,  they  are  entered  in  the  order  of  their  receipt  on  the  Collection 
Register  and  also  on  the  Ticklers ;  if  payable  at  home,  on  the  Domestic  Tickler,  if  abroad,  on  the  Foreign  Tickler. 
If  left  by  a  regular  dealer,  the  note  is  first  entered  in  his  Pass  Book,  but  not  extended  into  the  Cash  column 
until  paid.  If  left  by  a  stranger  or  ono  having  no  dealings  with  the  bank,  it  is  entered  only  in  the  Collection 
Register  and  Tickler.  "When  paid,  the  amount  loss  charges  for  collection  is  paid  over  to  the  owner,  no  entry 
being  madu  in  the  main  books,  except  as  relating  to  the  amount  received  for  collection. 

—  PRINCIPAL    BOOKS 

The  principal  books  of  a  bank,  or  those  necessary  to  record  the  general  results  of  the  business,  embrace 
necessarily  only  the  Tellers'  Journals  and  the  General  Ledger,  all  of  which  are  here  briefly  explained ' 

1.    THE    DEBIT    JOURNAL, 

or  Pa}-ing  Teller's  Cash  Book,  contains  the  record  of  all  cash  paid  out,  with  the  corresponding  debits  of  accounts 
for  which  it  is  paid.  The  "  Interest  and  Exchange"  column,  in  the  example  given,  contains  the  items  of 
expense  from  these  sources,  which  are  posted  in  total  at  the  end  of  each  day  to  the  debit  of  that  account.  The 
"  Deposit"  column  contains  the  amounts  paid  out  on  depositors'  checks,  the  total  of  which  is  posted  each  day  to 
the  debit  of  Deposit  account  in  the  General  Ledger,  and  the  separate  amounts  to  the  debit  of  each  depositor's 
account  in  the  Deposit  Ledger.  This  book  is  equivalent  to  the  credit  side  of  a  Cash  Book,  the  footing  being 
posted  to  the  credit  of  Cash  account  in  the  Ledger,  and  the  amounts  composing  it  to  the  debit  of  other  accounts. 

2.    THE    CREDIT    JOURNAL, 

or  Receiving  Teller's  Cash  Book,  contains  the  record  of  all  cash  received,  with  the  corresponding  credits  of 
accounts  producing  it.  The  "  Interest  and  Exchange"  column  in  this  Journal  contains  the  items  of  profits  from 
these  sources,  the  total  of  which  is  posted  each  day  to  the  credit  of  that  account.  The  "  Deposit"  column  con 
tains  the  separate  deposits  of  dealers,  the  total  of  which  is  posted  each  day  to  the  credit  of  Deposit  account  in 
the  General  Ledger,  and  the  separate  amounts  to  the  credit  of  the  individual  depositors  in  the  Deposit  Ledger. 
This  book  is  equivalent  to  the  debit  side  of  a  Cash  Book,  the  footings  being  posted  to  the  debit  of  Cash  account, 
and  the  separate  amounts  to  the  credit  of  other  accounts. 

The  difference  between  these  two  Journals  when  the  balances  are  carried  forward,  should  always  agree  with 
the  Cash  on  hand. 

252 


BANKING. 

3 .     THE     GENERAL    LEDGER 

Is  the  grand  book  of  results,  and  differs  in  no  important  respect  from  the  Ledger  in  other  kinds  of  business.  The 
stylo  of  expression,  under  the  separate  accounts  here  adopted,  is  deemed  preferable  to  the  conventional  form  of 
'•opposite  Journal  expressions,"  because  more  explanatory.  The  student  will  observe  that  the  explanation 
used  in  the  Journal  is  transferred  to  the  Ledger,  making  the  process  of  posting  extremely  simple.  The  entries 
in  this  book  are  posted  directly  from  the  Debit  and  Credit  Journals,  comprising  only  the  amounts  extended  in 
the  "  general  "  column.  Some  banks  divide  the  General  Ledger  into  two  or  three  separate  books,  for  purposes 
of  classification ;  others  accomplish  similar  ends  by  devoting  different  parts  of  tho  book  ID  the  different  classes 
of  accounts. 

. —  AUXILIARY    BOOKS.  — 

The  following  auxiliary  books,  which  are  used  in  this  connection,  are  sufficient  for  a  limited  business.  A 
more  thorough  subdivision  of  labor,  however,  would  require,  perhaps,  a  larger  number,  and  a  different  classifica 
tion  of  entries. 

1.    THE    DEPOSIT    LEDGER. 

This  book  contains  only  dealers'  accounts.  Its  items  are  posted  from  tho  deposit  columns  of  the  Debit  and 
Credit  Journals,  the  totals  of  which  go  to  tho  deposit  account  in  the  General  Ledger.  An  important  feature  is 
introduced  into  the  Deposit  Ledger  here  shown,  which  will  commend  itself  to  the  practical,  viz. :  exhibiting  in  a 
separate  column  the  balances  on  deposit  each  day  to  the  credit  of  each  depositor.  The  practice  is  pursued  in 
many  of  the  larger  banking  houses,  and  is  highly  commended  for  the  facility  it  affords  in  estimating  the  average 
business  of  individual  depositors.  The  balances  are  usually  written  in  pencil;  and  instead  of  being  entered  on 
the  opposite  side  when  checks  are  drawn  and  no  deposits  made,  as  is  here  practised  for  convenience'  sake,  they 
»are  usually  interlined.  It  needs  no  special  hint  to  enforce  the  importance  of  this  book. 

2.     THE     DISCOUNT     REGISTER. 

This  is  simply  a  Bill  Book,  somewhat  more  formal  and  extensive  than  those  used  in  connection  with  general 
mercantile  business,  but  identical  in  its  main  design. 

In  this  book  are  recorded,  in  the  order  of  discount,  tho  notes  which  become  the  property  of  the  bank,  with 
such  facts  pertaining  to  them  as  are  necessary  to  be  known.  These  notes  or  bills  are  classified  in  the  Ledger 
under  two  heads,  viz. :  "Bills  Discounted"  and  "Domestic  Exchange,"  the  former  embracing  those  payable  at 
home,  or  in  tho  place  where  the  bank  is  located,  and  the  latter  payable  elsewhere  in  tho  country.  Some  banks 
class  them  all  under  tho  general  title  of  i;  Bills  Receivable." 

The  records  made  in  this  book  are  collected  each  day,  and  properly  entered  on  the  principal  books. 

3.     THE     COLLECTION     REGISTER. 

This  book  contains  a  consecutive  record  of  notes  and  bills  left  with  tho  bank  for  collection,  with  such  facts 
as  are  necessary  to  be  known.  No  entry  is  made  of  these  on  the  principal  books  until  they  are  paid,  when,  if 
belonging  to  a  dealer,  he  is  credited  with  the  proceeds  as  a  deposit ;  and  if  to  a  stranger  or  non-dealer  it  is 
either  remitted  immediately  or  retained  as  a  special  deposit  until  called  for  by  the  owner.  When  bills  come  into 
our  hands  payable  abroad,  whether  they  are  our  own  discounted  bills  or  those  left  with  us  for  collection,  they 
are  immediately  sent  forward,  either  to  tho  bank  where  they  fall  duo  or  to  our  most  convenient  correspondent, 
who  will  act  in  tho  matter  as  our  agent.  If  sent  to  a  correspondent  we  either  await  his  advices,  and  when 
notified  of  payment,  charge  him  with  tho  amount,  or,  after  waiting  tho  due  course  of  mail  and  receiving  no 
notice  of  protest,  consider  tho  payment  made,  and  make  the  entry  accordingly.  If  sent  to  a  bank  not  a  corre 
spondent,  the  remittance  should  accompany  tho  advice  of  payment. 

4.     THE     DOMESTIC     TICKLER. 

Tho  Tickler  is  a  book  containing  a  classified  record  of  bills,  under  their  date  of  maturity,  wilh  the  names  of 
the  principal  parties,  in  order  that  if  not  promptly  paid  they  may  be  protested,  and  the  owner  be  able  to  hold 
Iho  endorsers. 

The  Domestic  Tickler  contains  tho  record  of  all  bills,  whether  discounted  or  left  for  collection,  falling  due  a( 
home.  There  are  different  methods  of  separating  the  discounts  and  collections.  Some  adopt  the  plan  of  enter 
ing  one  in  black  ink  and  the  other  in  red,  while  others  set  aside  separate  spaces  under  each  date.  The  plan 
here  adopted  is  both  simple  and  explicit,  having  the  discounts  on  one  side  of  the  folio  and  the  collections  on  the 
other.  In  actual  business  it  would  be  well  to  divide  each  page  into  three  dates,  having  the  first  working  day  of 
the  week  come  always  at  the  head  of  the  page.  This  arrangement  greatly  facilitates  the  reckoning  of  time 
and  is  generally  beneficial. 

253 


BANKING. 

5.     THE     FOREIGN    TICKLER.  , 

This  book  contains  the  record  of  both  discounts  and  collections  due  abroad,  and  is  similar  in  all  essential 
respects  to  the  Domestic  Tickler.  When  bills  are  sent  forward  for  collection  they  are  entered  in  the  Foreign 
Tickler  under  the  date  of  maturity,  usually  adding  from  one  to  three  days,  according  to  the  distance  and  the 
contingency  of  the  mails.  When  the  time  elapses  and  no  notice  comes  to  hand  of  failure  to  pay,  the  bill  is 
assumed  to  have  been  paid,  and  the  proper  entry  made.  Of  course  if  subsequent  advices  should  vary  the 
result,  the  error  would  need  to  be  corrected,  which  can  easily  be  done  by  counter  entries.  This  plan  is  adopted 
by  most  banks  as  preferable  to  that  of  waiting  advices,  both  on  account  of  the  uniform  system  of  which  it  is 
susceptible,  and  the  saving  of  labor  iu  correspondence. 

6.     THE     PASSED     COLLECTIONS. 

This  book  ( ontains  a  record  of  such  collections  as  have  been  paid.  They  are  passed  from  the  Collection 
Register,  or,  more  properly,  from  the  Ticklers,  for  the  purpose  of  effecting  a  more  regular  entry  into  the  Ledger 
where  the  results  are  shown.  As  the  main  purpose  of  the  book  is  to  arrange  the  amounts  to  be  debited  or 
credited  to  dealers  and  correspondents,  which  grow  out  of  collections,  it  would  be  quite  unnecessary  to  record 
herein  the  paper  left  by  strangers  and  non-dealers,  which  is  to  be  paid  at  the  bank  and  the  proceeds  imme 
diately  remitted.  The  general  plan  and  utility  of  the  book  will  be  readily  apparent. 


The  following  additional  auxiliaries,  though  not  essential  to  the  complete  rendering  of  general  results,  are, 
nevertheless,  important,  and  are  used,  in  some  form,  in  nearly  all  banks: 

7.    THE    INDIVIDUAL    LIABILITIES,    OR    STANDING    LEDGER. 
This  is  a  convenient  book  of  reference  for  the  officers  of  the  bank,  as  it  illustrates,  iu  a  simple  manner,  tho 
standing  of  the  principal  parties  whose  names  appear  on  discounted  paper,  as  to  their  liability  to  the  bunk  and. 
their  claims  as  depositors.     It  is  freely  consulted  in  deciding  as  to  tho  merits  and  claims  of  offerings. 

8.     THE    CASH    BOOK, 

As  shown  in  tin's  connection,  n  simply  an  enumeration  of  tho  different  items  of  cash  embraced  in  tho  amount 
on  hand,  and  affords  a  test  of  tho  correctness  of  tho  cash  entries.  It  is  used  also,  under  different  forms,  as  a 
settlement  book  between  the  tellers,  each  of  whom  is  obliged  to  provo  the  correctness  of  his  own  work  by  the 
vouchers  which  he  holds.  Of  course  it  has  no  vital  force  except  in  connection  with  actual  transactions,  as  there 
can  be  no  means  of  knowing  the  different  kinds  of  cash  items  except  in  tho  actual  count 

9.    THE     STOCK    LEDGER 

Contains  a  complete  list  of  tho  stockholders,  with  tho  amount  of  stock  held  by  each.  It  is  auxiliary  to  the 
General  Ledger,  and  sustains  the  same  relation  to  the  Capital  Stock  %  that  the  Deposit  Ledger  does  to  the 
Deposit  a/c.  As  the  stockholders  cf  a  bank  are  constantly  changing,  some  system  of  recording  the  changes,  so 
that  the  actual  stockholders  may  at  any  time  bo  shown,  is  necessary ;  and  as  no  stock  can  bo  legally  trans 
ferred  without  being  entered  upon  the  books  of  tho  bank,  tho  process  of  keeping  tho  Stock  Ledger  becomes 
very  simple. 

10.     THE     TRANSFER    BOOK 

Is  a  book  of  printed  forms,  which  are  filled  up  with  the  necessary  points  of  information  upon  tho  occasion  of  tho 
transfer  of  stock  from  one  stockholder  to  another.  Ail  changes  occurring  iu  tho  Stock  Ledger  after  the  original 
entries,  are  taken  from  this  book. 

11.     THE     OFFERING    BOOK 

Contains  a  consecutive  list  of  all  tho  "  offerings  "  submitted  to  tho  directors  for  loans.     This  book  is  used  at 
the  meetings  of  the  Discount  Board,  when  tho  merits  of  the  various  offerings  are  duly  discussed,  and  the  final , 
decisions  recorded.     Tho  "  accepted  "  offerings  aro  transferred  to  tho  Discount  Register. 

12.     TUB     STATEMENT    BOOK 

Shows  tho  periodical  condition  of  the  bank,  and  is  useful  both  to  the  stockholders  who  are  more  immediately 
interested  in  the  prosperity  of  tho  institution,  and  the  public  who  hold  its  credits  and  have  a  right  to  know  its 
condition. 

In  most  of  the  largo  cities  banks  aro  required  by  law  to  render  such  statements  as  will  servo  to  enlighten 
the  public  as  to  their  condition,  as  often  as  once  or  twice  a  mouth ;  iu  the  smaller  cities,  villages,  and  rural  dis 
tricts,  once  in  two  or  three  months. 

Wo  present  two  kinds  of  statements  in  this  connection,  both  prescribed  by  tho  banking  laws  of  tho  State  of 
New  York — the  former  to  be  published  semi-monthly  by  the  banks  of  the  city  of  New  York,  and  the  latter  to 
bo  published  quarterly,  and  sent  to  the  Bank  Department,  by  all  tho  bunks  in  tho  State. 

254 


BANKING. 
DIRECTIONS    FOR    WRITING    UP.. 


In  the  preparation  of  material  for  this  set,  the  author  has  beeu  governed  by  the  leading  impulse  of  making 
the  instruction  full  on  every  essential  point,  and  covering  sutlicieut  ground  in  the  transactions  to  fully  illusliatu 
the  business. 

In  carrying  out  this  plan  it  has  been  founJ  necessary  t:>  sub-nit  an  extensive  variety  of  transact!  ns,  aud  to 
resort  to  a  constant  repetition  of  the  more  ordinary  details  comprising  the  daily  routine  of  bunking.  But  ihis 
necessity  has  given  to  the  work  a  character  which  will  bo  appreciated  by  practical  minds,  and  which  is  mainly 
relied  upon  to  secure  public  favor — that  c-f  representing  business  as  it,  actually  occurs.  The  supposition  upon 
which  the  work  was  commenced,  and  has  been  completed,  was,  that  whoever  should  have  the  courage  ami 
desire  to  avail  themselves  of  its  lessons,  would  bo  satisfied  with  nothing  less  than  a  complete  exposition  of  the 
business,  both  in  its  general  principles  audits  characteristic  details. 

Instead,  therefore,  of  selecting  a  few  representativo  transaction.*  with  the  sole  purpose  of  evolving  the  general 
theory  of  banking,  wo  have  chosen  tho  more  natural,  and,  as  we  believe,  more  efficient  plan  of  first  submitting 
the  few  general  principles  peculiar  to  banking,  and  then  fully  establishing  them  in  the  record  of  such  transac 
tions,  arranged  in  their  natural  order,  as  occur  daily  at  the  counters  of  the  class  of  banks  intended  to  be  repre 
sented.  AVo  are  aware  that  this  plan  will  subject  the  student,  as  it  has  tho  author,  to  more  l;ibor  than  a  kss 
thorough  one,  but  we  fully  believe  that  the  efficiency  of  tho  instruction  is  so  much  more  enhanced. 

In  treating  upon  the  general  subject  of  banking,  as  well  ai  in  enforcing  its  piinciplesby  "  Explanatory  Notes" 
referring  to  specific  entries,  tho  aim  has  been  to  leavo  03  little  as  possible  to  the  student's  mere  conjecture ;  and 
thii  idea  has  been  carried  out  through  the  entire,  work,  evoa  at  the  risk  of  verbosity  and  tediousnesa. 

The  hints  given  in  this  connection  are  intended  to  furnish  all  necessary  information  as  to  the  character  of  the 
transactions,  and  tho  order  and  manner  of  entry  iu  tho  various  books.  It  is  believed  that  if  they  are  thoroughly 
understood  and  applied,  there  is  no  record  suggested  in  the  "  Narrative"  which  may  not  readily  be  made. 

TIME    AND     DATES. 

The  business  comprises  tho  labor  of  twelve  days,  PO  arranged  as  to  cover  tho  space  of  one  year ;  the  first  six 
months  of  which  are  written  up  in  full,  exhibiting  all  t'u  necessary  principal  and  auxiliary  books,  forms,  etc. 

In  the  nature  and  order  of  the  transactions,  each  day's  business  is  designed  to  represent  such  a  series  of  entries 
as  would  naturally  occur  on  any  one  day  in  a  bank ;  while  in  the  time  supposed  to  elapse  for  the  maturity  of 
paper,  etc.,  each  day  is  made  to  represent  a  mouth.  Thus  tho  twelve  days'  business  comprises  twelve  months' 
time,  affording  sufficient  opportunity  to  show  tho  maturity  of  paper,  to  declare  dividends,  aud  accomplish  other 
ch  .racterisiic  results. 

In  reckoning  time  on  discounts  and  collection?,  as  great  exactness  is  u^ed  as  in  actual  business;  but  in  noting 
the  date  of  maturity  in  tho  Ticklers,  such  precision  is  impossible,  from  the  fact  that  the  year  contains  but  twelve 
business  days,  neither  of  which,  it  might  happen,  would  be  the  exact  day  upon  which  paper  would  mature. 
This  seeming  difficulty  is  very  easily  adjusted  by  considering  all  paper  as  due  upon  the  day  representing  the 
month  in  which  its  exact  date  of  maturity  would  tall;  hence,  all  paper  falling  duo  on  any  day  of  the  month  would 
be  reckoned  as  duo  on  tho  same  day.  This  plan,  which  we  have  adopted  and  earned  out,  secures  all  the 
advantages  of  exact  reckoning  without  the  necessity  of  representing  every  business  day  in  the  year. 

COUNT  E  U  -  C  II  E  C  K  I  N  G  . 

The  system  of  checking  adopted  in  this  set  has  reference  mainly  to  transferring  from  the  original  books  of 
entry  those  results  which  require  a  diil'ercut  clussiiication,  tho  more  readily  to  bo  shown  in  the  general  state 
ment  of  the  business. 

To  give  a  definite  idea  of  tho  plan,  we  will  take  tho  books  in  their  order. 

1.  THE  DEBIT  AND  CREDIT  JOURNALS. — The  first  column  is  used  for  checking,  and  contains  simply  the  Ledger 
pages  to  which  the  results  are  posted.     The  amounts  in  tho  "General"  column  are  taken  to  tho  General  Ledger, 
tho  check  mark  showing  the  page,  and  those  in  the  ''  Deposit"  column  to  tho  Deposit  Ledger  in  tho  same  way. 
When  the  entry  is  made  alone  in  the  "Collection  and  Exchange"  column,  tho  check  mark  (t7)  indicates  that 
the  amount  forms  part  of  a  total  which  is  extended  into  tho  "  General"  column,  and  from  thciicu  posted  to  the 
General  Ledger. 

2.  THE  GENERAL  AND  DEPOSIT  LEDGERS. — Tho  check  column  in  these  books  is  next  to  the  money  column  on 
either  si:3e,  and  refers  to  tho  page  of  the  Journal  from  which  the  amounts  arj  taken. 

3.  THE  DISCOUNT  REGISTER.— The  check   marks  in  the  last  column  of  this  book,  refer  to  the  credits  of  net 
proceeds  from  discounts  (the  amounts  of  which  are  in  the  preceding  column),  an-1  indicate  that  the  proper  par 
ties  have  been  credited.     The  check  marks  preceding  the  column  footings  indicate  that  the  amounts  liavo 
been  properly  transferred — "Bills  Discounted"  and  "  Domestic  Exchange"  to  the  (kbit  of  those  accounts,  and 
"Interest"  and  "Collection  and  Exchange"  to  tho  credit  of  those  accounts.     It  will  be  observed  that  the  sum 


BANKING. 

of  the  first  two  columns  will  equal  that  of  the  last  three,  proving  the  total  net  proceeds  to  be  the  difference 
between  the  face  of  the  paper  discounted  and  our  charges  ibr  Interest  and  Collection  and  i^xchauge.  Although 
the  amounts  marked  as  credited  to  "  Cash"  are  checked  the  same  as  the  others,  they  do  not  appear  in  the 
Journal  or  Ledger,  this  discrepancy  maiking  the  exact  amount  of  cash  actually  paid  out,  which  wnl  appear  in 
tiie  general  results  of  the  Journals. 

4.  THE  COLLECTION  REGISTER. — The  check  marks  in  this  book  indicate  that  the  collections  are  entered  in  the 
Ticklers,  unler  the  proper  dates  of  maturity. 

5.  THE  DOMESTIC  TICKLER. — As  the  Ticklers  mark  the  maturily  of  paper,  the  results  to  bo  transferred  from 
them  arise  from,  the  payment  or  protest  of  notes  failing  due.     When  discounts  falling  due  at  our  bank  are  paid, 
we  have  only  to  credit  Bills  Discounted.     The  check  mark  "  Paid  and  Entered"  indicates  that  this  entry  has 
been  made.     If  the  paper  is  protested,  it  is  so  checked.     The  checks  for  Collections — '•  Passed,"  and  "  Remitted" 
— indicate  that  such  payments  as  are  to  be  credited  to  other  parties  are  carried  to  the  Passed  Collections  Book  for 
tliat purpose;  while  such  as  are  to  be  paid  over  immediately  to  owners  are  set  aside  for  that  purpose,  or 
remitted,  as  the  case  may  bo.     Those  amounts  which  are  to  be  remitted  are  marked  "  special." 

6.  THE  FOREIGN  TICKLER. — As  the  paper  recorded  in  this  book  falls  due  abroad,  and  when  paid,  is  usually 
to  be  charged  to   correspondents,  a  system  of  double  checking  seems  to  be  necessary  for  the  discounts ;  one 
to  indicate  the  credit  of  Domestic  Exchange,  and  the  other  the   debits  of  correspondents  to  whom  paid.     The 
remarks  ''  Paid   and  Entered"  would  in  this  case  be  unnecessary,  save  as  to  confirm  the  other  checks.     The 
check  "  Passed"  on  the  collection  side  has  reference  to  the  results  being  taken  to  the  Passed  Collection  Book,  as 
in  the  Domestic  Tickler. 

7.  THE  PASSED  COLLECTIONS — The  checks  in  the  last  column  of  this  book  refer  to  the  credits  of  proceeds  to 
parties  for  whom  collected  ;  those  immediately  preceding  the  names  of  correspondents  under  the  head  of  "  By 
v.'hom  Collected,"  indicate  that  those  parties  are  debited  ;  while  that  preceding  the  footing  of  the  "  Collection 
and  Exchange"  column,  indicates  that  amount  as  credited. 

CORRESPONDENCE. 

That  part  of  the  business  conducted  by  correspondence  will  be  found  at  once  the  most  difficult  and  instructive; 
both  on  account  of  the  entries  growing  out  of  it  and  the  adjustment  of  inland  exchange,  which  comprises  so 
important  a  feature  in  the  business  relations  between  different  parts  of  the  same  country. 

There  is  no  feature  of  banking  more  important  to  tho  community  and  to  banks  themselves  than  the  system  of 
agencies  which  is  found  necessary  in  conducting  that  portion  of  tho  business  of  each  bank  which  is  beyond  its 
o\vn  immediate  roach.  By  a  mutual  arrangement,  two  banks  in  different  parts  of  the  state  or  country,  undertake 
to  do  each  for  tho  other  such  business  as  comes  within  its  own  immediate  province.  This,  of  course,  necessi 
tates  a  correspondence,  and  generally  a  running  account  between  the  banks,  which,  if  not  kept  in  tolerable 
equilibrium  by  mutual  collections,  is  adjusted  from  time  to  time  as  the  parties  may  desire. 

Each  bank  has  its  own  cluster  of  such  mutual  agents — in  business  language,  correspondent* — located  at  such 
1  oints  as  wrill  best  serve  its  own  interest,  and  is  thus  enabled,  with  little  trouble,  and  no  risk,  to  do  tho  foreign 
business  of  its  dealers,  and  at  rates  both  remunerative  to  itself  and  satisfactory  to  all  parties. 

The  great  advantage  to  tho  community  growing  out  of  this  system,  aside  from  the  facilities  afforded  for  tho 
ready  adjustment  of  foreign  business,  lies  in  the  safety  of  making  remittances,  by  substituting  bank  credits  for 
money.  One  or  two  examples  will  sufficiently  illustrate  this  point:  — 

A,  who  is  a  dealer  at  our  bank,  has  a  note  falling  due  in  Buffalo.  To  collect  this  note  himself  would  subject 
him  to  the  trouble  and  uncertainty  of  sending  it  to  some  bank  or  person  in  that  city,  upon  whom  he  may  rely  to 
attend  to  the  collection  and  remit  him  the  funds.  It  is  thus  a  constant  care  to  him  until  the  funds  are  in  his 
Innds.  Instead  of  this  process,  however,  he  simply  leaves  tho  note  with  us,  for  which  we  give  him  an  informal, 
receipt — entering  it  in  regular  order  upon  his  Pass  Book,  but  not  extending  tho  amount  into  tho  deposit  column^ 
lie  has  now  no  farther  trouble  or  anxiety  in  the  matter.  Y/e  send  tho  note  to  our  Buffalo  correspondent,  who 
attends  to  the  collection  at  maturity,  and  credits  us  with  tho  amount.  When  wo  are  satisfied  that  tho  note  is 
paid,  wo  charge  our  Buffalo  correspondent,  and  extend  tho  amount  in  A's  Pass  Book,  tho  same  as  a  regular 
deposit ;  also  crediting  him  in  our  main  books.  Tims  tho  whole  transaction  is  conducted  without  delay  or 
uncertainty,  and  without  the  handling  of  money.  Again,  suppose  A  wishes  to  pay  a  debt  in  Ne<v  York,  and 
would  avoid  tho  trouble  and  risk  of  sending  current  funds.  lie  simply  draws  his  check  on  us.  for  which  wa 
give  him  a  draft  on  our  New  York  correspondent,  payable  to  tho  order  of  his  creditor.  When  tho  draft  comes 
to  hand,  and  is  endorsed  by  the  proper  party,  it  will  be  redeemed  upon  presentation,  or  received  as  cash  by  any 
bank  in  the  city.  The  transaction  is  simple,  incurring  no  risk  and  very  little  trouble. 

But  there  is  another  important  question  connected  with  bank  correspondence  which  it  will  be  more  difficult  for 

256 


BANKING. 


tho  student  to  comprehend,  but  which,  when  understood,  will  afford  him   the  means  of  pleasant  and  profitable 
study.     We  allude  to 

DOMESTIC,     OR    INLAND     EXCHANGE. 

"Without  presuming  even  to  enter  upon  the  philosophy,  we  shall  merely  state  tho  fact  that,  owing  to  sufficient 
causes,  tho  currency,  or  "  money  of  account"  of  different  localities  differs  in  valua  ;  in  other  words  tluu  iiic 
kind  cf  funds  which  will  pass  readily  at  par  in  Cleveland  are  at  a  discount  in  Now  York ;  and  that,  consc-quci-tlv 
lb:-  a  debtor  residing  in  Cleveland  to  discharge  a  debt  duo  in  New  York,  he  will  need  to  remit  either  New  \uk 
funds  for  the  exact  amount,  or  sufficient  Cleveland  funds  to  cover  the  debt  and  discount 

It  will  bo  borne  in  mind  that  the  transactions  of  this  set  aro  predicated  upon  tho  condition  of  •]  ublic  finances, 
which  existed  previous  to  the  remarkable  changes  wrought  by  the  civil  war.  It  is,  of  course,  impossible  to  pre 
dict  what  may  bo  the  final  effect  of  the  success  of  our  anus,  or  tho  measures  of  tho  government,  upon  this  gn  at 
question  of  currency;  a;;d  it  is  therefore  deemed  best  in  preparing  a  text-book,  1ho  prime  object  of  which  is  lo 
teach  the  theories  of  business  record,  to  adopt  something  near  tho  standard  which  existed  during  the  normal 
condition  of  public  affairs,  and  which  affords  the  readiest  means  of  illustrating  some  of  the  most  vital  points  in 
the  science  of  Bookkeeping. 

This  state  of  facts  affords  to  banks  through  their  extensive  system  of  agencies  tho  opportunity  of  realizing  a 
pmall  per  centago  in  the  adjustment  of  exchange,  a  feature  winch  the  student  will  fully  understand  in  writing 
tip  the  transactions  of  tho  set 

The  chief  point  of  difficulty,  however,  will  be  the  adjustment  of  accounts  between  correspondents  where 
the  money  of  account  differs:  thus,  if  wo  keep  our  New  York  correspondent's  account  in  our  own  currency, 
and  he  keeps  ours  in  his  currency,  there  will  always  exist  a  discrepancy  equal  to  the  rate  of  exchange 
between  the  points.  It  will,  therefore,  be  evident  that  we  must  adopt  some  standard  in  our  mutual  dealings, 
by  which  we  may  always  agree  in  our  counter  entries. 

In  order  to  give  the  student  the  benefit  of  uniformity,  we  have  assumed  certain  rates  of  exchange  to  exist 
between  ourselves  and  the  several  correspondents  with  whom  we  deal,  and  who  are  enumerated  in  this  con 
nection;  and  further,  have  adopted  a  standard  of  account  which  must  be  strictly  observed. 

The  following  is  our  list  of  correspondents,  with  the  rates  of  exchange  and  standard  of  account: 


Localities. 

Correspon  dents. 

Rate  of  Exchange. 

Standard  of  %. 

New  York, 

Duncan,  Sherman  &  Co., 

I  %  prem., 

Now  York  Currency. 

Albany, 

Bank  of  Capitol, 

1  %  prem., 

Albany  Currency. 

Philadelphia, 

Girard  Bank, 

1  %  prem., 

Philadelphia  Currency. 

Buffalo, 

Exchange  Bank, 

J-  'fo  prem., 

Buffalo  Currency. 

Pittsburg, 

Iron.  City  Bank, 

A  .#  prem,, 

Pittsburg  Currency. 

Cincinnati, 

Lafaj'ette  Bank, 

par, 

Cleveland  Currency. 

Columbus, 

Franklin  Bank, 

par, 

do. 

Toledo, 

Toledo  Branch  Bank, 

par, 

do. 

Sanduskv, 

Moss  Brothers, 

pr.r, 

do. 

Klyrh. 

Lorain  Bank, 

par, 

do. 

Ash  tabula, 

Farmers'  Branch  Bank, 

par, 

do. 

Detroit, 

Farmers  &  Mechs'  Bank, 

\  £  discount, 

do. 

Chicago, 

Burkani  &  Sons, 

-J-  'J,  discount, 

do. 

CHARGES    FOR     COLLECTION,     ETC. 

For  tho  sake  of  uniformity,  tho  following  rates  for  Collection  and  Exchange  have  been  strictly  adhered  to 
throughout  the  transactions:  For  collecting  paper  due  at  our  bank  or  in  tho  city,  no  charge  is  made  either  to 
dealers  or  others.  For  collecting  that  due  abroad,  whether  for  dealers  or  others,  and  whether  it  be  paper  for 
discount  or  for  collection  only,  wo  charge  \  %  in  addition  to  the  rate  of  exchange,  when  exchange  is  at  a  discount. 
For  all  collections  due  at  points  where  exchange  is  at  a  premium,  no  charge  is  made — the  advantage  in  exchange 
being  considered  an  equivalent  for  tho  trouble  of  collection. 

In  keeping  accounts  with  correspondents  whoso  currency  differs  in  valuo  from  our  own,  the  better  currency  is 
adopted  as  tho  standard ;  and  when  payments  aro  made  on  either  side  tho  value  of  tho  currency  in  which  such 
payments  are  made  is  always  considered. 

In  writing  up  the  set  the  student  will  follow  tho  order  of  the  Narrative,  making  the  entries  in  the  books  as 
indicated  by  the  initials.  The  small  reference  figures  refer  to  corresponding  numbers  in  the  "  Explanatory 
Notts"  where  specific  instruction  is  given  in  connection  with  such  entries  as  seem  to  demand  it. 

17  257 


NARRATIVE. 


NARRATIVE   OF   TRANSACTIONS. 


JANUARY. 


THE  Commercial  College  Bank   of  Cleveland  was  this  day  organized  under  the  "Act  to  incor 
porate  Free  Banks  in  the  State  of  Ohio,"  passed  March  21,  1851.  C1) 


IT.  D.  STRATTON 

.     .    .     100  Shares,  $100  each.     Cf.  No.  1 

$10,000 

H.  B.  BRYANT   .    . 

...     100 

do. 

«     "     2 

10,000 

J.  B.  MERIAM    .     . 

...     100 

do. 

"     "     3 

10,000 

DUNCAN,  SHERMAN  < 

k  Co.     .     200 

do. 

«     «     4 

20,000 

PARKER  HANDY 

...     200 

do. 

«     .,     5 

20,000 

HENRY  IVISON    .    . 

...     250 

do. 

"     "     6 

25,000 

JOHN  R.  PENN  .    . 

...     100 

do. 

(1        11        IT 

10,000 

PETER  COOPER  .    . 

...     200 

do. 

"     "     8 

20,000 

JAS.  W.  LUSK    .    . 

...     100 

do. 

"     "     9 

10,000 

W.  H.  CLARK    .     . 

...     250 

do. 

"     "  10 

25,000 

J.  H.  GOLDSMITH    . 

...     100 

do. 

"     "  11 

10.000 

A.  C.  TAYLOR     .    . 

...     150 

do. 

"     "  12 

15,000 

M.  B.  SCOTT  .    .    . 

...     150 

do. 

"     "  13 

15,000 

2000  Shares  @  $100 


200,000 


BOARD    OF     OFFICERS. 


II.  D.  STEATTON, 
II.  B.  BRYANT, 
J.  B.  MERIAM, 
M.  B.  SCOTT, 
PETER  COOPER, 


DIRECTORS. 


II.  D.  STRATTON PRESIDENT. 

S.  S.  PACKARD, CASIIIEE. 


THE  Stockholders  have  this  day  paid  in  the  first  instalment  of  G0#  of  the  Capital  Stock,  amounting  to 
$120,000;  among  which  are  the  following  Bills  of  Exchange  on  N.  Y.,  which  we  have  remitted  Duncan, 
Sherman  &  Co.  to  be  entered  to  our  credit,  viz. :  II.  B.  Bryant's  draft  on  Ocean  Bank  for  $5000 ;  J.  B. 
Meriam's  do.  on  Continental  Bank  for  $7500;  Metropolitan  Bank's  certificate  of  deposit,  favor  of  H.  Ivison,  for 
$10000 ;  W.  H.  Clark's  draft  on  Duncan,  Sherman  &  Co.  for  $15000.  &  (Dr.  J. ;  Cr.  J.) 

Received  the  following  deposits:  (3>  N.  C.  Winslovv,  $1000  ;  E.  R.  Felton,  $1750 ;  Jacob  Hoornbeek,  $5000; 
M.  B.  Scott,  $900;  J.  W.  Lusk,  $2500;  Lewis  R.  Morris,  $3000;  John  S.  Woolson,  $1500;  T.  P.  Handy. 
$4700;  E.  L.  Jones,  $975;  James  Richards,  $1750;  Alonzo  Mitchell,  $2000;  Asa  Mahan,  $1200;  Robert 
Brown,  $1000;  Ingham  &  Bragg,  $3750;  Chas.  Hickox,  $1325.  (Cr.  J.) 

S  >ld  N.  C.  Winslow,  on  his  check,  W  our  draft  on  Duncan,  Sherman  &  Co.  for  $500  @  1£  prcm.     (Cr.  J.) 

P.iid  Cash  for  Blank  B6ok*,  Stationery,  an<l  sundry  expenses,  $150.     (Dr.  J.) 

Paid  th.3  following  checks  to-day:  <6>  N.  C.  Y.'inslow.  $505,  100;  E.  R.  Felton,  $18"r>,  25.  130,  125;  Jacob 
Hoornbeek,  $500,  175,  25  «1,  19,  12.  110;  J.  W.  Lnsk,  $175,  125  "0,  I.TTS  u<>,  200;  Lewis  R.  Morris,  $118, 
12"'',  142,  19'0;  John  g  "Woolson,  $14™,  110,  T.  P.  Handy,  $1500,  5*00;  James  Richards,  $113,  19^,  144, 
1'2:  Alonzo  Mitchell,  $200,  120,  1375;  Robert  Brown,  $12,  190;  Chas.  Hickox.  $190;  H.  B.  Bryant,  $3000; 
J.)'in  R.  Penn,  $2500.  (Dr.  J.) 

Purchased  at  \%  prem.  T.  P.  Handy's  dratt  on  Ocean  Bank,  N.  Y.,  for  $30.000.  Remitted  same  to  Duncan, 
S'l.  &  Co.  for  our  credit.  (Dr.  J.) 


NARRATIVE. 

Discounted  the  following  paper  : 

For  H.  B.  Bryant:  His  draft  for  $5000  @  60  da  <•>  on  Wright,  GiHett  &  Rawson,  N.  Y.,  endorsed  by   II.  D 
Strattou;  proceeds  to  credit  of  II.  B.  B.  as  deposit,     l.eoiitted  same  to  Uuncau,  Sh.  &  Co.  for  collec 
tion.  C1'     (Dis.  R,  For.  Tic.) 
For  John  R.  Perm:  Peter  Cooper's  note  of  $4000  @  60  ds.,  endorsed  by  William  B.  Ogden,  payable  at  our  bank; 

net  proceeds  to  J.  R.  P.'s  credit.     (Dis.  R. ;  Dom.  Tic.) 

The  Discount  Register  is  now  closed,  and  the  results  carried  to  the  Dobit  and  Credit  Journals,  as  follows: 
Debits — Bills  Discounted,  $4000 ;  Domestic  Exchange,  $5000.  Credits — U.  B.  Bryant,  $4947  so ;  Jolin  R.  Peuu, 
$3958;  Interest,  $94^0.) 

FEBRUARY. 


Bot.  per  our  draft  on  Duncan,  Sh.  &  Co.,  X.  Y.,  20  Shares  U.  S.  G^  Stocks,  ea.  $1000,  @  92#;  20  Shares 
Ohio  State  G#  Stocks,  ea.  $1000,  @  90,1  ^  (Cr.  J.  ;  Dr.  J.),  Remitted  same  to  State  Department  as  basis  of 
cii  dilation.  ^ 

Received  from  Board  of  Control  for  circulation,  our  registered  notes  of  various  denominations,  amounting 
to  $35,000.  <10)  (Cr.  J.) 

Bot.  the  following  Bills  on  N.  Y.  @  ££  prem.,  and  remitted  same  to  Duncan,  Sh.  &  Co.  for  our  credit:  E.  R. 
Felton's  draft  on  Exchange  Bank  for  $5000;  M.  B.  Scott's  do.  on  Ocean  Bank  for  $1200;  Ctfct.  Dep.  on  Met. 
Bank,  fav.  Chas.  Iliekox,  $2500 ;  John  R.  Penn's  draft  on  East  River  Bank,  $500 ;  James  Moore's  do.  OB 
Duncan,  Sh.  &  Co.,  $3000.  (Dr.  J.) 

Received  the  following  Bills  for  Collection : 
From  Duncan,  Sherman  &  Co. :  Ivison,  Phinuey  &  Co.'s  draft  for  $1500  on  Ingham  &  Bragg,  @  30  d*.  sight, 

payable  at  City  Bank.     (Col.  R. ,   Dom.  Tic.)     Peter  Cooper's  draft  on  D.  P.  Eells  for  $2000  @  60  ds.  from 

Feb.  1,  payable  at  Commercial  Branch  Bank.     (Col.  R.  ;  Dom.  Tic.)     James  Shaw's  note  of  $2500,  fav. 

W.  II.  Crocker,  dated  Jan.  1.  @  90  ds.,  payable  at  City  Bank.     (Col.  R. ;  Dom.  Tic.)     W.  II.  Bcebe'a 

draft  @    10  ds.  from  Feb.  1,  on  T.  Dwight  Eells,  for  $3000,  payable  at  Bank  of  Cleveland.     (Col.  R. ; 

Dom.  Tic.) 
From  W.  II.  dark:  T.  P.  Handy 's  note  at  30  ds.,  from  Jan.  15,  for  $1500,  payable  at  our  bank.    (Col.  R.  ;  Dom 

Tii\)     Jaines  Smith's  accepted  draft  for  $2000,  drawn  by  W.  II.  C.,  @  30  ds.  sight,  and  accepted  Feb.  1, 

payable  at  Merchants'  Bank.     (Col.  R,. ;  Dom.  Tic.) 
From  Leivis  P.  Morris:    His  draft  for  $0004  @  10  ds.  sight,  on  R.  M.  Bartlett,  Cincinnati — sent  to  Lafayette 

Bank  for  collection.     (Col.  R.;  For.  Tic.)     J.  "W.  Lusk's  note  for  $500,  @  30  ds.  from  Feb.  1,  payable  av 

our  bank.     (Col.  R. ;  Dom.  Tic.) 
From  Jarob  Iloornbeek:  James  McAllister's  note  for  $1200,  @  GO  ds.  from  Jan.  1,  payable  at  our  bank.     (Col. 

R. ;    Dom.  Tic.)     His  draft  on  Peter  Aiken,  Sandusky,  for  $475,  @  20  ds.  sight — sent  Moss  Brothers, 

Sandusky,  for  collection.     (Col.  R. ;  For.  Tic.) 

Received  the  following  deposits:  John  R.  Penh,  $3000;  Geo.  A.  Crocker,  $1500;  Jno.  D.  Williams,  $1200; 
John  S.  Woolson,  $2500;  T.  P.  Handy,  $1175-°;  Jacob  Iloornbeek,  $4000;  E.  L.  Jones,  $900;  Ingham  & 
Bragg.  $875;  Henry  Ivison.  $1700 ;  Lewis  R.  Morris,  $1200;  II.  B.  Bryant,  $1200;  Asa  Mahan,  $2500; 
Chas.  Iliekox,  $1700.  (Cr.  J.) 

Sold  drafts  on  Duncan,  Sh.  &  Co.,  @  l£prom.,  as  follows:  M.  B.  Scott,  $3000 ;  Robert  Smith,  $1500  ;  John 
S.  Woolsori,  $750;  John  R.  Penn,  $2500;  T.  P.  Handy,  $1975.  (Cr.  J.) 

Paid  the  following  checks  to-day:  M.  B.  Scott,  $3030,  150,  19^;  T.  P.  Handy,  $1994"',  120;  John  S. 
Woolson,  $7575:\  113,  1575;  John  R.  Penn,  $2525,  183~-">,  141;  Asa  Mahan,  $325,  450,  19  "J  50;  James 
Richards,  $110,  120,  300,  43T5;  Alor.zo  Mitchell,  $138,  26,  44'-»,  300;  Chas.  Hickox,  $400,  120,  193-»;  H.  B. 
Bryant,  $900,  13  7*  122,  75  ;  Robt.  Brown,  $115,  26,  35  2",  75;  Lewis  R.  Morris,  $17,  25,  19,  83  25;  Jacob 
Iloornbeek,  $150,  12,  46.  75,  18<3;  Jas.  W.  Lusk,  $29,  34«,  129;  E.  L.  Jones,  $190,  12-s,  115;  Ingham  & 
Bragg.  $50,  120,  3390;  E.  R.  Felton.  $170.  123,  19 H  (Dr.  J) 

The  following  paper  left  with  us  fjr  collection  has  been  paid  :  ^  Dimwltc — No.  4,  T.  Dwight  Eells,  for  D.,  Sh, 
&  Co.,  $:!000 ;  <'«>  No.  5,  T.  P.  Handy,  for  W.  II.  Clark,  $1500  ;  (IS»  (Pas.  Co!.,  Dom.  Tic.)  Foreign— No.  7,  R. 
M.  Bartlett,  for  Lewis  R.  Morris,  $900;  No.  10,  Peter  Aiken,  for  Jacob  Iloornbeek.  $475.  (Pas.  Col.; 
For.  Tic-.) 

D:scounted  the  following  paper  : 
For  Alonzo  Mitchell:  One  note  for  $5000,  @  30  ds.,  from  Feb.  1,  signed  by  A.  J.  Comstock,  and  endorsed  by 

A.  Mitchell ;  and  one  for  $3000,  @  40  ds.  from  Feb.  1,  signed  by  N.  Bidwell,  and  endorsed  by  William 

Cook  ;  both  payable  at  Metropolitan  Bank,  N.  Y.     Net  proceeds  to  be  credited  to  Alonzo  Mitchell.    (Dis. 

R. ;  For.  Tic.) 

259 


NARRATIVE. 

For  Jas.   W.  Lusk:  ITis  draft  for  $2300,  @  90  ds.  from  Jan.  15,  drawn  on  and  accepted  by  John  R.  Penu,  pay 
able  at  Mercantile  Bank,  N,  Y.     Net  proceeds  to  credit.     (Dis.  R, ;  For.  Tic.) 

For  E.  It.  Felton:  T.  P.  Handy 's  note  for  $1000,  @  4  mos.  from  Jan.  21,  endorsed  by  D.  P.  Eells,  payable  at 
Commercial  Br.  Bank,  Cleve. ;  James  Richard's  acceptance  lor  $3000,  @  60  da.  I'rom  Feb.  J,  payable  at 
our  bank.     Net  proceeds  to  credit.     (Uis.  R. ;   Dom.  Tic.) 
Fur  M.  B.  Scott:  Chas.  Hickox's  acceptance  for  $7000,  @  90  dj.  from  Jan.  3,  favor  of  Jacob  Hinds,  payable  at 

Commercial  Br.  Bank,  Cleve.     Net  proceeds  credited.     (Dis.  R. ;  Dom.  Tic.) 

(Tne  Passed  Collections  Book  and  Discount  Register  are  now  closed  for  the  day,  and  the  proper  amounts 
transferred  to  the  Debit  and  Credit  Journals.  Prom  the  Passed  Collections  the  following  results  are  obtained: 
Debit* — Lvfayetto  Bank,  Cincinnati,  $900;  Moss  Bros.,  Sandusky,  $475.  Credits — Duncan,  Sh.  &  Co..  N.  Y., 
£><)70;  W.  II.  Clark,  $1500;  Lewis  R.  Morris,  $897  ">5;  Jacob  Hoornbeek,  $47381;  Collection  and  Exchange, 
$!34t.  From  the  Discount  Register  the  following  results:  Debits — Bills  Discounted,  $12100;  Domestic 
Exchange,  $10500.  Credits— A.  Mitchell,  $497  2  »,  297850;  jas.  \y.  Lusk,  $246333;  E.  R.  Feltou,  $1570" 
3ii>32<;  M.  B.  Scott,  $692534;  Interest,  22 1  w.) 


MARCH. 


The  following  discounts,  sent  Duncan,  Sherman  &  Co.  for  collection,  have  been  paid  and  entered  to  our 
credit :  No.  1.  Wright,  Gillet  &  Ilawson,  $5000 ;  No.  3.  A.  J.  Comstock,  $5000 ;  No.  4.  N.  Bidwell,  $3000. 
(For.  Tic.;  Dr.  J. ;  Cr.  J.) 

Sold  Jas.  W.  Lusk  draft  on  Duncan,  Sh.  &  Co.,  for  $3000,  @  1^  prcm.     (Cr.  J.) 

Bot.  @  1#  discount,  $7500  in  Canada  Funds,  which  we  have  sent  for  our  credit  to  Farmers  and  Mechanics' 
Bank,  Detroit,  paying  express  charges,  $3  75  in  cash.  (u>  (Dr.  J. ;  Cr.  J.) 

Bot.  @  2^  discount,  $10000  Government  1i*a%  Treasury  notes,  for  which  gave  draft  on  Duncan,  Sherman  & 
Co.  <15>  (Dr.  J.  ;  Cr.  J.) 

Bot.  @  \%  prom.  $5000  New  England  Bank  notes,  which  we  have  remitted  to  Duncan,  Sherman  &  Co., 
N.  Y.,  to  be  entered  to  our  credit  @  \%  discount ;  Express  charges  paid  in  cash,  $3  ""'.  (Dr.  J.) 

Received  the  following  p'iper  for  collection: 

From  Duncan,  Sherman  &  Co.,  N.  Y. :  D.  Appleton  &  Co.'s  draft  on  Bryant,  Stratton  &  Co.,  Cleve.,  for  $2500, 

dated  Feb.  15,  @  30  ds.     (Col.  R.  ;  Dom.  Tic.)     Smith  <fc  McDougal's  draft  on  J.  B.  Cobb,  Cleve.,  for 

$3000,  dated  Feb.  1,  @  60  ds.     (Col.   R. ;   Do:n.  Tic.)     Parker  Handy's  draft  for  $6000  on   Cominerci.il 

Br.  Bank,  Clove.,  @  10  ds.'  sight  from  Mar.  1.     (Col.  R.  ;   Dom.  Tic.) 

Fi'om  W.  II.  0!ark:  James  Stanton's  note  for  $3000,  endorsed  by  Albert  "Wcllslager,  @  CO  ds.  from  Feb.  1"), 

payable  at  our  bank.     (Col.  R. ;  Dom.  Tic.) 

From  J.  B.  Meriam:  D.  P.  Eel's'  draft  on  Handy,  Gillett  &  Co.,  N.  Y.,  for  $1500,  @  30  ds.  from  Mar.  1.  (Col. 
R.  ;  For.  Tic.)  M.  B.  Scott's  draft  on  R.  M.  Bartlctt,  Cincinnati,  for  $2000,  @  60  ds.  from  Mar.  1.  ( Jcl. 
R. ;  For.  Tic.) 

From  Lafayette  Bank,  Cincinnati:  Note  for  $6000,  signed  by  Joan  Gundry  and  pndorsed  by  D.  C.  Collins,  @  90 
ds.  from  Jan.  1,  payable  at  Commercial  Br.  Bank,  Cleve.  (Col.  R. ;  Dom.  Tic.)  Murray  Shipley's  draft 
on  James  Parker,  Cleve.,  for  $3000,  @  30  ds.  from  Mar.  1.  (Col.  R. ;  Dom.  Tic.) 

From  L'iwis  R.  Morris :  E.  R.  Fclton's  note  for  $3000,  payable  at  our  bank,  endorsed  by  James  Richards.  @  4 
mos.  from  Dec.   1,  1861.     (Col.  R. ;  Dom.  Tic.)     James  "W".  Lusk's  note  for  $1575,  endorsed  by  II.  B. 
Bryant,  @  CO  ds.  from  Feb.  1,  payable  nt  our  bank.     (Col.  R. ;   Dom.  Tic.) 
From  Jacob  Hoornbeek:  H.  C.  Spencers  note  for  $1250,  endorsed  by  P.  R.  Spencer,  Jr.,  @  3  mos.  from  Jon.  15, 

payable  at  City  Bank,  Cleve.     (Col.  R. ;  Dom.  Tic.) 

Reci'ivod  the  following  deposits:  J.  W.  Lusk,  $1530  ;  E.  R.  Felton,  $1900;  John  R.  Penn,  $375  ;  H.  B. 
Bryant,  $4375-9;  John  D.  Williams,  $1500;  Robert  Brown,  $575;  James  Richards,  $2500;  Austin  Packard, 
$">00;  Hiram  A.  Pryor,  $1250;  John  S.  Woolson,  $2000;  E.  L.  Jones,  $375;  Ingham  &  Bragg,  $975;  Jacob 
Hwrnbeek,  $1500;  Geo.  A.  Crocker,  $1900;  Lewis  R.  Morris,  $1750;  N.  C.  Winslow,  $3750;  Asa  Mahan, 
$1400;  M.  B.  Scott,  $1300;  T.  P.  Handy,  $1100;  Alonzo  Mitchell,  $3750;  Henry  Ivison,  $1200;  Joseph  P. 
Walter,  $900  ;  Chas.  IPckox,  $2900.  (Cr.  J.) 

Paid  the  following  checks:  H.  B.  Bryant,  $90,  75,  18=°,  138,  14375;  J0hn  R.  penn,  $118,  120,  3581  1923 
1 50  ;  John  S.  Woolson,  $1 1 2  -r>i(  1 25,  1 42,  1 8  ~-\  1 1 9. 1 2  •»  ;  Asa  Mahan,  $  1 50,  200,  38  «>,  192  ;  John  D.  Williams, 
$175;  T.  P.  Handy,  $115,  275,  87^,  90;  Lewis  R.  Morris,  $130,  12<-r>,  18,  110;  E.  L.  Jones,  $90,  125,  116, 
2530;  Chas.  Hickox,  $225,  75,  12£°;  Alonzo  Mitchel.  $125,  13225,  lf>'\  300;  James  Richards,  $500,  300  :  J. 
W.  Lusk,  $1.38,  500,  195",  12,  115,  3030  Ingham  &  Brag.,',  $132,  119,  1273,  25,  1500.  (Dr.  J.) 

Discounted  the  following  paper : 
For  William  T.  Brooks:  Note  for  $5000,  signed  by  Clarence  Shook,  and  endorsed  by  L.  J.  Lyman,  dated  Jan. 

260 


NABBATIVE. 

15,  @  90  ds.,  payable  at  City  Bank,  Cleve.     (Dis.  R.;  Dom.  Tic.)    Jus.  W.  Lusk's  draft  on  Clafflin,  MeLen 

&  Co.,  X.  Y.,  @  10  ds.'  sight  ('"•  lor  §1000  ;  net  proceeds  credited.     (Dis.  R. ;  For.  Tic.) 
For  James  }\7.  Luak:  Xote  for  $6000,  @  GO  ds.  (roin  Feb.  1,  signed  by  M.  13.  Seolt,  and  endorsed  by  Jus.  \V. 

Lusk,  payable  at  our  bank     net  proceeds  credited.     (Dis.  It. ;  Dom.  Tic.) 
For  J.  R  Meriam:  Xote  for  $2500,  @  30  ds.  from  Mar.  1,  signed  by  II.  13.  Tuttle,  and  endorsed  by  X.  C.Wins- 

low,  payable  at  Exchange  Bank,  Baf. :  net  proceeds  paid  ia  cash.     (Di-;.  R.  ;  For.  Tic  ) 
For  James  Richards — proceeds  credited :  Draft  of  James  Eells  on  Ivison,  Phinney  &  Co.,  X.  Y,.  for  $•:  000  ©  30 

ds.  from  .Mar.  1.     (Dis.  II.  ;  For.  Tic.)     Xolo  for  $2500,  signed  by  W.  H.  Clark,  and  endorsed  by  E.  R. 

Felton.  @  GO  ds.  from  Feb.  1,  payable  at  Lafayette  Bk,  Cincinnati,  charging  \%  for  collection.     (Dis.  II.; 

For.  Tic.) 
For  M.  B.  Scott — proceeds  credited:   Draft  of  T.  P.  Handy  on  Parker  Handy,  X.  Y.,  for  $7000,  ©  GO  ds.  from 

Feb.  15.     (Dis.  R. ;   For.  Tic.)     Draft  of  Chas.  Hickox  on  James  Armstrong,  Buffalo,  for  $3000,  ©  30  ds. 

f.-orn  Mar.  1.     (Dis.  R. ;  For.  Tic.) 
Fur  J.  B  Colib:  Draft  of  T.  Dwight  Eclls  on  Winslow,  Lani:-r  &  Co..  X.  Y.,  for  $2500,  @  30  ds.  from  Mar.  1  ; 

net  proceeds  paid  in  cash.     (Dis.  R. ;  For.  Tic.) 
For  John  R.  Pom :  Xote  for  $12000,  ©  90  ds.  from  Feb.  1,  signed  by  TV.  B.  Ogden,  and  endorsed  by  H.  B.  Bryant, 

payable  at  E.  I.  Tinkham's  Bank,  Chicago :  net  proceeds  credited.  (">     (Dis.  R. ;   For.  Tic.) 

For  E.  R.  Felton;  Draft  of  IT.  D.  Stratton  on  D.  Applet  on  &  Co.,  X.  Y.,  for  $3000,  ©  60  ds.  from  Mar.  1.  pay 
able  at  Metropolitan  Bank  :  net  proceeds  credited.     (Dis.  II.  ;   For.  Tic.) 

The  following  collections  payable  in  this  city,  as  per  Domestic  Tickler,  have  been  paid  and  entered  in  the 
Passed  Collections:  Xo.  8,  for  Lewis  R,  Morris.  $500 ;  Xo.  9,  for  Jacob  Iloornbeek,  $1200  ;  Xo.  1,  for  Duncan, 
Sh.  &  Co.,  $1500;  Xo.  6,  for  W.  IT.  Clark,  $2000;  Xo.  11,  for  Duncan,  Sh.  &  Co.,  $2500;  Xo.  13,  for  Duncan, 
Sh.  &  Co.,  $6000.  (Dom.  Tic. ;  Pas.  Col.) 

Discount  Xo.  2,  for  $4000,  has  been  paid  in  cash.     (Dom.  Tic-. ;  Cr.  J.) 

Discount  Xo.  10,  for  $4000,  sent  Duncan,  Sh.  &  Co.,  X.  Y.,  for  collection,  has  b:en  paid  and  entered  to  onr 
credit.  (For.  Tic. ;  Dr.  J. ;  Cr.  J.) 

(The  Passed  Collection  Book  and  Discount  Register  nro  now  closed,  and  tho  result?  entered  in  the  Debit  and 
Credit  Journals,  viz. :  Fuo.M  PASSED  COLLECTIONS — Credit :  Duncan,  Sh.  &  Co ,  $1485,  2475,  5940  ;  \V.  H.  Clark, 
$2000;  Lewis  R.  Morris,  $500;  Jacob  Hoornbeek,  $1200;  Collection  and  Exchange,  $100.  FROM  DISCOUNT 
REGISTER — DMis:  Bills  Discounted,  $11000;  Domestic  Exchange,  $42500.  Credits:  W.  T.  Brooks.  $4960, 
4000;  Jas.  "W.  Lusk,  $59-55  ;  Jas.  Richards,  $5907,  2479'";  M.  B.  Scott,  $6942^,2983^;  John  R.  Penn, 
$11780;  E.  R.  Felton,  $296853;  Interest,  $38525:  Collection  and  Exchange,  $962-"'.) 

APRIL. 


Issued  for  John  R.  Penn,  Certificate  of  Deposit,  favor  of  Thos.  Hunter,  X.  Y.,  for  $3000.  (Cr.  J.)  Also  cer 
tified  J.  R.  Penn's  check  for  $575.  <'8)  (Cr.  J. ;  Dr.  J.) 

Discounted  for  Sumncr  Packard:  his  note  for  $4000,  endorsed  by  James  Eaton,  ©  60  ds.  from  April  1,  pay 
able  at  our  bank ;  gave  him  in  payment  of  net  proceeds  our  draft  on  Duncan,  Sh.  &  Co.,  X.  Y.,  @  \%  prern.  *I!>) 
(Dis.  R.;  Dom.  Tic.;  Cr.  J.) 

Paid  cash  for  Bill  Furniture  and  Fixtures,  $575.  >"0)     (Dr.  J.) 

Received  from  Duncan,  Sh.  &  Co.,  per  express,  $10000  in  goLl.  Paid  express  charges  in  cash,  $50.  (Cr.  J. ; 
Dr.  J.) 

Received  the  following  paper  for  collection: 

From  Duncan,  Sh.  &  Co. :  E.  W.  Mason's  note,  favor  of  Clafflin,  Mellon  &  Co.,  for  $5000,  dated  Jan.  1.  ©  5 

months,  payable  at  our  bank.     (Col.  R. ;  Dom.  Tic.)     E.  R.  Felton's  note,  favor  of  A.  T.  Stewart  &  Co., 

for  $3500,  dated  Mar.    10,  ©  GO  ds.,  payable  at  our  bank.     (Col.  R. ;   Dom.  Tic.)      Bryant  &  Stratton 'a 

draft  on  J.  B.  Meriam,  for  $7000,  @  60  ds.  from  Mar.  5,  payable  at  City  Bank.     (Col.  R. ;  Dom.  Tic.) 

From  Lafayette  Bank,  Cln.:  D.  C.   Collins"  draft  on  E.   G.  Folsom,  Clove.,  for  $1750,  ©30  ds.   from  Apr.  1. 

(Col.  R. ;  Dom.  Tic.) 

From  Burkam  &  Sons,  Chic.:  M.  B.  Scott's  note,  favor  of  C.  Dunham,  for  $4000,  dated   Feb.  10.  ©  3  mos., 
payable  at  Merchants'  Bank,  Cleve.     (Col.  R. ;  Dom.  Tic.)     E.  Hill's  draft  on  Ingham  &  Bragg,  Cleve., 
for  $3750,  ©  GO  days  from  Mar.  10.     (Col.  R. ;  Dom.  Tic.) 
From  Win.  Mason,  Cleve.  :  Jacob  Hoornbeck's  note  for  $900,   dated  Feb.  12,  @  90  ds.,  payable  at  our  bank. 

(Col.  R. ;  Dom.  Tic.) 

From  E.  G.  Fokom,  Cleve. :  A.  S.  Wheeler's  note  for  $1500,  ©  2  mos.  from  Mar.  15,  payable  at  our  bank 
(Col.  R. ;  Dom.  Tic.) 

261 


NARRATIVE. 

From  Exchange  Sank,  Buf. :  J.  R.  "Wheeler's  draft  on  J.  B.  Cobb,  Cleve.,  for  $1000,  ®  30  ds.  from  Apr.  1.     (CoL 

R.  ;  Dom.  Tic.) 
From  Franklin  Bank,  Columbus:  H.  Stillman's  note,  favor  of  Robert  Parker,  for  $750,  @  4  mos.  from  Feb.  17, 

payable  at  City  Bank,  Cleveland.     (Col.  R. ;  Dom.  Tic.) 
From  E.  R.  Feltoa,   Ckve.:  His  draft  on  J.    H.  Goldsmith,  Detroit,  ©  GO  ds.  from  March  20,  for  $2000 — sent 

Farmers  and  Mechanics'  Bank,  for  collection.     (Col.  R. ;   For.  Tic.) 
From  M.  B.  S?M,  C^ve. :  His  draft  on  James  Madison,  Dayton,  Ohio,  for  $1500,  ®  90  ds.  from  Feb.  20 — sent 

Lafayette  Bank,  Cincinnati,  for  collection.     (Col.  R.  ;  For.  Tic.) 
From  D.  P.  Edls,  Glim. :  James  Smith's  note,  Eells'  favor,  for  $700,  ©  GO  ds.  from  Mar.  15,  payable  at  Sandusky 

—  >jnt  Moss  Brothers  for  collection.     (Col.  R. ;  For.  Tic.) 
Discounted  the  following  paper: 
For  W.  II.  Clark:  His  note  endorsed  by  Lewis  R.  Morris  for  $5000,  ©  60  ds.  from  Apr.  1,  payable  at  our 

b;mk ;  proceeds  credited.     (Dis.  R. ;  Dom.  Tic.) 

Fur  H.  D.  Strathn:  Peter  Cooper's  note  for  $15000  endorsed  by  Wilson  G.  Hunt,  ©  90  ds.  from  Mar.  25,  pay 
able  at  Commercial  Branch  Bank,  Cleve. ;  proceeds  credited.     (Dis.  R. ;  Dom.  Tic.) 
For  J.  B.  Meriam:  N.  C.  Winslow's  note  of  $7000  endorsed  by  T.  P.  Handy,  ©  90  ds.  from  Mar.  1,  payable  at 

our  bank ;  proceeds  credited.     (Dis.  R. ;  Dom.  Tic.) 
For  Charles  Baker:  His  note  for  $20000  endorsed  by  John  Simmons,  ©GO  ds.  from  Mar.  3,  payable  at  our 

ba:ik.     In  addition  to  the   endorsement,  Mr.  Baker  gives  us  as  collateral  security,  Cleveland  and  Erio 

Railroad  bonds  amounting  to  $25000;  proceeds  paid  in  Cash.  (21>     (Dis.  R. ;  Dom.  Tic.) 
Fur  E.  G.  Folsom:  II.  Bishop's  note,  his  favor  for  $3000,  ©  30  ds.  from  Apr.  1,  payable  at  our  bank;  proceeds 

c,-e  liteil.     (Dis  R. ;  Dom.  Tic.) 
For  31.  B.  Scott:  II  is  note,  favor  of  Chauncey  Prcntiss,  endorsed  by  Jacob  Hinds  for  $10000,  ©  GO  ds.  from 

Apr.  1,  payable  at  Niagara  River  Bank,  Buffalo;  proceeds  credited.     (Dis  R. ;  For.  Tic.) 
For  John  R.  Wheekr :  R.  M.  Bartlett's  note,  ILS  Lvor  endorsed  by  John  Gundry  for  $3000,  ©  90  ds.  from  Mar. 

10,  payable  at  Citizens'  Bank,  Cin. ;  charges  for  collection,  £>';  proceeds  paid  in  cash.     (Dis.  R.;  For.  Tic.) 
For  George  M.  Punn:   His  note,  favor  of  E.   P.  Dolbear,   endorsed  by  II.  D.  Stratton  for  $5000,  @  GO  ds.  from 

Mar.  31,  payable  at  E.  I.  Tinkham's  Bank,  Chicago;   Collection  and  Exchange1,  & ;  proceeds  credited. 

(D:s.  R. ;   For.  Tic.)  * 

For  Jamas  Richards :  His  accepted  draft  on  Austin  Packard  endorsed  by  Zalmon  Richards  for  $3500,  ©  60  dz. 

from  Apr.  1,  payable  at  Fulton  Bank,  N.  Y. ;  proceeds  credited.     (Dis.  R.;  For.  Tic.) 
For  George  S.  Eaton :  W.  D.  Packard's  note,  his  favor,  endorsed  by  "Win.  B.   Ogden,  for  $4000,  ©  90  ds.  from 

Apr  1,  payable  at  Mercantile  College  Bank,  Chicago ;  Collection  and  Exchange,  £:„- ;  proceeds  paid  in  draft 

oil  Duncan,  S!i.  &  Co..  N.  Y.     (Dis.  R. ;  For.  Tic. ;  Cr.  J.) 
For   John   S.  Woolson:  His  draft  on  \Voolson  &  McFarland,  Mt.  Pleasant,  Iowa,  for  $3000,  accepted  Mar.  25,  0V 

90  ds.'   sight,  payable  at  A.  &  W.  A.  Sanders,  Mt.  Pleasant — sent  to  Burkam  &  Sous,  Chicago,  for  col 
lection.     Col.  &  Exch.  f'f ;  proceeds  credited.     (Dis.  R. ;  For  Tic.) 

Received  the  following  deposits:  M.  B.  Scott,  $900;  Jacob  Hoornbeek,  $750;  E.  R.  Fclton,  $525;  Geo. 
M.  Penn,  $1500;  E.  G.  Folsom,  $1000;  N.  C.  "Winslow,  $795:  T.  P.  Handy,  $850;  John  S.  "Woolson,  $782; 
Lewis  R.  Morris,  $563;  Jas.  W.  Lusk,  $1000;  Alonzo  Mitchell,  $1500;  E.  L.  Jones,  1500;  James  Richards, 
$500;  H.  B.  Bryant,  $675;  Robert  Brown,  $1500;  Cbas.  Hickox,  $3000;  Ingham  &  Bragg,  $975;  John  R. 
Penn,  $1200;  John  D.  Williams,  $784;  Henry  Ivison,  $1500;  Austin  Packard,  $1275;  Joseph  P.  Walter, 
$1503;  Win.  T.  Brook?,  $5JO;  W.  H.  Clark,  $1200;  Hiram  A.  Pryor,  $3000.  (Cr.  J.) 

Pail  the  following  checks  :  Chas.  llickox,  $7000:  H.  B.  Bryant,  $1500,  125,  875J,  100;  James  Richard*, 
$T500,  1750,  25;  Ingham  &  Bragg,  $175,  238,  500,  75,  115;  Robert  Brown,  $150,  125,  75,  400,  138™;  Asa 
Mal.an,  $900,  75,  250;  Alonzo  Mitchell,  $0000,  750,  125,  400;  E.  L.  Jones,  $475,  300,  175,  87  ^  12, &;  T. 
P.  Handy,  $2000,  175,  187-0;  John  S.  Woolson,  $75,  1375J;  Lewis  R.  Morris,  $1562',  400,  115,  375;  Jas.  W. 
L'nk,  $1575,  200Q,  175,  125  ;  John  R.  Penn,  $5000,  3000,  1500,  750;  Geo.  A.  Crocker,  $500;  John  D.  Williams, 
$1200,  150;  Henry  Ivison,  $500.  75,  250;  Austin  Packard,  $400,  125;  M.  B.  Scott,  $1500,  2000,  135,  120; 
Jacob  Hoornbcek,  $750;  E.  R.  Felton,  $3000,  2500,  450;  N.  C.  Winslow,  $500.  (Dr.  J.) 

The  following  discounts,  payable  in  the  city,  as  per  Dom.  Tic.,  have  been  paid:  No.  7,  J.  Richards,  $3500  ; 
No.  8,  Chas.  Hickox,  $7000;  No.  9,  C.  Shook,  $5000;  No.  11,  M.  B.  Scott,  $6000. 

The  following  discounts,  sent  Duncan,  Sh.  &  Co.,  for  collection,  have  been  paid  and  credited  to  us:  No.  5, 
J.  R.  Penn,  $2500;  No.  13,  I.  P.  &  Co.,  $6000;  No.  15.  P.  Handy,  $7000;  No.  17,  Wiuslow,  L.  &  Co.,  $2500. 
Discount  No.  12,  $2500,  H.  B.  Tuttle,  sent  Exchange  Bank,  Bud,  for  collection,  has  been  paid  and  entered 
to  our  credit.     (For.  Tic. ;  Dr.  J. ;  Cr.  J.) 

Discount  No.  16.  $3000;  M.  B.  Scott,  sent  to  Exchange  Bank,  Buffalo,  has  been  protested  for  non-payment. 
Expense  of  protest  charged  us  by  Exch.  Bk.  $1.  (m>  (For.  Tic. ;  Cr.  J. ;  Dr.  J.) 

262 


NAKRATIVE. 

Discount  No.  14,  TV.  II.  Clark,  $2500 — sent  Lafayette  Bank,  Cin. ;  lius  been  paid  and  entered  to  our  credit. 
(For.  Tic.;  Dr.  J. ;  Cr.  J.) 

Tho  following  City  Collections,  duo  this  day,  as  per  Domestic  Tickler,  have  been  paid:  For  Duncan  Sh.  A 
Co.,  No.  2,  $2000;  No.  3,  $2500;  No.  12,  $3UOO;  For.  W.  II.  Clark,  No.  14,  $3000:  For  Lafayette  Bank,  Cin , 
No.  17,  $6000  ;  No.  18,  $3000  ;  For  Lewis  11.  Morris,  No.  19,  $3000 ;  No.  20,  $1575 ;  For  Jacob  Hoornbeck,  No. 
21,  $1250.  (Pas.  Col.;  Dom.  Tie.) 

Collection  No.  15,  $1500,  for  J.  B.  Meriam — sent  Duncan,  Sh.  &  Co.;  du9  this  day,  as  pet  Foreign  Tickler, 
is  assumed  to  have  been  paid  and  credited  to  us.  (Pas.  Col. ;  For.  Tic.) 

(Tho  Passed  Collection  Book  and  Discount  Register  exhibit  the  following  results : — PASSED  COLLECTIONS — 
Credit—  Duncan,  Sli.  &  Co.,  $1980,  2475,  2970;  W.  II.  Clark,  $3000;  Lafayette  Bank,  Cin.,  $GOOO,  3000; 
Lewis  R.  MOIY'M,  $3000,  1575;  Jacob  Hoornbeek,  $1250;  J.  B.  Meriam,  $1500;  Collection  and  Exchange, 
$75.  Debit* — Duncan,  Sh.  &  Co.,  $1500.  DISCOUNT  REGISTER. —  Credits — W.  II.  Clark,  $4947  5>;  IT.  D.  Strut- 
tor.,  $14785;  J.  B.  Meriam,  $69270";  E.  G.  Folsom,  $2983 '» ;  M.B.Scott,  $9395;  George  M.  Penn,  $4910~  ; 
James  Richards,  $346323;  John  S.  Woolson,  $293450;  Interest,  $845  ™;  Collection  and  Exchange,  $97  *>. 
Debits — Bills  Discounted,  $54000;  Domestic  Exchange,  $28500.) 

MAY. 


Received  from  stockholders  final  instalment  of  40^  on  Capital  Stock,  amounting  to  $80000.     (Cr.  J.) 

Sent  Duncan,  Sherman  &  Co.  the  following  funds  received  from  stockholders:  A.  C.  Taylor's  draft  on  Ivison, 

Phinney  &  Co.  for  $6000  ;  J.  II.  Goldsmith's  do.  on  Bryant,  Stratton  &  Co.,  $4000  ;  James  W.  Lusk's  do.  on 

Parker  Handy,  $4000 ;  John  R.  Penn'.s  do.  on  East  River  Bank,  $4000 ;  Duacan,  Sh.  &  Co.'s  Ctfct.  Dep.,  favo.- 

S.  S.  Packard,  Cashier,  $8000.     (Dr.  J.) 

Received  from  Stato  Department  semi-annual  interest  on  Stale  Stocks  (3,^  on  $20000),   $000;    and  on 

U.  S.  Stocks,  $600.     (Cr.  J.) 

Paid  rent  of  Banking- Hous?,  in  cash,  to  date,  $333  •**.     (Dr.  J.) 
Received  the  following  paper  for  Collection  : 

From  W.  II.  Clark:  Solomon  Jones'  note  for  $3000,  endorsed  by  Robert  Sweetzcr,  ©  3  mos.  from  Mar.  25,  pay 
able  at  Adrian,  Mich. — sent  Toledo  Br.  Bank  for  collection.  (Col.  R. ;  For.  Tic.) 

From  P.  R.  Spencer — to  bo  remitted  when  paid  :  His  draft  on  H.  D.  Stratton,  Cleve.,  for  $1500,  accepted  Apr. 
30,  ©  30  d.;.,  payable  at  our  bank.  (Col.  R. ;  Dom.  Tic.) 

From  Duncan,  Sherman  &  Co. :  Thomas  Smith's  note,  favor  John  "W.  Gantz,  for  $750,  ©  3  mos.  from  Mar.  20, 
payable  at  Ashtabula,  0. — sent  Farmers'  Branch  Bank  for  collection.  (Ool.  R. ;  For.  Tic.)  Win.  li. 
Crocker's  draft  on  J.  Rhodes,  Oberlin,  0.,  for  $900,  accepted  Apr.  10,  ©  60  ds. — sent  Lorain  Bank, 
Elyria,  for  collection.  (Col.  R.  ;  For.  Tic.)  Wm.  H.  Beebo's  note,  f:ivor  of  Henry  C.  Spencer,  for  $1200, 
@  3  mos.  from  Mar.  15,  payable  Xenia,  0, — sent  Lafayette  Bank,  Cincinnati,  for  collection.  (Col.  R. ; 
For.  Tie.) 

From  Merchants'  Bank,  Massillon — to  be  remitted  when  paid :  Ezra  Jones'  note,  favor  of  Robert  Dean,  for 
$1000,  payable  at  our  bank,  ©  30  ds.  from  May  1.  (Col.  R. ;  Dom.  Tic.) 

From  J.  I).  Meriam:  Peter  Cook's  note,  favor  of  Jacob  Hinds,  for  $750,  ©  30  ds.  from  Apr.  15,  payable  at, 
Merchants'  Bank,  Cleveland.  (Col.  R.  ;  Dom.  Tie.)  Emerson  E.  White's  draft  on  E.  G.  Folsom  (or  $900, 
©  10  ds.  from  Apr.  30,  payable  at  City  Bank,  Clove.  (Col.  R. ;  Dom.  Tic.) 

From  John  R.  Penn:  Abram  Van  "VVyck's  note,  fuvorof  John  D.  Hinde,  for  $1750,  ©  60  ds.  from  Apr.  25,  pay 
able  at  Ocean  Bank,  N.  Y.  (Col.  R. ;  For.  Tic.)  E.  W.  Mason's  accepted  draft,  drawn  by  H.  D.  Strat 
ton,  ©  30  ds.  from  May  1,  for  $7000,  payable  at  our  bank.  (Col.  II. ;  Dom.  Tic.) 

From  George  A.  Crocker:  Charles  Jones'  noto  for  $750,  payable  at  N.  Y.  &  E.  Bank,  Buffalo,  @  30  ds.  from 
Apr.  15.  (Col.  R. ;  For.  Tic.) 

From  George  M.  Penn:  His  draft  on  Walkden  &  Co.,  Toledo,  for  $2000,  ©  30  ds.  from  May  1.  (Col.  R. ;  For. 
Tic.)  .Note  of  James  Garrett,  endorsed  by  Robert  Lincoln,  for  $1500,  ©  60  ds.  from  Apr.  15,  payable  at 
our  bank.  (Col.  R. ;  Dom.  Tic.) 

From  James  W.  Lutsk:  John  Holbrook'a  note  for  $2000,  endorsed  by  D.  "W.  Fish.  ©  90  ds.  from  Feb.  15,  pay 
able  at  City  Bank,  Cleve.     (Col.  R. ;  Dom.  Tic.)     C.  B.  Stout's  note  for  $500,  endorsed  by  T.  S.  Quacken- 
bush,  @  30  ds.  from  Apr.  30,  payable  at  Citizens'  Bank,  Cincinnati.     (Col.  R.  ;  For.  Tic.) 
Received  from  Farmers  &  Mechanics'  Bank.  Detroit,  their  sight  draft  on  Metropolitan  Bank,  N.Y.,  for  $3000, 

the  same  to  be  entered  to  their  credit,  ©  f#  prem.     (Cr.  J.)     Sent  the  same  to  Dunvan  Sh.  <fe  Co.,  for  our  credit 

(Dr.  J.) 

Received  Cash  from  M.  B.  Scott  in  full  payment  of  James  Armstrong's  note  and  protest  foes,  $3001.  (Cr.  J.) 

263 


NAKRATIVE. 

Issued  the  following  Certificates  of  Deposit :  No.  2,  for  Lewis  R.  Morris,  to  tho  credit  of  Robert  Smith,  Detroit, 

$3000;   No.  3,  fo:  W.n.  T.  Brooks,  to  the  credit  of  II.  13.  Bryant,  Buffalo,  $7000;  No.  4,  for  E.  G.  Folsom,  to 

t-ivditof  Geo.  Eddy,  Albany,  $1000.     (Cr.  J.) 

Chas.  Baker's  note — Disc.  No.  24,  for  $20000  has  been  protested  for  non-payment;  protest  fees  paid  in  cash 

$1.     (Doin.  Tic.;  Dr.  J. ;  Cr.  J.)     In  accordance  with  the  written  permission  of  Mr.  Baker,  we  have  ordered  the 

Railroid  Bonds  lol'c  by  him  as  collateral  security,  sold  at  public  auction  for  our  benefit;  the  surplus,  if  any,  to  bo 

p:iid  over  to  him.  <23) 

Received  from  Knox  Co.  Bank,  Mt.  Yernon,  sight  draft  on  IT.   Bishop,  Cleveland,  for  $1500,  which  we  have 

e-jllected,  and  rjmitted  them  the  proceeds  in  our  draft  on  Duncan,  Sh.  &  Co.,  N.  Y.,  as  per  their  request,  at  the 

current  ratj  of  exchange.     (Cr.  J.) 

Received  from  East   River  Bank,  N.  Y.,  our  Certificate  of  Deposit,  No.  1,  $3000,  issued  for  John  R.  Penn/ 

Rom.tted  in  payment  thereof  our  draft  on  Duncan,  Sh.  &  Co.,  bss  current  exchange.     (Dr.  J. ;  Cr.  J.) 

The  Railroad  Bonds  held  by  us  as  collaterals  for  Discount  No.  24,  were  this  day  sold  at  public  auction  for 

g!8',)00,  wo  becoming  the  purchasers.     Auctioneers  commissions,  £;£  ($45),  p.iid  iu  cash.     (Dr.  J. ;  Cr.  J.)  W 
Discounted  tho  following  paper: 

For  E.  G.  Folsom — proceeds  credited:  His  note  for  $4000,  endorsed  by  Ja.i.  Cruikshank,'  Q>  93  ds.  from  May  1, 
payable  at  our  bank,  with  exchange.  ("5->  (Dis.  R. ;  Dom.  Tic.) 

For  E.  R.  Fdton — proceeds  credited:  Barna'uy  Rudge's  note  for  $10000,  endorsed  by  Nicolas  Nickleby,  & 
GO  ds.  from  April  15,  payable  at  Metropolitan  Bank,  N.  Y.  (Dis.  R. ;  For.  Tic.) 

For  John  S.  Wbolson — proceeds  credited :  Smith  &  Nixon's  acceptance  for  $6000,  ©  60  ds.  from  April  HO, 
payable  at  Kinney,  Espy  &  Co.'s,  Cincinnati.  (Dis.  R. ;  For.  Tic.)  James  Bradley 's  note  for  $5000, 
endorsed  by  Robert  Peel,  &  90  ds.  from  April  I,  payable  at  oi;r  bank.  (Dis.  R. ;  Dom.  Tic.) 

Fo?  J.  B.  Jferiam — proceeds  credited:  II.  D.  Stratton's  note  for  $7500,  endorsed  by  II.  D.  Clark,  ©  60  ds. 
from  May  1,  payable  at  City  Bank,  Columbus.  (Dis.  R. :  For.  Tie.)  John  R.  Pcim's  note  for  $0000, 
endorsed  by  Peter  Cooper,  ©  2  mos.  from  April  25,  payable  at  East  River  Bank,  N.  Y.  (Dis.  R.  ; 
For  Tic.) 

fv  J.  G.  Fox — proceeds  in  cash :  W.  II.  Clark's  note,  endorsed  by  J.  G.  F.,  for  $10000,  ©  60  ds.  from  April  1, 
p  lyable  at  our  bank  with  exchange.  (Dis.  R. ;  Dom.  Tie.) 

For  Geo.  A.  Crocker — proceeds  credited  :  A.  Stager's  acceptance  for  $7000,  endorsod  by  Chas.  Jones,  ©  3  mos. 
from  Apr.  1,  payable  at  N.  Smith's  Banking  Office,  Buffalo.  (Dis.  R. ;  For.  Tic.)  S.  S.  Packard's  note 
f  r  $3000,  endorsed  by  W.  P.  Spencer,  ©  GO  ds.  from  Apr.  20,  payable  at  Merchants'  Bank,  Cleveland. 
(Dis.  R. ;  Dom.  Tic.) 

Fvr  Chas.  Hickox — proceeJs  credited:  His  note  for  $1500,  endorsed  by  J.  Kennedy,  &  90  ds.  from  Apr.  25, 
payable  at  Merchants'  Bank,  Cleveland.  (Dis.  R. ;  Dom.  Tie.)  Jonathan  Giliett's  accepted  draft, 
llickox's  favor  for  $7000,  ®  GO  ds.  from  Apr.  30,  payable  at  Ocean  Bank,  N.  Y.  (Dis.  R.  ;  For.  Tic.) 

For  Victor  Jf.  Rice. — proceeds  in  cash:  E.  \V.  Keyes'  note  for  $8000,  @  30  da  from  Apr.  28,  payable  at  Com 
mercial  Bank,  Albany.  (Dis.  R. ;  For.  Tic.) 

For  E.  P.  Selmser — proceeds  in  cash  :  J.  G.  Deshler's  note  for  $15000,  endorsed  by  Hiram  Nilos,  ©  CO  ds.  from 
Apr.  15,  payable  at  Geo.  Smith  &  Co.'s  Bank,  Chicago.  (Dis.  R. ;  For.  Tic.) 

Fur  H.  B,  Bryant — proceeds  credited:  R.  C.  Spencer's  note  for  $3500,  endorsed  by  James  Hamilton,  &  GO  ds. 
from  Apr.  10,  payable  at  Farmers  &  Mechanics'  Bank,  Detroit.  (Dis.  R.  ;  For.  Tic.)  AViaiam  Smith's 
acceptance,  Robert  Davis'  favor  for  $7000,  @  90  ds.  from  Apr.  1,  payable  at  City  Bank,  Troy.  Sent 
Bank  of  Capitol,  Albany,  for  collection.  (Dis.  R. ;  For.  Tic.) 

FJT  T.  P.  Handy— proceeds  credited:  H.  B.  Tuttle's  acceptance  for  $10000,  &  30  ds.  from  May  1,  payable  at 
Merchants'  Bank,  Cleveland.  (Dis.  R. ;  Dom.  Tic.)  E.  R.  Morgan's  note  for  $4000,  endorsed  by  William 
Butts,  ®  60  ds.  from  Apr.  15,  payable  at  Franklin  Bank,  Columbus.  (Dis.  11. ;  For.  Tic.) 

For  John  Simmons — proceeds  in  cash :  James  Smiley's  note  fbr  $8000,  endorsed  by  John  Rogers,  ©  30  ds.  from 

Apr.  30,  payable  at  our  bank.     (Dis.  R. ;  Dom.  Tic.) 
Received  tho  following  deposits:  N.  C.  "Winslow,  $1500;  Jacob  Hoornbeek,  $700;  M.  B.  Scott,  $800;  Jas. 

W.  Lusk,  $1500;   Lewis  R  Morris,  $750  ;  E.  L.  Jones,  $3000  ;  James  Richards,  $975 ;   Alonzo  Mitchell,  $500 ; 

Asa  Mulian.  $1500;   Robert  Brown,  $2000;  Tngham  &  Bragg,  $1700 ;  John  R.  Penn,  $1200;  John  D.  Wil- 

lirris,  $1350;  Henry  IVHOU,   $2575;    Austin  Packard,    $758;  Hiram  A.   Pryor,  $1500;    Joseph  P.  Walter, 

$900;  Geo.  M.  Penn,  $1500;   E.  G.  Folsom,  $738.     (Cr.  J.) 

Paid  the  following  Checks :   Lewis  R.  Morris,  $3000,  5000,   175;  "Wm.  T.  Brooks,   $7000,    915,    75;  E.  G. 

Folsom,  $1000,   175.    1237*,  946*;  K  c  ^inslow,   $700,   83 w,  19"'',  12'"°;  E.  R.  Fclton,  $9000,  185;  Jacob 

IT-iornboek,  $6750,  193325,  12  7s   150;  M.  B.  S?ott,   $120,   3000,    5000,  32983;   John  S.  "Woolson,  $5000,  133, 

7«2,    1850;    James  W.  Lusk,  $217,  25,  112  M,  125;   E.  L.  Jones,   $975,   150;  Asa  Mahan,   $400,   595, 

264 


NARRATIVE. 

Alouzo  Mite-hull,  $3000,  150,  19»;  James  Richards,  $275,  1250,  318;  Ingham  &  Bragg,  $125,  1200  ;  Robert 
Brou-u,  $125,  25<:i,  180,  19^;  II.  B.  Bryant,  $75,  128-";  John  R.  Peun,  $195,  G3™,  123;  Geo.  A.  Crocker 
$189,  12"'1,  312 'ro;  John  D.  Williams,  $129,  17  *>,  193  ^  •  Henry  Ivison,  $iOO,  123,  85^;  W.  H.  Clark,  $8000*, 
2750,  129;  Austin  Packard,  $300,  129,  87  M;  Hiram  A.  Pryor,  $500.  129,  175'»;  Joseph  P.  Walter,  $129,  700,' 
12^;  Geo.  M.  Perm,  $900,  127,  13  ~<J;  II.  D.  Strattou,  $3000,  4000;  J.  B.  Meriain,  $:J750,  128,  17  i";  T.  P. 
Handy,  $1GOO,  10000.  (Dr.  J.) 

The  following  discounts  duo  this  day,  as  per  Domestic  Tickler,  have  been  paid:  No.  G,  T.  P.  Handy,  $1GOO; 
No.  25,  II.  Bishop,  $3000.  (Dom.  Tic.  ;  Cr.  J.) 

Tlio  following  discounts  duo  this  day,  as  per  For.  Tickler,  are  assumed  to  havo  been  paid,  and  entries  made 
accordingly :  No.  18,  W.  B.  Ogden,  $12000,  sent  Burkum  &  Sons,  Chicago;  No.  19,  D.  Apple-ton  &  Co.,  $30(10, 
sent  Duncan,  Sh.  &  Co.;  No.  43,  PI  W.  Keyes,  $800  J,  sent  Bank  of  Capitol,  Albany.  (Dr.  J. ;  Cr.  J.) 

The  following  city  collections,  duo  this  day,  as  per  Dom.  Tickler,  have  been  paid :  For  Duncan,  Sh.  &  Co.: 
No.  23,  E.  R.  Felton,  $3500;  No.  24,  J.  B.  Meriain,  $700i).  For  Lafayet/e  Bk.,  Cin.:  No.  25,  E.  G.  Folsom, 
$1750.  FJI-  Burkain  &  Son*,  Chicago:  No.  2G,  M.  B.  Scott,  $4000;  No.  27,  Ingliam  &  Bragg,  $3750.  For 
William  Mason  (special) :  ^  Jacob  IIoornbeuK.  $900.  For  E.  G.  Folsom:  No.  29,  A.  S.  Wheeler,  $1500. 
For  Exchange  Sank,  Buf.:  No.  30,  J.  B.  CVrb  $1000.  For  J.  B.  Meriam:  No.  41,  Pttcr  Cock,  $750;  No.  42, 
E.  E.  White,  $900.  For  Jas.  W.  Lush:  No.  43,  John  Holbrook,  $2000.  (Dom.  Tic. ;  Pas.  Col.) 

The  following  foreign  collections  due  to-day,  as  per  Foreign  Tickler,  are  assumed  to  have  been  paid :  For  J. 
B.  Meriam:  No.  16,  R.  M.  Bartlett,  $2000,  sent  Lafayette  Bk.,  Tin.  For  E.  R  Fdlon:  No.  32,  J.  II.  Gold 
smith,  $2000,  sent  Farmers  &  Mechanics'  Bk.,  Detroit.  F>r  M.  B.  Scott:  No.  33,  James  Madison,  $1500,  sent 
Lafayette  Bk.,  Ciri.  For  D.  P.  Ed's:  No.  34,  James  Smith,  $700,  sent  Moss  Bros.,  Sandusky.  For  Geo.  A. 
Crocker:  No.  45,  Chas.  Jones,  $750.  sent  Exchange  Bank,  Buffalo.  (For.  Tic.;  Pas.  Col.) 

(The  Passed  Collections  Book  and  Discount  Register  exhibit  tho  following  results  : 

PASSED  COLLECTIONS — Credits:  Duncan,  Sh.  &  Co.,  $34G5,  6930;  Lafayette  Bank,  Cin.,  $1750;  Burkam 
&  Sons,  Chicago,  $1000,  375');  E.  G.  Folsom,  $1500;  Exchange  Bk.,  Buffalo,  $995;  J.  B.  Meriam,  $750, 
flOO,  1905;  JaA  W.  Lusk,  $2000;  E.  R.  Felton,  $1985;  M.  B.  Scott.  149(5  23 ;  D.  P.  Eells,  $G98  ^ ;  Geo.  A. 
Crocker.  $750;  Collection  and  Exchange,  $135  •«.  Delits :  Lafayette  Bk.,  Cin.,  $2000,  1500;  Farmers  & 
Z.Icch.'.-;  Bank,  Pet,  $2000  ;  Moss  Bros.,  Sandusky,  $700 ;  Exchange  Bank,  Buf.,  $750. 

DISCOUNT  REGISTER — Dd)its:  Bills  Discounted,  $11500;  Domestic  Exchange,  $81000.  Credits:  E.  G. 
Folsom.  $3938;  E.  R.  Felton,  $392167 ;  John  S  Woolson,  $5923,  49475';  j.  B.  Meriam,  $7402  jO,  5942;  Geo. 
A.  Crocker,  $6925  • 3,  2974;  Chas.  Ilickox,  $1478  «>,  G927  e: ;  H.  B.  Bryant,  $3449  25,  6926  ^j  T.  P.  Haudy, 
$3945,  3958- ;  Interest,  $1025  «;  Col.  and  Exch.,  $182  w.) 

-  JUNE.  -- 

Paid  Lafayctto  Bk.  Cin.'s  dr.-.ft  on  us,  favor  James  Moore,  for  $1500.     (Dr.  J.) 
Received  from  Moss  Bros.,  Sandusky,  currency  in  full  of  their  %,  $1 175.     (Cr.  J.) 
Sold   John    S.   Woolson,  at  par,  our  draft  for    $1800  on   Exchanga  Bk..  Buffalo.     (Cr.  J.) 
Received  from  Duncan,   Sh.  &  Co.  $5000  in  Ohio  Stato  currency,  ou  which  they  allowed  us  \%  discount. 
(Cr.  J.)     Paid  Express  chgs.  in  case,  $3  '<•>.     (Dr.  J.) 

Rc-mitted  Duncan,  Sh.  &  Co.,  in  N.  Y.  Stato  currency,  $7500,  ©  \%  discount.  Paid  Express  chgs.,  $4 
(Dr.  J.) 

R,ceivc-l  of  W.  IT.  Clark  $1000  in  gold,  as  a  special  deposit.  0"> 

Received  from  Toledo  Branch  Bank  $7070  in  our  own  notes,  to  be  invested  iu  Now  York  exchange,  at  cur 
rent  rates.  Sent  them  our  draft  on  D.  Sh.  &  Co.  for  net  amount.  (Cr.  J.) 

Received  the  following  paper  for  collection : 

From  H.  D.  Stratton:  J.  C.  Bryant's  note  for  $1500,  enuorsed  by  Jacob  Rei&nider,  ©  30  dd.  from  May  15,  pay 
able  at  Amherst,  0.     Sent  Lorain  Bank.     (CoL  R. ;  For.  Tic.) 
From  Kinney,  E--py  &  Co.,  Cincinnati — proceeds  to  be  remitted:  John  D.  Hinde's  note  of  $3000,  endorsed  by 

Joseph  Kinsey,  ©10  ds.  from  May  30,  payable  at  our  bank.     (Col.  R. ;   Dom.  Tic.) 
From  Penney  &  Co.,  Newark — proceeds  to  be  remitted :  E.  M.  Halo's  draft  on  Thomas  Irwin  for  $3500,  ©  60 

ds.  from  A  pr.  1 5,  payable  at  our  bank.     (Col.  R. ;  Dom.  Tic.) 

From  Duncan,  Sh.  &  Co.,  N.  Y. :  Daniel  Sloto's  note  of  $750.  endorsed  by  Joseph  R'issell,  ©  30  ds.  from  May 
10,  payable  at  Clinton  Bank,  Columbus.  Sent  Franklin  Bk.  (Col.  R.  ;  For.  Tic.)  Ivison,  Phinney  & 
Co.'s  accepted  draft,  favor  of  Smith  &  McDougal,  for  $500,  ©  60  ds.  from  May  15,  payable  at  Merchants, 
Bank,  Clcve.  (Col.  P.. ;  Dom.  Tic.)  Bryant,  Stratton  &  Co.'s  draft  on  J.  B.  Meriam  for  $1750,  accepted 
June  1,  ©  30  ds.,  payable  at  our  bank.  (Col.  R. ;  Dom.  Tic.)  A.  C.  Taylor's  note  of  $500,  endorsed  by 

265 


NARRATIVE. 

J.  W.  Lusk,  ©  30  ds.  from  May  20,  payable  at  Bucyrus  Bank.     Sent  Toledo  Branch  Bk.     (Col.  R.;  For. 

Tic.) 
From  M.  B.  Scott:  S.  S.  Pomroy's  note  of  $2500,  endorsed  by  C.  L.  Skeels,  ©  60  ds.  from  May  20,  payable  u 

Niagara  County  Bank,  Lockport,   N.   Y.      Sent  Exchange  Bank,    But'.      (Col.   R. ;  For.   Tie.)      Hiram 

New-ell's  note  for  $350,  endorsed  by  William  T.  Bush,  ©  30  ds.  from  May  12, -payable  at   Manchester  & 

Rich's  Bank,  Buffalo.     Bent  Exchange  Bk.,  Buf.     (Col.  R.;  For.  Tic.) 
From  Bunk  of  Manjsville— proceeds  to  be  remitted :   John  Cook's  draft  on  James  Moses  for  $600,  accepted  May 

10,  ©  30  ds..  payabb  at  E.  B.  Kale's  Bank,  Cleveland.     (Col.  R. ;  Dom.  Tic.) 
Fro.n  Janus  Richards :  Bonjamin  Carpenter's  note  of  $1700,  endorsed  by  Roderick  Dhu,  @  60  ds.  from  May  12, 

payable  at  City  Bank,  Cleve.     (Col.  R. ,    Dom.  Tic.) 
From  W.  H.  Ciark:  J.  G-.  Fox's  note  of  $750,  endorsed  by  James  Romney,  @  30  ds.  from  May  25,  payable  at 

Knius  & -Smith's  Bank,  Toledo.     Sent  Toledo  Br.  Bk.     (Col.  R. ;   For.  Tic.) 
From  John  S.  Woolson:  Thomas  Minturn's  draft  on  Robt.  Smith  for  $1200,  accepted  Apr.  25,  ©  90  ds.,  payable 

at  Niagara  River  Bk.,  Buffalo.     Sent  Exch.  Bk.,  Buf.     (Col.  R. ;  For.  Tic.)     John  Simson's  note  for  $500, 

endorsed  by  James  Sweeney,  @  30  ds.  from  May  25,  payable  at  II.  Norman  Smith's  Bk ,  Buffalo.    Sent 

Exch.  Bk.,  Buf.     (Col.  R. ;  For.  Tic.) 
From  Jacob  Iloornbeek:  E.  R.  Felton's  note  of  $750,  endorsed  by  A.  S.  Wheeler,  ©  60  ds.  from  May  18,  payablo 

at  our  bank.     (Col.  R. ;   Dom.  Tic.) 
From  Lafayette  Bk.,  Gin. :  Jacob  Hoornbeck's  note  of  $600,  endorsed  by  Charles  Stratton,  @  60  ds.  from  May 

10.  payabb  at  Sanilusky.     Sent  Moss  Bros.     (Col.  R. ;  For.  Tic.) 
From  Exchange  Bank,  Buffalo :  Charles  Reynold's  note  of  $700,  endorsed  bjr  Robert  Miriturn,  @>  20  ds.  from 

May  25,  payable  at  our  bank.     (Col.  R.  Dom.  Tic.)     Henry  P.  Smith's  draft  on  M.  B.  Scott  for  $3500, 

@  60  ds.  from  Apr.  25,  payable  at  City  Bank,  Cleve.     (Col.  R.  ;•  Dom.  Tie.) 
From  George  M.  Perm:  Henry  Stratton's  note  of  $GOO,  endorsed  by  Abram  Vinton,  ©  60  ds.  from  Apr.  10, 

payable  at  our  bank.     (Col.  R.  ;  Dom.  Tic.) 

Sold  H.  D.  Stratton  Cleveland  &  Erie  Rail  Road  Bonds  for  $23500  ;  receiving  in  payment  thereof  his  draft 
on  C.  V.  Culver,  Now  York,  which  wo  have  remitted  Duncan,  Sh.  &  Co.  (Dr.  J. ;  Cr.  J.) 

The  following  city  collections  duo  this  day,  as  per  Dom.  Tic.,  have  been  paid :  For  Duncan,  Sh.  &  Co. :  No. 
22,  E.  W.  Mason,  $5000.  For  Franklin  Bank,  Columbus  :  No.  31,  H.  Stillman,  $750.  Fur  P.  R.  Spencer — to 
bj  called  for:  No.  36,  H.  D.  Stratton,  $1500.  For  Merchants'  Bank,  Massillon — to  ba  remitted:  No.  40,  Ezra 
Jones,  $1000.  For  John  R.  Penn:  No.  44,  E.  W.  Mason,  $7000.  For  Geo.  M.  Penn:  No.  47,  James  Gurrett, 
$1500;  No.  68,  Henry  Stratton,  $600.  For  Kinney,  Espy  &  Co.,  Gin. — to  be  remitted:  No.  51,  J.  D.  Ilindc, 
$3000.  For  Penney  &  Co.,  Newark,  0. — to  bo  remitted:  No.  52,  Thomas  Irwin,  $3500.  FJT  Bank  of  Harys- 
ville — to  be  remitted :  No.  59,  James  Mason,  $600.  F,r  Exchange  Bank,  Buffalo :  No.  66,  Charles  Reynolds, 
$700;  No.  87,  M.  B.  Scott,  $3500.  (Pas.  Col.  ;  Dom.  Tic.) 

The  following  foreign  collections  due  at  this  time,  as  per  For.  Tic.,  are  assumed  to  have  been  paid :  Fcr  W. 
II.  Clark:  No.  35,  Solomon  Jones,  $3000,  sent  Toledo  Brancli  Bank.  For  Duncan,  Sh.  &  <7t>. :  No.  37,  Thos. 
Smith.  $750,  sent  Farmers'  Br.  Bk.,  Ashtabula.  No  38,  J.  Rhoades,  $900,  sent  Lorain  Bank,  Elyria.  No.  39, 
W.  H.  Beebe,  $1200,  sent  Lafayette  Bk,  Cincinnati.  For  John  R.  Penn:  No.  43,  Abram  Van  Wyck,  $1750, 
sent  Duncan  Sh.  &  Co.,  N.  Y.  For  Gs:>.  M.  Penn:  No.  46,  Walkdcn  &  Co,  $2000,  sent  Toledo  Br.  Bank.  For 
Jas.  W.  Lusk:  No.  49,  C.  B.  Stout,  $500,  sent  Lafayette  Bk.,  Cincinnati.  For  II.  D.  Stratton:  No.  50,  J.  0. 
Bryant,  $1500,  sent  Lorain  Bk.,  Elyria.  For  Duncan,  S/i.  &  Co. :  No.  53,  Daniel  Slote,  $750,  sent  Franklin 
Bk.  Columbus.  No.  56,  A.  C.  Taylor,  $500,  sent  Toledo  Br.  Bank.  For  M.  B.  Scott:  No.  58,  Hiram  Newell, 
$350,  sent  Exch.  Bk.  Buffalo.  For  W.  II.  Clark:  No.  61,  J.  G.  Fox,  $750,  sent  Toledo  Br.  Bank.  For  John 
S.  Woolson:  No.  63,  James  Sweeney,  $500,  sent  Exch.  Bk.,  Buffalo.  (Pas.  Col.;  For.  Tic.) 

The  following  discounts  payable  in  the  city,  duo  this  day,  as  per  Dom.  Tic.,  have  been  paid :  No.  20,  Kumner 
Packard,  $4000;  No.  21,  W.  II.  Clark,  $5000;  No.  22,  Peter  Cooper,  $15000;  No.  23,  N.  C.  Winslow,  $7000; 
No.  38,  W.  H.  Clark,  $10000,  Avith  exchange  added  $100;  No.  40,  S.  S.  Packard,  $3000;  No.  47,  II.  B.  Tuttlo, 
$10000.  (Cr.  J.)  No.  49,  J.  Smiley,  has  been  extended  to  July  2,  interest  to  bo  added. 

The  following  discounts  sent  abroad  for  collection,  due  this  day,  as  per  For.  Tic.,  arc  assumed  to  have  been 
pud:  No.  26,  M.  B.  Scott,  $10000,  sent  Exch.  Bk.  Buf.;  No.  27,  R.  M.  Bartlett,  $3000,  sent  Lafayette  Bk., 
Cin . ;  No.  28,  Geo.  M.  Penn,  $5000,  sent  Barkarn  &  Sons.  Chic.;  No.  29,  Austin  Packard,  $3500,  sent  Duncan, 
Sh.  &  Co.,  N.  Y. ;  No.  31,  Woolson  &  McFarland,  $3000,  sent  Burkam  &  Sons,  Chic.;  No.  33,  Barnaby  Rudgo, 
$10000,  sent  Duncan,  Sh.  &  Co.,  N.  Y. ;  No.  37,  John  R.  Penn,  $6000,  sent  Duncan,  Sh.  &  Co.,  N.  Y. ;  No.  44, 
J.  G.  Deshler,  $15000,  sent  Burkam  &  Sons,  Chic.;  No.  45,  R.  C.  Spencer,  $3500,  sent  Farmers  &  Mechanics' 
Bk.,  Det ;  No.  48,  E.  R.  Morgan,  $4000,  sent  Franklin  Bk.,  Col.  Burkam  &  Sons,  Chicago,  adviso  us  that 
our  Discount,  No.  30,  W.  D.  Packard,  for  $400U,  due  July  3,  has  been  paid.  (For  Tic. ;  Dr.  J.;  Cr.  J.) 

266 


NARRATIVE. 

Discounted  the  following  paper : 
For  N.  C,  Winslow — proceeds  credited:  Geo.  M.  Strong's  note  of  $3000,  endorsed  by  Jamos  Muilorv  &  &\j  da. 

from  June  1,  payable  at  our  bank.     (Dis.  R. ;  Doin.  Tic.)     Edward  Savery's  note  of  $1500,  endorsed  by 

T.  P.  Handy,  ©  90  ds.  from  May  31,  payable  at  City  Bans,  Cleve.     (Dis.  R. ;  Dom.  Tic.) 
For  Lewis  R.  Morris — proceeds  credited:  Philip  Seaton's  note*  of  $5000,  endorsed  by  Jarnes  Smiley,  @  60  ds. 

from  May  3,  payable  at  H.  Norman  Smith's  Banking  Office,  Buffalo.    Sent  Exchange  Bank.    (Dis.  R. ;  For. 

Tic.)     Peter  Stone's  acceptance  for  $4750,  endorsed  by  E.  G.  Folsom,  at  GO  ds.  from  May  27,  payable  at 

our  bank.     (Dis.  R. ;  Dom.  Tic.) 
Fur  T.  P.  Handy — proceeds  credited :  Thomas  Jones'  note  of  $7500,  endorsed  by  Tliram  Dixon,  ©  3  mos.  from 

May  31,  payable  at  East  River  Bank,  N.  Y.     (Dis.   R. ;  For.  Tic.)     Jacob  Harrison's  note  of  $1500, 

endorsed  by  Charles  Eaton,  @  GO  dd.  from  June  1,  payable  at  Merchants'  Bank,  Clevc.     (Dis.  R. ;  Dom. 

Tic.) 
Fv-r  E.  L.  Jones — proceeds  credited :  "W.  H.  Woc-cibury's  accepted  draft  for  $6000,  endorsed  by  Joseph  Arnold, 

©  3  mos.  from  May  15,  payable  at  Daytou.  Bank.     Sent  Lafayette  Bank,  Cin.     (Dis.  R.;  For.  Tic.)     W. 

T.  Sherman's  note  of  $3750,  endorsed  by  Childs  and  Peterson,  O  G  mos.  from  Mar.  15,  payable  at  Bank 

of  Commerce,  Phila.     Sent  Girard  Bank,  Phila.     (Dis.  R. ;  For.  Tic.) 
For  Asa  Mahan — proceeds  credited:  E.  R.  Finney's  noto  of  $600,  endorsed  by  H.  B.  Bryant,  ©  60  ds.  from  May 

10.  payable  at  Alleghany  Bank,  Pittsburg.     Sent  Iron  City  Bank.     (Dis.  R. ;  For.  Tic.) 
For  Robert  Brown — proceeds  credited:  Samuel  Rand's  note  of  $6750,  endorsed  by  Peter  McGratb,  @  8  mos. 

from  Jan.  15,  payable  at  City  Bank,  Cleve.     (Dis  R. ;  Dom.  Tic.) 
For  Ingham  &  Bragg — proceeds  credited:  John  Pelton's  acceptance  for  $1800,  endorsed  by  Robert  Martin,  ©  4 

mos.  from  May  12,  payable  at  Bank  of  Galena,  111.     Sent  Burkam  &  Sons,  Chic.     (Dis.  R. ;  For.  Tic.) 

Horace  Ilolden's  note  for  $1500,  endorsed  by  Thomas  Foulke,  @  GO  ds.  from  May  15,  payable  at  our 

bank.     (Dis.  R. ;  Dom.  Tic.) 
For  John  D.  Williams — proceeds  credited :  William  Gray's  acceptance  for  $900,  endorsed  by  Henry  C.  Spencer, 

©  3  mos.  from  May  25,  payable  at  C.  V.  Culver  &  Co.'s  Banking  Office,  N.  Y.     (Dis.  R. ;  For.  Tic.)     E. 

"W.  Mason's  noto  for  $1500,  endorsed  by  C.  R.  Wells,  ©  4  mos.  from  Apr.   10,  payable  at  Bank  of 

Po'keepsic.     Sent  Duncan,  Sh.  &  Co.     (Dis  R. ;   For.  Tic.) 

Received  the  following  deposits:  T.  P.  Handy,  $700;  D.  P.  Bella,  $745;  Wm.  T.  Brooks,  $1275;  George 
M.  Penn,  $900;  E.  G.  Folsora,  $1560;  II.  D.  Stratton,  $3763  <5;  Joseph  P.  Walter,  $1960;  Hiram  A.  Pryor, 
$3750;  Austin  Packard,  $670;  W.  II.  Clark,  $1200;  Henry  Ivison,  $800;  Geo.  A.  Crocker,  $500;  John  R. 
Penn,  $700;  H.  B.  Bryant,  $300;  Charles  Ilickox,  $1700;  Alonzo  Mitchell,  $1500;  Asa  Mahan,  $700; 
Robert  Brown,  $962;  James  Richards,  $1500;  E.  L.  Jones,  $900;  John  S.  Woolson,  $400;  James  W.  Lusk, 
$183293;  M.  B.  Scott,  $936;  Jacob  Iloornbeek,  $403;  E.  R.  Fclton,  $729;  N".  C.  Winslow,  $300.  (Cr.  J.) 

Paid  the  following  checks :  X.  C.  Winslow,  $3750,  400,  110;  M.  B.  Scott,  $6000,  125,  14632  154;  jacob 
Iloornbeek,  $900,  18  "5;  E.  R.  Felton,  $213,  180,  25,  37^;  E.  L.  Jones,  $4000,  3718,  125;  James  W.  Lusk, 
$416,  25373,  i5(  22^;  T.  P.  Handy,  $6000,  194,  212"';  John  S.  Woolson,  $1800,  400,  239,  212^0;  Lewis  R. 
Morris,  $90,  12  5>,  28,  19^,  142;  Ingham  &  .Bragg,  $1500,  170,  12™,  13^  5;);  Robert  Brown,  $5000,  1125'-'; 
Asa  Mahan,  $300,  11259,  9775.  James  Richards,  $4000,  1375),  1975;  Johr.lr  Tilliam*,  $1200.  1750,  26,38-5 
1475;  Geo.  A.  Crocker,  $8000,  125,  210;  John  R.  Penn,  $125,  125:),  16;  Charles  Hickox,  $1275,  182,  100; 
IL  B.  Bryant,  $150,  2000,  1200;  Joseph  P.  Walter,  $275,  117,  14250;  Hiram  A.  Pryor,  $90,  110,  12  '\ 
125;  Austin  Packard,  $112,  145,  19;  W.  II.  Clark,  $110,  112;  Henry  Ivison,  $500,  123.  175:);  Geo.  M.  Penn, 
$125,  12 "5,  IS;  W.  T.  Brooks,  $175,  19,  12;  E.  G.  Folsom,  $19,  120,  117;  H.  D.  Stratton,  $125,  19,  1250, 
20;  J.  B.  Meriam,  $12000.  150,  119;  D.  P.  Eells,  $150,  19",  112.  (Dr.  J.) 
Received  interest  on  Treasury  Notes  from  Mar.  1,  to  Juno  1,  $184.  (Cr.  J.) 

Received  from  Duncan,  Sh.  &  Co.,  their  semi-annual  account  current,  by  which  it  appears  that  our  average 
balance  on  deposit  with  them  during  the  five  months  ending  Juno  1,  is  §38204->5;  for  which  we  are  credited 
interest  ©  3^  per  annum,  as  per  agreement,  $47755.  W  (Dr.  J. ;  Cr.  J.) 

Received  certified  check  of  $575  issued  J.  R.  Penn,  May  1,  for  which  gavo  draft  on  Duncan,  Sh.  &  Co. 
f^vor  of  J.  L.  Dawcs,  at  current  rate  of  exchange.  Premium  paid  in  cash.  (Dr.  J. ;  Cr.  J.) 

Certificate  of  Deposit,  No.  2,  for  $3000,  is  returned  to  us  by  Farmers  &  Mechanics'  Bank,  Detroit,  to  apply 
on  their  %.  (Dr.  J. ;  Cr.  J.) 

The  Passed  Collections  Book  and  Discount  Register  exhibit  the  following  results. 

PASSED  COLLECTIONS—  Credits— Duncan,  Sherman  &Co,  $4950,  740  62,  88875,  H85,  74062  49378;  Franklin 
Bk.  Col.,  $750;  John  R.  Penn,  $7000,  1750;  Geo.  M.  Penn,  $1500,  600,  1995;  Exchange  Bk.,  Buf.,  $69650, 
3482  «>;  W.  II.  Clark,  $299250,  748 1-=;  Jas.  W.  Lnsk,  $498  "5;  H.  D.  Stratton,  $149625;  M.  B.  Scott,  $350; 
JohnS.  Woolson,  $500;  Collection  and  Exchange,  $141  c».  Debits— Toledo  Br.  Bk.,  $3000,  2000,  500,  750; 

267 


NARRATIVE. 

Farmers'  Br.  Bk.,  Aslitabula,  $750;  Lorain  Bank,  Elyria,  $900,  1500;  Lafayette  Bk.,  Cin.;  $1200,  500;  Dun 
can,  Sh.  &  Co.,  $1750;  Franklin  Bk.  Col.,  $750;  Exchange  Bk.,  Buf.,  $350,  500. 

DISCOUNT  REGISTER:— Credits:  N.  C.  Wiuslow,  $2968 *\  1477;  Lewis  R.  Morris,  $497167,  4704 0* ;  T.  P. 
Handy,  $7382*',  1484^;  E.L.Jones,  $5907,3631**;  Asa  Mahan,  $595*';  Robert  Brown,  $6627  »8;  i,lg. 
ham  &  Bragg,  $';754  '•»,  1488 so ;  Jolm  D.  Williams,  $886*0  1481 75;  Interest,  $60959;  Col.  and  Exch.,  $2850. 
Dibits:  BilU  Discounted,  $19000;  Domestic  Exchange,  $27050. 

Paid  offi-wrs  and  clerks'  salaries,  as  follows:  President,  $1000;  Cashier,  $750;  First  Teller,  $600;  Second 
Teller.  $500 ;  Book-keeper,  $500  ;  Assistant  Book-keeper,  $400  ;  Porter,  $200.  (Dr.  J.) 

(It  is  now  proposed  to  ascertain  the  current  condition  of  the  business,  with  a  view  to  declaring  the  first 
semi-annual  dividend.  The  following  accounts  are  closed  into  Loss  and  Gain  :  Collection  and  Exchange,  credit 
balance,  $83701;  Expense,  debit  balance,  $4473^;  Interest,  credit  balance,  $5044-5;  C.  &  E.  R.  R.  Bonds, 
credit  balance,  $5500.  W  By  transferring  these  amounts  to  the  Loss  and  Gain  account,  we  ascertain  our  net 
gain  to  bo  $4946  ™.  Upon  this  state  of  affairs  being  reported  to  the  Directors,  who  are  also  satisfactorily  assured 
that  the  resources  shown  on  the  Ledger  are  real  and  available,  it  is  decided  to  declare  a  semi-annual  dividend  of 
2%  from  the  earnings.  (3 

JULY. 


NOTE. — The  transactions  which  follow  complete  tlie  year,  and  furnish  the  material  for  another  fiscal  period ; 
thereby  affording  the  student  sufficient  practice  to  establish  him  thoroughly  in  the  principles  and  applications  con 
templated  by  the  set.  It  is  presumed  that  the  very  elaborate  instructions  given  in  connection  with  the  previous 
entries  will  render  it  wholly  unnecessary  to  point  out  the  special  channels  through  which  the  remaining  transac 
tions  are  to  find  their  way  into  tho  book  of  result*.  From  this  point  forward  the  student  must  trust  to  himself; 
and  if  he  lias  been  thus  far  faithful,  the  difficulties  which  he  will  encounter  will  be  few  and  easily  surmounted. 
He  will,  of  course,  use  ine  same  books  as  for  the  previous  entries,  and  in  the  same  manner.  If  his  work  is  right, 
the  results  can  not  differ  materially  from  those  submitted  at  the  close  of  this  narrative. 

Received  from  Farmers'  Branch  Bank,  Ashtabula,  $750  in  currency. 

Paid  the  following  dividends  in  cash :  II.  D.  Stratton,  $200;  II.  B.  Bryant,  $200 ;  Parker  Handy,  $400  ; 
Henry  Ivison,  $500  ;  W.  II.  Clark,  $500  ;  M.  B.  Scott,  $300. 

Remitted  Duncan,  Sh.  &  Co.  our  draft  on  them  for  their  dividend  ($400),  less  the  current  discount.  (31) 
Received  per  express,  from  Duncan,  Sh.  &  Co.,    $6000  iu  Ohio  currency,  @  f;£  discount.     Paid  express 
charges  in  cash,  $4  5t). 

Paid  tho  following  dividends  in  cash :  J.  B.  Meriam,  $200 ;  Jolm  R.  Pcnn,  $200 ;  James  "W.  Lusk,  $200  ; 
J.  II.  Golds  nith,  $200. 

Paid  the  following  dividends  by  drafts  on  Duncan,  Sh.  &  Co.,  at  current  exchange:  Peter  Cooper,  $400  ;  A. 
0.  Taylor,  $300. 

Received  the  following  paper  for  collection : 
From  Lafayette  Bank.  Gin.  :  Shepard  Hamlin's  draft;  on  P.  Conover,  Ashtabula,  for  $575,  accepted  Juno  15,  O 

60  ds.  sight,  paj'able  at  Farmers'  Branch  Bank. 

From  Duncan,  Slier  >nun&  Co.,  N.  T. :  Ivison,  Phinney  &  Co.'s  note  of  $3700,  endorsed  by  II.  C.  Spencer,  ©60 
ds.  from  June  10th,  payable  at  oar  bank  ;  "W.  "W.  Harder's  accepted  draft  of  $360,  favor  of  Robert  Spjll- 
min,  ©  30  ds.  from  June  16,  payable  at  Merchants'  Br.  Bank,  Clevo. 
From  Charles  Hickox :  Thomas  Curtis'  note  of  $3000,  endorsed  by  William  Dooley,  ©  60  ds.    from  Juno  12, 

payable  at  Springfield,  111.     Sent  Burkam  &  Sons,  Chicago. 
From  GM.  A.  Crocker:  W.  B.  Jameson's  accepted  draft  of  $3000,  drawn  by  James  Maxwell,  ©  90  ds.  from 

May  10.  payable  at  City  Bank,  Cincinnati.     Sent  Laf.  Bk. 
From  Joseph  P.   Walter :  James  Cook's  note  of  $1500,  endorsed  by  W.  "VT.  Birctsail,  ©  60  ds.  from  June  23, 

payable  in  Detroit.      Sent  Farmers  &  Mechs.'  Bk. 
From  Hiram  A.  Pryor:   Edwin   C.   Packard's  note  of  $900,  endorsed  by  Stetson  Eaton,  ©  60  ds.  from  Juno 

12,  payable  at  Waupacca,  Wis.     Sent  Burkam  &  Sons,  Chic. 

From  Franklin  Bk.,  Columbus:  W.  Burton's  draft  on  II.  B.  Bryant  for  $1500,  accepted  Juno  10,  &  30  ds..  p-.y- 
able  at  City  Bk.,  Clove. ;  "W.  T.  Coggeshall's  draft  on  Ingham  &  Bragg  for  $700,  accepted  June  25,  ©  30 
ds.,  payable  at  our  bank. 

From  Exchange  Bk.,  Buffalo  :  James  Sweeney's  draft  on  Bryant,  Stratton  &  Co.  for  $7000,  accepted  Juno  16,  © 
60  ds.,  payable  at  Elyria.    Sent  Lorain  Bk. ;  N.  Hucker's  draft  on  Peter  Van  Dusen  for  $3750,  ©  3  mos. 
from  Apr.  15,  payable  at  City  Bank,  Cleve. 
The  following  discounts,  payable  in  the  city,  duo  t'Ms  day,  have  been  paid  :  No.  35,  James  M.  Bradley, 

268 


NARRATIVE. 

$5000;  No.  41.  Chap.  Hickox,  $1500;  No.  49,  James  Smiley,  $8000;  interest  on  same,  $40;  No.  53,  Peter 
Stone,  84750;  No.  60,  II.  Holden,  $1500. 

The  following  discounts,  payable  abroad,  are  assumed  to  have  been  paid  :  W  No.  34,  Smith  <t  Nixon  *iO()i). 
sent  Lafayette  Bk.,  Cin. ;  No.  36,  II.  D.  Stratton,  $7500,  sent  Franklin  13k.,  Col. ;  No.  39,  Chas  Jones,  $7000, 
sent  Exch.  Bk.,  BuF. ;  No.  42,  Jonathan  Gillett,  $7000,  sent  Luncan,  Sh.  &  Co.,  N.  Y. ;  No.  46,  TYillinrn 
Smith,  $7000,  sent  Bank  of  Capitol,  Albany;  No.  52.  Philip  Seaton,  $5000,  sent  Exchg.  Bk.,  Buffalo;  No.  58, 
E.  11.  Finney,  $600,  sent  Iron  City  Bk.,  Pittsburg. 

Discounted  the  following  paper : 
For  E.  W.  Mason — proceeds  credited :  J.  C.  Hall's  noto  of  $2000,  endorsed  by  Robert  C.  Bangs,  @  60  ds.  from 

Juno  IS,  payable  at  Providence,  R.  I.     Sent  Duncan.  Sh.  &  Co.,  N.  Y. 
For  W.   W.  Harder — proceeds  remitted  in  cash :  His  draft  on  H.  B.  Bryant,  Chicago,  for  $2500,  accepted  Juno 

25,  ©00  ds.,  payable  in  N.  Y.     Sent  D.,  Sh.  &  Co. 
For  Jacob  Hoornbtek — proceeds  credited:  "W.  P.  Pratt's  note  for  $1500,  endorsed  by  D.  C.  Collins,  ©  90 ds.  from 

July  1,  payable  at  Cincinnati.     Sent  Lafayette  Bk. 
For  D.  P.  Edls — proceeds  credited:  "W.  G.  Morton's  accepted  draft  of  $2300,  @  60  ds.  from  June  30,  payable  nt 

our  bank;  R.  C.  Spencer's  note  of  $5000,  @  6  mos.  from  May  10,  endorsed  by  B.  McGann,  payable  ;.t 

Merchants'  Bk.,  Cleve, 

For  W.  Dwight  Packard — proceeds  remitted:  Ivison,  Phinney  &  Co.'s  note  for  $1575,  endorsed  by  II.  D.  Strat 
ton,  ©  4  rnos.  from  Juno  12,  payable  at  New  York.     Sent  D.  Sh.  &  Co. 
For  M.  B.  S'-nit — proceeds  credited:  J.  Sackrider's  noto  of  $4500,  endorsed  by  M.  B.  S.,  @  3  mos.  from  June  12, 

payable  at  Merchants'  Bk.,  Cleve. :  N.  C.  TVinslow's  accepted  draft,  M.  B.  S.'s  favor,  for  $2750,  @  GOds. 

from  Juno  30,  payable  at  Xenia.     Sent  Lafayette  Bk.,  Cin. 
For  E.  G.  Folnom — proceeds  credited:  Thomas  Brown's  note  of  $2753,  endorsed  by  TVm.   Burnett,  ©  6  mos. 

from  Juno  10,  payable  at  Galena,  111.     Sent  Burkam  &  Son,  Chic. 
For  James  Richards — proceeds  credited :  His  note  of  $19GO,  endorsed  by  J.  G.  Doshler,  ©  3  mos.  from  July  1, 

payable  at  our  bank. 
For  Ira  Packard — proceeds  remitted:  "Wm.  Bryant's  noto  of  $500,  ©  90   ds.  from  Juno  30,  payable  at  A;ni 

Arbor,  Mich.     Sent  Farmers  &  Mcchs.'  Bk.,  Dot. 

Received  'the  following  deposits :  II.  B.  Bryant,  $500 ;  Robert  Brown,  $750;  E.  W.  Mason,  $3000;  J.  P. 
T\'altcr,  $075;  Hiram  A.  Pryor,  $700;  TV.  II.  Clark,  $750;  H.  Ivison,  $1575;  J.  D.  Williams,  $838  ^  ;  Asa 
Mahan,  $933  o;  Jacob  Iloornboek,  $1200  ;  N.  C.  TVinsknv,  $837  •-<>;  Goo.  A.  Crocker,  $718  ^ ;  Austin  Packard, 
$1503-;  TV.  T.  Brooks,  $946;  Jas.  TV.  Lusk,  $439. 

Paid  the  following  i hecks:  Chas.  Hickox,  $1500.  700,  125,  14"">;  M.  B.  Scott,  $4000,  15632-"',  -Q2,  19  ">  • 
Lewis  R.  Morris,  $4365,  120,  118,  46  :8;  John  S.  TVoolson,  $1500,  125,  144;  II.  B.  Bryant,  $3695,  12375  ].i .t) 
200;  John  R.  Penn,  $3000;  Gco.  M.  Penn,  $112,  134,  3263";  J.  B.  Mcriam,  $1200,  1546',  219,  275  ;  E.  G. 
Folso::i,  $1500;  T.  P.  Handy,  $175,  1200,  375,  14 '-'•"';  Jas.  Richards,  $144,  12  ">,  1642:';  Ingharn  &  Braver, 
$1200,  103,  400,  175;  Geo.  A.  Crocker,  $124,  19,  20G23;  Hiram  A.  Pryor,  $127,  196:.,  144^;  J.  \V.  1/nrk, 
$127,  13  "0  144,  18"'. 

The  following  foreign  collections  duo  this  day,  as  per  Foreign  Tickler,  are  assumed  to  have  been  paid,  and 
wo  now  transfer  them  to  the  Passed  Collections  Book :  For  J/.  B.  Scott:  No.  57,  S.  S.  Pomroy,  $2500,  sent 
Excli.  Bk.,  B;;f.  For  John  S.  Woolson:  No.  G2,  Robert  Smith,  $1200,  sent  Exch.  Bk.,  Buf.  For  Lafayette 
Bk..,  Cin. :  No.  G5,  Jacob  Iloornbeck,  $600,  sent  Moss  Bros.,  Sandusky. 

The  following  ho.ne  collections  have  been  paid,  and  results  transferred  to  Passed  Collections :  F<>r  Duncan, 
S!,.  A  Co.:  No.  54,  Ivison,  Ph.  &  Co.,  $500;  No.  55,  J.  B.  Meriarn,  $175o,  No.  71,  TV.  TV.  Harder,  $360. 
For  James  Richards :  No.  60,  Benj.  Carpenter,  $1700.  For  Jacob  Hoornbeek. :  No.  64,  E.  R.  Fellon,  $750. 
For  Franklin  Bk.,  Col.:  No.  76,  II.  B.  Bryant,  $1500;  No.  77,  Ingham  &  Bragg,  $700.  For  Exchange  Bk., 
B'if. :  No.  79,  Peter  Tan  Dusen,  $3750. 

The  following  results  aro  taken  from  the  Passed  Collection  Book  and  Discount  Register: 
P.\SS::D  COLLECTION'S — Debits:  Exchange  Bk.,  Buf.,  $2500,  1200;  Moss  Bros.,  Sandusky,  $600.      Credits: 
M.  B.  Scott,  $2500;  John  S.  TVoolson,  $1200;  Lafayette  Bk.,  Cin.,  $598^;  Duncan,  Sh.  &  Co.,  $495,  1732-0, 
356-";  Jas.  Richards,   $1700;  Jacob  Hoorubeek,  $750;  Franklin  Bk.,  Col.,  $1500,  700;  Exch.  Bk.,  Buffalo, 
$3731-5;   Col.  &  Exch.,  $463.\ 

DISCOUNT  REGISTER — Debits:  Bills  Discounted,  $13760;  Domestic  Exchange,  $13583.  Credits:  E.  TV. 
Mason,  $1983 -1";  Jacob  Hoornbeek,  $1473;  D.  P.  Eells,  $2276  21,  4887  so ;  M.  B.  Scott,  $4443,  2714  ?o;  E.  a. 
Folsom,  $2GG1«I;  Jus.  Richards,  $19289:;  Interest,  $4402!;  Col.  &  Ex.,  3505 

269 


NAREATIVE. 


AUGUST. 


Sold  James  Richard's  draft  on  Duncan,  Sh.  &  Co.  for  $4000,  at  current  rate  of  exchange. 
Issued  Certificate  of  Deposit,  favor  of  Thomas  Jones,  for  $3000. 

Received  from  Exchange  Bk.,  Buf.,  for  their  credit,  sight  draft  on  Merchants'  Bk.,  Cleve.,  for  $15000.  W 
Purchased  at  \%  prem.  the  following  N.  Y.  drafts,  which  we  nave  remitted  Duncan,  Sh.  &  Co.  on  "/c  :  W.  P. 
Pratt  on  Metropolitan  Bk.,  $3500 ;  W.  W.  Harder  on  Culver  &  Penn,  $2000 ;  Ctfct.  Dep.  on  Chemical  Bk., 
$3759  ;  J.  B.  Meriaai  on  P.  Handy  &  Co.,  $1275 ;  II.  D.  Stratton  on  Peter  Cooper,  $5600. 

Purchased,  ®  £  %  discount,  D.  P.  Eells'  sight  draft  on  J.  H.  Goldsmith,  Detroit,  for  $3000.  Sent  the  same  to 
Farmers  &  Mechanics'  Bank  for  our  credit.  W 

Received  from  Burkam  &  Sons,  Chicago,  on  %,  $10000  in  New  York  State  bank  notes,  ©J£  prem.  Re- 
mittod  the  same  to  Duncan,  Sh.  &  Co.,  N.  Y.,  ©  \%  discount.  Paid  express  chgs.  in  cash,  $5.  W 

Purchased,  per  draft  on  Duncan,  Sh.  &  Co.,  $50000  in  U.  S.  6#  Stocks,  C,  $1  °2.  Sent  the  same  to  State  De 
partment  as  basis  for  new  issue  of  circulation. 

Received  the  following  deposits:  Jas.  W.  Lusk,  $900 ;  Lewis  R.  Morris,  $1275 ;  T.  P.  Handy,  $738 ;  E.  L. 
Jones,  $1027;  Jas.  Richards,  $745;  Ingham  &  Bragg,  $839;  Chas  Hickox,  $2940;  Geo.  M.  Penn,  96722;  H. 
D.  Strattou,  $642  so  ;  E.  W.  Mason,  $1575  ;  J.  B.  Meriam,  $2675  ;  "W.  "W.  Harder,  $1000. 

Rccaived  the  folkr.ving  paper  for  collection : 

From  Exchange  Sank,  Buffalo:  H.  P.  Smith's  draft  on  M.  B.  Seolt,  accepted  July  1,  ©  45  ds.,  for  $4000,  pay 
able  at  Merchants'  Bank,  Cleve. ;  J.  P.  Warner's  note  of  $2500,  endorsed  by  James  Sweeney,  at  60  ds. 
from  June  15,  payable  at  City  Bank. 
From  Bank  of  Capitol,  Albany:  B.  F.  Payn's  draft  on  J.  Ilolbrook,  Elyria,  for  $1500,  accepted  July  15,  ©  30 

d^.     Sent  Lorain  Bank,  Elyria. 

From  T.  P.  Handy :  Calvin  S.  Sill's  note  for  $1255,  endorsed  by  G.  S.  Berry,  @  2  mos.  from  June  20,  payable  at 
our  bank;  Henry  Morgan's  note  of  $3500,  endorsed  by  John  Baxter,  @  60  days  from  July  25,  payable 
at  City  Bank. 

From  II.  D.  S'raUon:  John  R.  Penn's  note  of  $1200,  endorsed  by  W.  IT.  Clark,  ©  30  ds.  from  July  17,  pay 
able  at  our  bank;  Alonzo  Mitchell's  note  of  $3750,  endorsed  by  J.  J.  Newell,  ©  60  ds.  from  July  27, 
payable  at  Adrian,  Mich.     Sent  Toledo  Branch  Bank. 
From  Farmers  &  Mechs.''  Bank,  Detroit :    J.  H.  Goldsmith's  draft  on  H.  B.  Bryant,  for  $3000,  accepted  June  14, 

©  60  ds,  payable  at  our  bank. 
From  Chas.  Hickox:  Abram  Van  Wyck's  note  of  $3700,  endorsed  by  Robert  Schuyler,  ©  2  mos.  from  July  17, 

payable  at  Dayton,  0.     Sent  Lafayette  Bk.,  Cin. 
From  Ira  Packard — proceeds  to  bo  remitted :  Charles  Willard's  draft  on  Hubby  &  Hughes  for  $2000,  accepted 

May  17,  ©  90  ds.,  payable  at  our  bank. 
Discounted  the  following  paper: 
For  Edwin  C.  Packard — proceeds  remitted  in  draft  on   D.  Sh.  &  Co.,  N.  Y. :  John  Brewster's  note  of  $3000, 

endorsed  by  John  Wentworth,  @  90  ds.  from  July  22,  payable  in  Chicago.     Sent  Burkam  &  Sons.  (38> 
For  John  S.  Woolion — proceeds  credited:  Lewis  J.  Lyman's  note  of  $1250,  endorsed  by  C.  Shook,  ©  3  mos. 

from  July  27,  payable  at  City  Bank. 
For  W.  W.  Harder— proceeds  credited:  S.  S.  Packard's  draft  on  II.  D.  Stratton  for  $4000,  accepted  July  19,  © 

90  ds.,  payable  at  Metropolitan  Bk.,  N.  Y.     Sent  D.,  Sh.  &  Co. 
For  J.  B.  Meriam — proceeds  credited:  E.  C.  Benedict's  note  of  $3700,  endorsed  by  J.  B.  M.  ©  60  ds.  from  Aug. 

1,  payable  at  our  bank. 
Fjr  Jacob  Hoornbeek — proceeds  credited :    Samuel  Sly's  noto  o'  $'-JOO,  endorsed  by  Thomas  Pen-in  ©  4  mos. 

from  July  22,  payable  at  Sandusky.     Sent  Moss  Bros. 
For  James  Pilchards — proceeds  credited:  Cyrus  Ford's  t>oto  of  $2700,  endorsed  by  Reuben  Hitchcock,  ©  4  mos. 

from  July  28,  payable  in  Detroit.     Sent  Farmers  &  Mechs.'  Bk. 
FJT  E.  G.  Folsom — proceeds  credited:  Samuel  Slick's  accepted  draft  E.  G.  F.'s  fav.  for  $1794,  ©  90  ds.  from 

July  10,  payable  at  Chicago.     Sent  Burkam  &  Sons. 
For  J.  C.  Bryant — proceeds  pail  in  cash:  W.  P.  Spencer's  note  of  $1900,  endorsed  by  Gerritt  Smith,  ©  3  me  a. 

from  July  12,  payable  at  Buffalo.     Sent  Exchange  Bk. 

The  following  discounts  due  at  home,  as  per  Domestic  Tickler,  have  been  piid:  No.  32,  E.  G.  Folsom, 
$1000 — Exchange  $40  ;  No.  50,  Geo.  J.L  Strong,  $3000 ;  No.  55,  Jacob  Harrison,  $1500. 

The  following  discounts  duo  abroad,  as  per  Foreign  Tickler,  are  assumed  to  have  been  paid :  No.  5G,  W.  H. 
Woodbury,  $6000,  sent  Laf.  Bk..  Cin. ;  No.  62,  William  Gray,  $900,  sent  Duncan,  Sh.  &  Co.,  N.  Y. ;  No.  63,  K. 
W.  Mason,  $1500,  sent  Duncan,  Sh.  &  Co.,  N.  Y. ;  No.  64.  J.  C.  Hall.  $2000,  sent  Duncan,  Sh.  &  Co.,  N.  Y.  <"> 
The  following  collections,  payable  in  the  city,  as  p?r  Domestic  Tickler,  have  been  paid:  For  J).,  Sh.  &  Co. 

270 


NARRATIVE. 

No.  70,  $3700.  For  Exchg.  El:,  Buf.,  No.  80.  $4000;  No.  81,  $2500.  For  T.  P.  Handy,  No.  S3,  $1255.  For 
U.  D.  Stratton,  No.  85,  $12oO.  For  Far.  &  Alec/m.'  Bk.,  Del.,  No.  87,  $3000.  Fur  Ira  Packard,  (special),  No. 
69,  $2000. 

The  following  collections,  payable  abroad,  are  assumed  to  have  been  paid:  For  Lafayette  Bk.,  Gin.  No.  G9 
$575,  sent  Fanners'  15r.  Bk.,  Ash.  For  Chas.  Hickox,  No.  72,  $3000,  sent  Eurkam  &  Sons,  Chic.  For  Geo. 
A.  Crocker,  No.  73,  $3000,  sent  Laf.  Bk.,  Ciu.  For  Joseph  P.  Walter,  No.  74,  $1500,  sent  F.  &  Mechs.'  Bk. 
Dot.  For  Hiram  A.  Pryor,  No.  75,  $900,  sent  Burkam  &  Sons,  Chic.  For  Exch.  Bk.,  Buf.,  No.  78,  $7000 
sent  Lorain  Bk.,  Elyria.  For  Bank  of  Cap.,  Albany,  No.  82,  $1500,  sent  Lorain  Bk.,  Elyria. 

Paid  the  following  checks:  N.  C.  Winshnv,  $500,  425;  E.  R.  Felton,  $118,  2563,  194^  123 75 ;  Jacob  Hoorn- 
beck.  $119,  154,  12  ^;  K  L.  Jones,  $194,  183  ^  125  GO,  1500;  Alonzo  Mitchell,  $2000;  Asa  Mahan,  $196, 
18750,  33  i'3;  M.  B.  Scott,  $4000,  12.5;  Henry  Ivison,  $3700,  149,  8763;  II.  D.  Stratton,  $1200,  125,  194,  317; 
II.  B.  Bryant,  $3000,  129,  128,  78  «*;  Eobert  Brown,  $196;  J.  D.  Williams,  $110,  $14475;  W.  II.  Clark,  $175, 
3937.--,  126,  87  50;  Austin  Packard,  $194,  163™  1COO;  "W.  T.  Brooks,  $175,  129,  14=0. 

Tho  following  results  are  taken  from  the  Discount  Register  and  Passed  Collections: 

DISCOUNT  REGISTER— Debits :  Bills  Discounted,  $4950;  Domestic  Exchange,  $14894.  Credits:  John  S. 
Woolson,  $1231 -'5;  W.  W.  Harder,  $3940*  ;  J.  B.  Meriam,  $366115;  Jacob  Hoornbe-k,  146725;  James 
Richards,  $2624  ^;  E  G.  Folsom,  $1759^;  Interest,  $281  •'!;  Col.  &  Exch..  $59  «. 

PASSED  COLLECTIONS — Debits:  Farmers' Br.  Bk.,  Ash.,  $575;  Burkam  &  Sons,  Chic.,  $3000,  900;  Lafayette 
Bk.,  Cin.,  $3000;  F.  &  Mcch.'s  Bank,  Det.,  $1500;  Lcrain  Bank,  Elyria,  $7000,  1500.  Credits:  Duncan,  Sh. 
&Co.,  $3663;  Exch.  Bk.,  Buf.,  $3980,  2487^,  6947™;  T.  P.  Handy,  $1255;  H.  D.  Stratton,  $1200;  Far.  & 
Mcchs.'  Bk.,  Det.,  $3000;  Laf.  Bk.,  Cin.,  $573  X;  Chas.  Hickox,  $297750;  Gco.  A.  Crocker,  $2992 -w;  Joseph 
P.  Walter.  $148375;  Hiram  A.  Pryor,  $S93-5;  Bank  of  Capitol,  Albany,  $1481  '•*•,  Col.  and  Exch.,  $190  19 


SEPTEMBER. 


Sold  W.  E.  Crocker  for  cash  at  par,  our  draft  of  $2000,  on  Farmers  &  McchV  Bank,  Detroit.  (38> 
Received  from  Burkam  &  Sons,  Chicago,  our  Ctfct.  Dep.  No.  3,  $7000,  issued  May  1,  fav.  H.  B.  Bryant 
Received  from  Duncan,  Sh.  &  Co.,  $3000  in  unassorted  Ohio  State  currency,  at  1^  discount,  i.33' 
Issued  Ctfct.  Dep.  fav.  of  R.  C.  Spencer,  Chicago,  for  $3000. 

Received  from  Farmers  &  Mechs.'  Bk.,  Detroit,  $5000  in  Cleveland  city  funds,  for  which  we  give  them  draft 
on  D.,  Sh.  &  Co..  N.  Y.,  at  current  rate  of  exchange. 

Received  from  Lafayette  Bk.,  Cin.,  per  express,  $7500  in  N.  Y.  State  currency,  ©  J^  prem.     Sent  the  same 
to  Exchanp-e  Bk.,  Buf.,  at  par.     Paid  Express  chgs.  in  cash,  $2. 

Received   the  following  deposits:  E.  R.  Felton,   $1575;    N.  C.  Winslow,  $2550;    M.  B.Scott,  $1354 *>; 
.Alonzo  Mitchell,  $2738;   Asa  Mahan,  $1835;  Robert  Brown,  $2793 *>;  H.  B.  Bryant,  $2363;  John  R.  Penn, 
$1456;    J.  D.Williams,   $564  28;  II.  Ivison,   $1200;  W.   II.  Clark,   $1358;   Austin  Packard,   $2700;  Wm.  T. 
Brooks,  $1340;    D.  P.    Eells,  $1490;  E.  W.  Mason,  $1293;  W.  W.  Harder,  $1496;    Geo.  M.  Penn,  $1200; 
H.  D.  Rtratton,  $1278;  Chas.  Hickox,  $1000. 
Paid  rent  of  Banking  House  in  cash,  $333  '^ 
Received  the  following  paper  for  collection  : 

From  Duncan,  Sh.  &  Co. :  J.  Ilardinge's  note  of  $7000,  endorsed  by  Robert  C.  Biddle,  ©  90  ds.  from  July  20, 
payable  in  Detroit.  Sent  Farmers  &  Mechs.'  Bk.  Ivison,  Phinney  &  Co.'s  draft  on  Ingham  &  Bragg 
for  $1500,  accepted  Aug.  12,  ©  30  ds.,  payable  at  Merchants'  Bk.,  Cleve. 

From  Lafayette.  Bk.,  Cin. :  D.  C.  Collins'  draft  on  P.  Hoadley  for  $3750,  accepted  July  12,  ©  60  ds..  payable  at 
our  bank;  John  Fitzsimmona'  sight-draft,  for  $2500,  on  P.  R.  Spencer,  payable  at  Ashtabula.  Sent 
Farmers'  Br.  Bk. 

From  Burkam  &  Sons,  Chic.:  D.  Y.  Bell's  draft  on  S.  Sheldon  for  $1750,  accepted  Aug.  12,  @  30  ds.,  payablo 
at  Oberlin.  Sent  Lorain  Bk.,  Elyria.  Thos.  Howes'  note  of  $2700,  endorsed  by  James  Thompson,  ©  40 
ds.  from  Aug.  15,  payable  at  City  Bk.,  Cleve. 

From  John  R.  Penn:  C.  V.  Culver's  note  of  $1700.  endorsed  by  James  Watson,  ©  30  ds.  from  Aug.  15,  pay 
able  at  Philadelphia.     Sent  Girard  Bank. 
From  T.  S.  Quackenlmsli — proceeds  to  be  remitted  in  cash:  C.  B.  Stout's  draft  on  J.  B.  Cobb  &  Co.,  for  $3000, 

accepted  May  10,  @  4  mos.,  payable  at  our  bank. 

From  J.  B.  Meriam:  His  sight-draft  on  R.  C.  Spencer,  Chicago,  for  $2500.     Sent  Burkam  &  Sons. 
From  Farmers  &  Mechs:  Bank,  Det. :    J.  II.  Goldsmith's  s'lght-draft  on  Bryant,  Stratton  &  Co.,  Cleve.,  for  $3700. 
From  N.  C.  Winslow:    His  draft  for  $1700  on  R.  M.  Bartlett,  Cincinnati,  at  10  ds.  from  Sept.  1.     Sent  La£ 

Bk.,  Cin. 
Issued  Ctfct.  Dep.  for  John  R.  Penn,  fav.  of  N.  Frederick,  Philadelphia,  for  $3975. 

271 


NARRATIVE. 

Received  from  Bank  of  Capitol,  Albany,  our  Ctfct.  Dep.  No.  4,  fav.  Geo.  Eddy,  Albany,  for  $1000.* 
Discounted  the  following  paper: 
For  Jacob  Hinds — proceeds  remitted  in  cash:  Silas  M.  Burroughs'  note  of  $1500,  endorsed  by  J.  Murdock,  © 

60  ds.  from  Aug.  25,  payable  at  Albiuu,  N.  Y.     Sent  Exch.  Bk.,  Buf. 
For  H.  D.  Slratton — proceeds  credited:  Hi.s  draft  on  Ivison,  Phinuey  &  Co.,  N.  Y.,  for  $1500,  ©•  30  ds.  from 

Sept.  1.     Sent  Duncan,  Sh.  &  Co.,  N.  Y. 
For  E.   W.  Mason — proceeds  credited:  T.  Wolcott's  note  of  $1375,  endorsed  by  Roger  Williams,  ®  90  ds.  from 

Aug.  25,  payable  in  N.  Y.     Sent  Duncan,  Sh.  &  Co. 
For  Nelson  Frederick — proceeds  remitted  in  cash :   T.  B.  Peterson's  note  of  $1675,  endorsed  by  Jno.  R.  Penn, 

©  60  ds.  from  Aug.  18,  payable  at  Philadelphia.     Sent  Girard  Bk. 
For  G:o.  A.  Crocker — proceeds  credited:  James  Montgomery's  note  of  $1850,  endorsed  by  N.  Hucker,  @  90 

ds  from  August  20,  payable  in  Buffalo.     Sent  Exchange  Bank. 
FJT  E.  R  Felton — proceeds  credited :  James  Smith's  note  of  $3500,  endorsed  by  Joseph  Cutter,  @  GO  ds.  from 

Aug.  12,  payable  at  Dayton.     Sent  Lafayette  Bk.,  Gin. 
For  W.  H.  Clark— proceeds  credited  :  A.  W.  Smith's  note  of  $3700,  endorsed  by  C.  E.  Delevan,  @  4  mos.  from 

Aug.  16,  payable  at  our  bank. 
For  A.  C.  Taylor — proceeds  in  draft  on  N.  Y.:  Ivisou,  Phinuey  &  Co.'s  note  of  $2700,  endorsed  by  A.  C.  T.,  @  4 

m:>s.  from  Sept.  4,  payable  at  our  bank.  <40> 
For  T.  P.  Randy— proceeds  credited :  M.  B.  Scott's  acceptance  favor  Jonathan  Gillett,  for  $4500,  ©  60  ds.  from 

August  19,  payable  at  Merchants'  Bk.,  Cleve. 
For  Jacob  Hooriibeek — proceeds  credited :  James  Ellison's  note  of  $4300,  endorsed  by  Thomas  Brooks,  @  3  mos. 

from  Septsmber  1,  payable  at  our  bank. 
For  W.  W.  Harder — proceeds  credited:  J.  Simpson's  note  of  $2750,  endorsed  by  Joseph  Guild,  @  45  ds.  from 

Sept.  1,  payable  in  Buffalo.     Sent  Exchange  Bk. 

Paid  the  following  checks:  Inglmm  &  Bragg,  $1500,  175,  125;  Jas.  W.  Luslc,  $114,  125,  317  so,  12S;  Lewis 
R.  Morris,  $1100,  1500,  175;  John  S.  Woolson,  $3000,  2500,  128 "5,  144*8;  T.  P.  Handy,  $146,  192,  238,  1400; 
Jas  Richards,  $5160,  200,  10  "S;  Chas.  Hickox,  $3715,  125,  194  «;  Jno.  R.  Penn,  $2500,  1839*;  1GOo ;  Geo' 
A.  Crocker,  $1297 -s  1400.  215  75  ;  Hiram  A.  Pryor,  $1500,  125,  187  5J;  J.  P.  Walter,  $14673  1200,  1154 '•'  ; 
GJO.  XI.  Penn,  8195,  14.-J8-,  1G8;  E.  G.  Folsom,  $193,  275,  5000;  J.  B.  Meriam,  $1500,  12G">,  134;  D.  P. 
Eells,  $1600,  173  :-r',  191,  126;  E.  W.  Mason,  $1200,  139,  146  "J;  W.  W.  Harder,  $175,  250,  268  «,  314 -H 

The  following  discounts,  payable  at  home,  have  been  paid:  No.  51,  Edward  Savage,  $1500;  No.  59,  Samuel 
Rand,  $6750;  No.  67,  W.  G.  Morton,  $2300;  No.  70,  J.  Sackrider,  $4500. 

The  following  discounts,  payable  abroad,  are  assumed  to  have  been  paid:  No.  54,  sent  Duncan,  Sh.  &  Co., 
$7500;  No.  57,  sent  Girard  Bk.,  Phila.,  $3750;  No.  60,  sent  Burkam  &  Sons,  Chic.,  $1800;  No.  65,  sent  Dun 
can,  Sh.,  &  Co.,  N.  Y.,  $2500;  No.  71,  sent  Laf.  Bk.,  Cin.,  $2750. 

The  following  home  collections,  due  this  day,  as  per  Domestic  Tickler,  have  been  paid :  For  T.  P.  Handy, 
No.  84,  $3500.  For  J).,  Sh.  &  Co.,  No  91,  $1500.  For  Laf.  Bk,,  Gin.,  No.  92,  $3750.  For  Burkam  &  Sons, 
C'/ic.,  No.  95,  $2700.  For  T.  S.  Quackenbush,  (special)  No.  97,  $3000.  For  F.  &  Heclis?  Bk.,  Dd.,  No.  99, 
$3700. 

The  following  foreign  collections,  due  at  this  lime,  as  per  Foreign  Tickler,  are  assumed  to  have  been  paid. 
For  H.  D.  Stratton,  No.  86,  $3750,  sent  Toledo  Br.  Bk.  For  Chas.  Ilickox,  No.  88,  $3700,  sent  Laf  Bk.  Cin.; 
No.  93,  $2500,  pent  Far.  Br.  Bk.,  Ash.  For  Burkam  &  Sons,  Chic.,  No.  94,  $1750,  sent  Lorain  Bk.,  Elyria. 
For  John  R.  Penn,  No.  96,  $1700,  sent  Girard  Bank.  For  J.  B.  Meriam,  No.  98,  $2500,  sent  Burkam  &  Sons, 
Chic.  For  N.  C.  Winslow,  No.  100,  $1700,  sent  Laf.  Bk.,  Cin. 

The  following  results  are  fciken  from  the  Discount  Register  and  Passed  Collections : 

DISOOUXT  REGUSTER — Debits:  Bills  Discounted,  $15200;  Domestic  Exchange,  $14150.  Credits:  II.  D. 
Siratton,  $1491  ">;  E.  W.  Mason,  $135529;  Geo.  A.  Crocker,  $1825  ('°>;  E.  R.  Felton,  346617;  "W.  II.  Clark, 
$363279;  T.  P.  Handy,  $4462™;  Jacob  Hoornbeck,  $4232  03 ;  W.  W.  Harder,  $2728;  Interest,  $357  37 ;  Col. 
&  Ex.,  $8  75 

PASSED  COLLECTIONS— Dtiiis :  Toledo  Br.  Bk.,  $3750;  Laf.  Bk.,  Cin.,  $3700,  1700;  Far.  Br.  Bk.,  Ash., 
$2500;  Lorain  Bk.,  Elyria,  $1750;  Girard  Bk.,  Phil.,  $1700;  Burkam  &  Sons,  Chic.,  $2500.  Credits:  T.  P. 
Handy,  $3500;  Duncan,  Sh.  &  Co.,  $1485;  Laf.  Bk.,  Cin.,  $3750,  24937.r>;  Burkam  &  Sons,  Chic.,  $2700, 
1745  6J;  F.  &  Mechs.' Bk.,  Det,  $3700;  H.  D.  Stratton,  $374062;  Chas.  Ilickox,  $369073;  jonu  R.  penUj 
$1700;  J.  B.  Meriam,  $2481  25;  N.  C.  Winslow,  $1695  75;  Col.  <fc.  Exch.,  $67  23. 


Bank  of  Albany  should  be  credited,  leas  exchange. 

272 


NARRATIVE. 


OCTOBER. 


Received  from  Board  of  Control  $45000  in  our  registered  notes,  which  we  have  had  properly  signed  and  put 
in  circulation. 

Sold  T.  P.  Handy,  for  his  draft  on  Ocean  Bk.,  N.  Y.,  $10000  7i'tf  Treasury  notes,  ©  $1  w  with  back  interest 
added,  $244.     Remitted  the  draft,  for  our  credit,  to  Duncan,  Sh.  &  Co.  i41' 

Sold  the  following  drafts  on  Duncan,  Sh.  &  Co.,  at  the  current  rate  of  exchange :  E.  R.  Felton,  $2000 , 
Jacob  Iloornbeek,  $5000;  John  R.  Penn,  $4370;   Ueo.  M.  Ponn,  $2500. 
Sold  H.  D.  Stratton  draft  on  Lorain  Bk.,  at  par,  $7500. 
Received  from  Franklin  Bk.,  Col.,  in  Cleveland  City  Bank  notes,  $5000. 

Received  from  Girard  Bk.,  Phil.,  our  CertiQcate  of  Deposits  No.  7,  issued  X.  Frederick,  $3975.  (4*>. 
Sold  J.  B.  Meriam,  at  par,  our  draft  on  Toledo  Br.  Bank  for  $6700. 
Received  the  following  paper  for  collection : 

From  Duncan,  Sh.  &  Co.,  N.  Y. :  Clnfflin,   Mellen  &  Co.'s  draft  of  $2750  on  TIenry  W.  Phillips,  @  30  ds.  sight, 
payable  at  our  bank  ;  (")  A.  T.  Stewart's  draft  of  $4675  on  James  Oas,  @  10  ds.  sight,  payable  at  Mer 
chants'  Bk.,  Cleve. 
From  Far.  Br.  Bk.,  Ashtabula :  ITcnry  TV.  Seymour's  note  of  $3000,  endorsed  by  T.  W.  Blake,  ©  3  mos.  from 

July  10,  payable  at  Toledo.     Sent  Toledo  Br.  Bk. 

Frcm  E.  W.  Mason:  His  sight  draft  on  Thomas  Higgins,  Cincinnati,  for  $1900.     Sent  Lafayette  Bk. 
From  Geo.  A.  Crocker:  His  draft,  @  30  ds.  sight,  on  Thomas  Merrill,  Buffalo,  for  $3750.     Sent  Exchange  Bk. 
From  Edwin  C.  Packard — proceeds  to  be  paid  in  cash:  J.  B.  Meriam's  note  of  $500,  @  3  mos.  from  July  15, 

payable  at  our  bank. 

From  John  R  Perm:  L.  Fairbanks'  note  of  $1200,  endorsed  by  Thos.  Swain,  ©  60  ds.  from  Sept.  15,  payable  at 
Sandusky.  Sent  Moss  Bros. ;  "W.  P.  Spencer's  accepted  draft  of  $4000,  ©  30  ds.  from  Sept.  10,  payable 
at  Buffalo.  Sent  Exchange  Bank. 

From  Imjham  &  Bragg :  J.  Hollister's  note  of  $2000,  endorsed  by  Philip  McGuire,  @  30  ds.  from  Sept.  20,  pay 
able  at  our  bank  ;  their  sight  draft  of  $3000  on  W.  B.  Ogden,  Chicago.     Sent  Burkam  &  Sons. 
From  Burkam  &  Sons,  Chicago:  R.  C.  Spencer's  sight  draft  on  II.  B.  Bryant,  Cleve.,  for  $1500;  Thos.  Milligan;s 

note  of  $1700,  endorsed  by  H.  Bradley,  ©  GO  ds.  from  Aug.  12,  payable  at  City  Bank,  Cleve. 
Discounted  the  following  paper : 
For  T.  P.  Handy — proceeds  credited:  His  note  for  $15000,  ©  60  ds.  from  Oct.  1,   endorsed  by  N.  C.  Winslow, 

and  payable  at  Merchants'  Bk.,  Cleve. 
For  Jacob  ILnds — proceeds  remitted  in  cask :  Thomas  Jewett'a  note  of  $6000,  ©  3  mos.  from  Sept.  30,  endorsed 

by  P.  Roberts,  payable  at  X.  Y.  &  E.  Bank.     Sent  Exchange  Bk. 
For  J.   P.  Walter— proceeds  credited :  C.  Y.  Culver's  note  of  $0000,  ©  90  ds.  from  Sept.  25,  endorsed  by  J.  R. 

Pcnn,  payable  at  Culver  &  Brooke's  Bank,  Phil.     Sent  Girard  Bank. 
For  J.  D.  Williams — proceeds  credited:  II.  C.  Spencer's  note  of  $4750,  endorsed  by  Jas.  W.  Lusk,  @  2  mos. 

from  Oct.  1,  payable  at  East  River  Bank,  N.  Y.     Sent  Duncan,  Sh.  &  Co. 
For  I.ujliam  &  Bragy — proceeds  credited  :  Ivison,  Phinney  &  Co.'s  note  of  $7000,  endorsed  by  Ingham  &  Bragg, 

©  4  mos.  from  August  25,  payable  at  Mercantile  Bank,  N.  Y.     Sent  Duncan,  Sh.  &  Co. 
For  Alonzo  Mitchell — proceeds  credited:  E.   Pomroy's  note  of  $5700,  endorsed  by  C.  B.  Jones,  ©  3  mos.  from 

Sept.  30,  payable  at  Adrian,  Mich.     Sent  Toledo  Br.  Bk. 

For  Robert  Brown — proceeds  credited :  Philip  Sampson's  note  of  $2500,  endorsed  by  Thomas  Mason,  ©  3  mos. 
from  Sept.  20,  payable  at  our  bank;  John  Simpson's  note  of  $1500,  endorsed  by  Robert  Brown,  ©  60  ds. 
from  Oct.  1,  payable  at  Sandusky.  Sent  Moss  Bros. 

For  E.  L.  Jones — proceeds  credited :  H.  P.  Smith's  note  of  $6000,  endorsed  by  Alex.  Kent,  ©  4  mos.  from  Sqpt 
1,  payable  at  Buffalo,  sent  Exchange  Bank;  Henry  Martin's  note  of  $2000,  endorsed  by  J.  Moore,  ©  90 
ds.  from  Sept.  25,  payable  at  City  Bank,  Clevo. 

Received  the  following  deposits :  J.  W.  Lusk,  $1500;  Lowis  R.  Morris,  $1975;  John  S.  "Woolson,  $2500; 
E.  L.  Jones,  $2725  ;  Jas.  Richards,  $4000  ;  Ingham  &  Bragg,  $4379  ;  H.  A.  Pryor,  $1700  ;  J.  P.  Walter,  $1475  ; 
E.  G.  Folsom,  $4300;  E.  R.  Felton,  $2000  ;  T.  P.  Handy,  $2750;  Alonzo  Mitchell,  $2000  ;  J.  R.  Penn,  $1500; 
II.  Ivison,  $1750;  Chas.  Hickox,  $2400;  W.  II.  Clark,  $1800;  Geo.  M.  Penn,  $1575;  II.  D.  Stratton,  $2750 ; 
W.  W.  Harder,  $1825. 

Received  from  Duncan,  Sh.  &  Co.  our  Certificate  of  Deposit  No.  5,  issued  Aug.  1,  fav.  Thos.  Jones,  $3000. 
Certified  John  R.  Penn's  check  for  $425. 

Paid  the  following  checks  :  N.  C.  Winslow,  $125,  1752.'',  212™,  1025;  E.  R.  Felton,  $2020,  500,  1275.  210, 
Jacob  Iloornbeek,  $5050,  112«>,  500;  M.  B.  Scott,  $975,  124 T',  112 *>,  200;  E.  L.  Jones,  $175,  144,  1200; 

18  273 


NAREATIVE. 

A !onzo  Mitchell,  $230,  195,  417  ^>;  Asa  Mali  an,  $170,  129,  312  «>,  18325;  Robert  Brown,  $183,  125,  800;  K 
B.  Bryant,  jjT23,  1456,  125,  317;  J.  D.  Williams.  $194,  125,  100;  H.  Ivison,  $145,  217,  359^;  \y.  H.  Clark, 
$119,  14850,  129 7i-;  .Austin  Packard,  $119,  1445",  500;  J.  P.  Walter,  $217,  250,  31950;  -\y.  T.  Brooks,  $500, 
T29,  12 7  •"»;  H.  D.  Sirattou,  $7500,  19i«-,  229^,  112^,  400;  D.  P.  Eells,  $14450,  123,  1200;  E.  W.  Mason, 
$175,  219,  515,  163*;  W.  W.  Harder,  $300,  438 «  127  W;  J.  R.  penn,  $441370;  Geo.  M.  Penn,  $2525;  J. 
B.  Meriam,  $ti700,  148,  112*'. 

Tiie  following  discounts  payabb  at  home,  as  per  Domestic  Tickler,  have  been  paid:  No.  73,  $1960  ;  No.  76, 
$1250;  No.  78,  $J7i-0;  NJ.  91,  $4500. 

The  following  discounts  payable  abroad,  as  per  Foreign  Tickler,  are  assumed  to  have  been  paid :  No.  66, 
$1500;  No.  69,  $1575;  No.  74,  $500;  No.  75,  $3000;  No.  77,  $4000;  No.  81,  $1794;  No.  82,  $1900;  No. 
83,  $1500;  No.  84,  $1500;  No.  86,  $1675;  No.  88,  $3500;  No.  93,  $2750  <«J 

The  following  Jiome  collections  due  this  day,  as  per  Domestic  Tickler,  have  been  paid:  No.  102,  $4675;  No. 
106,  $500;  No.  103,  $2000;  No.  Ill,  $1500;  No.  112,  $1700. 

The  following  foreign  collections  due  this  day,  as  per  Foreign  Tickler,  are  assumed  to  have  been  paid:  No. 
90,  $7000;  No.  103,  $3000;  No.  104.  $1900  ;  No.  108,  $4000;  No.  110,  $3000. 

The  following  results  are  taken  from  the  Discount  Register  and  Passed  Collections: 

DISCOUNT  REGISTER— Debits :  Bills  Discounted,  $19500;  Domestic  Exchange,  $36950.  Credits:  T.  P. 
Handy,  $14842  «>;  J.  P.  Walter,  $5913;  J.  D.  Williams.  $4699  '3 ;  Ingham  &  Bragg,  $6897  S4;  Alonzo  Mit 
chell,  $5583  15;  Robert  Brown,  $24=65  42,  1480  B0 ;  E.  L.  Jones,  $5905,  1971 ;  Int.,  $753  61 ;  C J.  &  Ex.,  $32  25. 

PASSED  COLLECTIONS. — Debits.  F.  &  Mechs.'  Bank,  Det.,  $7000.  2955;  Toledo  Br.  Bk.,  $3000;  Laf.  Bk., 
Gin.,  $1900  :  Exch.  Bk.,  Buf.,  $4000;  Burkam  &  Sons,  $3000.  Credits:  Duncan,  Sh.  &  Co.,  $4628 S8,  6877 B0; 
Ingham  &  Bragg,  $2000,  2977  60;  Burkam  &  Sons,  $1500,  1700;  E.  W.  Mason,  $1895 M;  J.  R.  Penn,  $4000; 
CoL  &  Ex.,  $204. 


NOVEMBER. 


Sold  J.  B.  Meriam  draft  on  Exch.  Bk.,  Buf.,  @  J-?  prem.,  $1500. 

Reed,  from  Farmers  &  Mechs.'  Bk.,   Det,  $3000  in  N.  T.  Slate  currency,  @  \%  prem.     Sent  the  same  to 
Duncan,  Sh  &  Co.,  N.  Y.,  per  express,  @  y0  discount.     Paid  Express  chgs.  in  cash,  $25!\ 

Sold  J.  C.  Bryant,  for  cash  at  current  rate  of  exchange,  our  draft  on  Duncan,  Sh.,  &  Co.,  fof  $3500. 
Certitied  M.  B.  Scott's  check  of  $3000. 

Received  from  Lafayette  Bk.,  Cin.,  Cleveland  city  notes,  $10000. 

Sold  the  Wowing  drafts  on  Duncan,  Sh.  &  Co.,  at  current  rate  of  exchange:  Jacob  Hoornbeek,  $2000;  Jas. 
Richards,  $5600 ;  Alonzo  Mitchell,  $3500 ;  T.  P.  Handy,  $10000. 

Issued  the  following  Certificates  Deposit :  Geo.  A.  Crocker,  for  C.  Jones,  Buf.,  $2000 ;  J.  D.  Williams,  for 
J.  Gray,  N.  Y.,  $1500 ;  Ingham  &  Bragg,  for  J.  W.  Lusk,  N.  Y.,  $4000. 

Received  the  following  paper  for  collection : 

From  Duncan,  Sh.  &  Co.,  N.  Y. :  Peter  Snyder's  note  of  $5700,  endorsed  by  Ivison,  Ph.  &  Co.,  N.  Y.,  ©  3  mos. 
from  Sept.  1,  payable  at  Toledo.  Sent  Toledo  Br.  Bk.  M.  B.  Scott's  accepted  draft  of  $3000,  favor  of 
D.  W.  Fish,  @  30  ds.  from  Oct.  1,  payable  at  our  bank. 

From  Lafayette  Bk.,  Gin.:  D.  C.  Collins'  sight-draft  on  Robert  Smith,  of  Cleveland,  for  $1500. 
F.ont  Toledo  Br.  F,k. :  Ira  Packard's  note  of  $3750,  endorsed  by  James  Richards,  ®  30  (Is.  from  October  10, 

payable  at  Merchants'  Bank,  Clevo. 
From  Ejxha-nge  Bk,  Buf. :  James  Cook's  note  of  $1450,  endorsed  by  F.  J.  Fithian,  ©  6  mos.  from  Juno  15, 

payable  at  Commercial  Br.  Bank,  Cleve. 

From  D.  P.  E'-!ls  :  His  draft  at  30  ds.  from  Oct.  1,  on  Smith  &  Nixon,  Cin.,  for  $7000.     Sent  Laf.  Bk.,  Gin. 
From  Aia  Mohan :  Timothy  Smith's  note  of  $5000,  endorsed  by  Robert  Runtoul,  ©  60  ds.  from  Sept.  15,  pay 
able  at  our  bank. 
From  Lewis  R.  Morris  :  II.  Sullivan's  note  of  $3500,  endorsed  by  Jacob  Simmons,  at  3  mos.  from  August  12, 

payable  at  City  Bk.,  Cleve. 
From  Ira  Packard — proceeds  to  be  remitted  in  cash;  J.  C.  Bryant's  note  of  $900,  ©  2  rno.s.  from.  Sopt.  20,  pay- 

ablo  at  our  bank. 
Discounted  the  following  paper : 
For  Alonzo  Mitchett — proceeds  credited:  William  Tlubbard's  note  of  $3000,  endorsed  by  Chas.  King,  ©  4  mos. 

from  Nov.  1,  payable  at  Oswego.     Sent  Bank  of  Capitol,  Albany. 

For  Clias.  Hickox — proceeds  credited :  His  draft  of  $6000  on  John  R.  Wheeler,  Buffalo,  @  60  ds.  from  Nov.  1. 
Sunt  Exchange  Bk.,  Buf.  J.  Hind's  note  of  $1500,  endorsed  by  H.  Newell,  at  3  inos.  from  Oct.  27,  pay 
able  at  Tonawanda,  N.  Y.  Sent  Exchange  Bk.,  Buf. 

274 


NARRATIVE. 

For  Jennison  C.  Hall— proceeds  remitted  in  cash:  His  note  of  $4000,  endorsed  by  Crocker  &  Guild,  a  fiC  is. 

from  Oct.  29,  payable  at  Providence,  R.  I.     Sent  Duncan,  Sh.  &  Co.,  N.  Y. 
For  J.  D.  Williams— proceeds  credited :  P.  C.  Schuyler's  note  for  $7000,  endorsed  by  Clark,  Austin  &  Maynard, 

©  3  mos.  from  October  20,  payable  at  our  bank. 
For  Henry  Ivison— proceeds  credited:  A.  C.  Taylor's  note  of  $7500,  endorsed  by  C.  B.  Stout,  ©  2  mos.  fiom 

Nov.  1,  payable  in  New  York.     Sent  Duncan,  Sh.  &  Co. 
For  Austin  Packard— proceeds  credited:  His  note  of  $35.00,  endorsed  by  Packard  &  Seymour,  ©  3  mos.  from 

Oct.  18,  payable  at  City  Bank,  Cleve.;  II.  L.  Dawes'  note  of  $3000,  endorsed  by  A.  Packard,  at  4  mos. 

from  Nov.  1,  payable  at  Fulton  Bk.,  N.  Y.     Sent  Duncan,  Sh.  &  Co. 
For  George  A.  Crocker— proceeds  credited :  John  W.  Gantz'  note  of  $4500,  endorsed  by  John  II.  Williams,  ® 

3  mos.  from  October  15,  payable  at  our  bank. 
For  Geo.  M.  Perm— proceeds  credited:  Thos.  Seymour's  note  of  $4000,  endorsed  by  Jacobs  &  Smollett,  ©  6 

mos.  from  Oct.  10,  payable  at  Com.  Br.  Bk.,  Cleve. 
For  E.  G.  Folsom— proceeds  credited.     His  note  of  $6000,  endorsed  by  Philip  Garrett,  ©  3  mos.  from  Nov.  1, 

payable  at  our  bank;  James  Seaton's  note  of  $2700,  endorsed  by  Thomas  Handel,  @  3  mos.  from  Oct. 

25,  payable  at  R.  K.  Swift's  Bank,  (^licago.     Sent  Burkam  <fc  Sons. 

Received  the  following  deposits:  N.  C.  Winslow,  $1500;  Jacob  Hoornbeek,  $3750;  M.  B.  Scott,  $975; 
Asa  Mahan,  $1735;  IT.  B.  Bryant,  $1230 ;  Geo.  A.Crocker,  $2900;  Austin  Packard,  $1975;  W.  T.  Brooks, 
$1325;  J.  B.  Meriam,  $2500;  D.  P.  Eells,  $3000;  E.  R.  Felton,  $460;  J.  W.  Lusk,  $475;  Lewis  R.  Morris, 
$G35;  John  S.  Woolson,  $1400;  Jas.  Richards,  $1400;  John  R.  Penn,  $1500;  Chas.  Hickox,  $1230. 

Paid  the  following  checks:  J.  B.  Meriam,  $1515,  230,  140;  J.  Hoornbeek,  $2020,  195,  14™;  J.  Richards, 
$5656,  2000,  125;  Alonzo  Mitchell,  $3535,  175,  144;  T.  P.  Handy,  $10100,  1500;  Geo.  A.  Crocker,  $2000, 
1700;  J.  D.Williams,  $1500,  134,  18'5;  Ingham  &  Bragg,  $4000,  2500,  1350;  Henry  Ivison,  $1400,  125, 
140;  Chas.  Hickox,  $15000,  1275;  Robert  Brown,  $12000,  560,  129;  E.  G.  Folsom,  $7000,  500,  150;  Geo. 
M.  Penn.  $1400,  3000,  125-,  J.  P.  Walter,  $3000,  2000,  175,  195;  W.  W.  Harder,  $5000,  150;  M.  B.  Scott. 
$4000,  175,  1250;  E.  L.  Jones,  $10000,  145,  125;  Jas.  W.  Lusk,  $8000,  2750;  John  S.  Woolson,  $2400,  125, 
175,  18  ™. 

The  following  discounts,  due  to-day,  as  per  Ticklers,  have  been  paid:  Domestic — No.  68,  $5000.  Foreign — 
No.  79,  $1500;  No.  85,  $1375;  No.  87,  $1850. 

The  following  collections,  due  this  day,  as  per  Ticklers,  have  been  paid:  Domestic — No.  101,  $2750;  No.  114, 
$3000;  No.  115,  $1500;  No.  116,  $3750;  No.  119,  $5000;  No.  120,  $3500;  No.  121,  $900.  Forciyii.—Xu. 
105,  $37.-C;  No.  107,  $1200;  No.  118,  $7000. 

The  following  results  are  taken  from  the  Discount  Register  and  Passed  Collections: 

DISCOUNT  REGISTER — Debits:  Bills  Discounted,  $25000;  Domestic  Exchange,  $27700.  Credits:  Alonzo 
Mitchell,  $2938  ™;  Chas.  Hickox,  $5937,  147750;  J.  D.Williams,  $690317;  H.  Ivison,  $7420;  Austin  Pack 
ard,  $3452  ",  2938  SJ;  Geo.  A.  Crocker,  $444150;  Geo.  M.  Penn,  $3891  ^3;  E.  G.  Folsom,  $5905,  2640  is; 
Interest,  $794*5;  Col.  and  Exch.,  $20  «. 

PASSED  COLLECTION'S — Debits:  Exch.  Bk.  Buf.,  $3750;  Moss  Bros.,  Sandusky,  $1200;  Lafayette  Bk.,  Cin., 
$7000.  Credits:  Duncan,  Sh.  &  Co.,  $2722  «>,  2970;  Laf.  Bk.,  Cin.,  $1500;  Tol.  Br.  Bk.,  $3750;  Asa  Mahan, 
$5000  ;  L.  R.  Morris,  $3500;  Geo.  A.  Crocker,  $3750;  J.  R.  Penn,  $1197;  D.  P.  Eells,  $6982  50;  Col.  &  Ex., 
$78. 


DECEMBER. 


Received  from  Burkam  &  Sons,  Chic.,  our  Ctfct.  Deposit,  No.  6,  fav.  R.  C.  Spencer,  $3000. 
Received  from  Girard  Bank,  Phila.,  J.  R.  Penn's  Certified  Check  of  Oct.  1,  $425. 
Paid  Cash  for  M.  B.  Scott's  Certified  Check  of  Nov.  1,  $3000. 

Received  the  following  deposits :  W.  W.  Harder,  $3700  ;  H.  D.  Stratton,  $2750  ;  J.  R.  Penn,  $1760;  Robt. 
Brown,  $5000;  Jas.  Richards,  $1600;  T.  P.  Handy,  $1275;  Jas.  W.  Lusk,  $5600;  M.  B.  Scott,  $4500;  N. 
C.  Winslow,  $1500;  E.  G.  Folsom,  $1700;  W.  T.  Brooks,  $3000. 

Received  the  following  pnper  for  collection  : 

From  Duncan.  Sh.  &  Co. :  Francis  &  Lontrel's  note  of  $3000,  endorsed  by  Ivison,  Phinney  &  Co.,  at  60  ds.  from 
Nov.  17,  payable  at  Oberlin.  Sent  Lorain  Bank,  Elyria.  W.  E.  Crocker's  draft  of  $3000  on  Ingham  <fc 
Bragg,  Cleve.,  @  10  ds.  from  Nov.  25;  J.  H.  Johnston's  draft  of  $1500  on  Simeon  Jones,  Ashtabula,  @ 
30  ds.  from  Nov.  15.  Sent  Farmers'  Br.  Bk.,  Ash. 

From  Burkam  &  Sons,  Chic. :  Wm.  H.  Denison's  note  of  $3000,  endorsed  by  Philip  Jones,  at  60  ds.  from  Oct. 
10,  payable  in  Cleveland. 

275 


NAKRAT1VE. 

From  Franklin  Bank,  Col. :  Thaddeus  Stevens'  note  of  $1200,  endorsed  by  J.  H.  Baker,  @  30  days  from  NOY 

10,  payable  at  Merchants'  Bk.,  Cleve. 
From  Lafayette  Bk.,  Cin.:  Thomas  McCook's  draft  of  $1000   on  Peter  Simpkins,  Cleveland.  @  10  ds.  from 

l\Tov.  28. 

From  Exchange  Bk.,  Buffalo:  Chas.  Jones'  draft  of  $1500  on  A.  Stager,  Cleveland,  @  60  ds.  from  Oct.  15. 
From  Iron  City  Bk.,  Pittsburg:  James  Wood's  note  of  $1750,  endorsed  by  Hiram  A.  Pryor,  @  3  inos.  from 

Sept.  19,  payable  at  our  bank. 
From  E.  E.  Felton  :  James  McCormick's  draft  of  $2000  on  Smith  &  McCormick,  Chicago,  at  30  ds.  from  Dec.  1. 

Sent  Burkam  &  Sons,  Chic. 
From  John  S.  Woolson :  His  draft  on  "Woolson  &  McFarland,  Mt.  Pleasant,  Iowa,  for  $2500,  @  GO  ds.  from  Nov. 

12.     Sent  Burkam  &  Sons,  Chic. 
Discounted  the  following  paper : 
For  W.  W.  Harder — proceeds  credited:  His  note  of  $15000,  endorsed  by  Theo.  W.  Dwight,  @  4  mos.  from  Dec. 

1,  payable  at  our  bank. 
For  E.  W.  Mason — proceeds  credited:  J.  C.  Hall's  note  of  $12000,  endorsed  by  Simeon  Jones,  @  90  ds.  from 

Nov.  20,  payable  at  Providence,  R.  I.     Sent  Duncan,  Sh.  &  Co.,  N.  Y. 
From  D.  P.  Edls — proceeds  credited:  Samuel  Jackson's  note  of  $7000,  endorsed  by  Patrick  Gallagher,  @  3 

mos.  from  Nov.  30,  payable  at  our  bank. 
For  Tlieron  W.  Woolson — proceeds  in  cash:  John  Simson's  note  of  $8000,  endorsod  by  Urial  Driggs,  @  4  mos. 

from  Nov.  20,  payable  at  Niagara  River  Bank,  Buffalo.     Sent  Exchange  Bk. 
For  B.  M.  Worthington — proceeds  in  cash:  Thos.  King's  note  of  $7500,  endorsed  by  Chas.  West,  at  GO  ds.  from 

Dec.  1,  payable  at  Portland,  Me.     Sent  Duncan,  Sh.  &  Co. 
For  If.  A.  Pryor — proceeds  credited  :  B.  K.  Phillip's  note  of  $GOOO,  endorsed  by  Jones  &  Tillinghast,  @  4  mos. 

from  Nov.  12,  payable  at  Pittsburg.     Sent  Iron  City  Bank. 
For  W.  H.  Clark — proceeds  credited:  His  draft  of  $5000  on  Bryant,  Stratton  &  Co.,  Brooklyn,  at  GO  ds.  from 

Dec.  1.     Sent  Duncan,  Sh.  &  Co. 
For  W.  T.  Brooks — proceeds  credited:  Bradford  &  Renick's  note  of  $8000,  endorsed  by  H.  D.  Stratton,  ©  3 

mos.  from  Nov.  20,  payable  at  Hartford,  Conn.     Sent  Duncan,  Sh.  &  Co. 
For  Robert  Brown — proceeds  credited:  Samuel  Smiley's  note  of  $10000,  endorsed  by  H.  Norman  Smith,  at  3 

mos.  from  Dec.  1,  payable  at  our  bank. 
For  Edwin  C.  Packard — proceeds  in  cash:   Stetson  Eaton's  note  of  $7500,  endorsed  by  Philip  Carr,  @  90  ds. 

from  Dec.  1,  payable  at  Milwaukee.     Sent  Burkam  &  Sons,  Chic. 

The  following  discounts,  due  this  day,  as  per  Ticklers,  have  been  paid:  Domestic — No.  89,  $3700;  No.  92, 
$4300;  No.  94,  $15000;  No.  100,  $2500;  No.  103,  $2000.  Foreign:  No.  72,  $2758;  No.  80,  $2700;  No. 
96,  $6000;  No.  97,  $4750;  No.  98,  $7000;  No.  101,  $1500. 

The  following  collections,  due  this  day,  as  per  Ticklers,  have  been  paid:  Domestic — No.  117,  $1450;  No. 
123,  $3000;  No.  125,  $3000;  No.  126,  $1200;  No.  127,  $1000;  No.  128,  $1500;  No.  129,  $17-50.  Foreign 
—No.  113,  $5700;  No.  124,  $1500. 

The  following  checks  have  been  paid:  T.  P.  Handy,  $15000;  Ingham  &  Bragg,  $3000,  575,  1400,  212  «>; 
W.  W.  Harder,  $12000,  750,  112<5;  E.  W.  Mason,  $10000;  D.  P.  Eells,  $7000,  125;  H.  A.  Pryor,  $3000. 
1200,  325  C7  ;  W.  H.  Clark,  $200,  3000,  19-5;  W.  T.  Brooks,  $1750,  2300,  11875;  Robert  Brown,  $5000,  1750, 
12  ?»;  Geo.  M.  Penn,  $1500,  175;  E.  G.  Folsom,  $2000,  175,  18750;  J.  B.  Meriam,  $1400,  11275  238  &o;  Jacob 
Hoornbeek,  $500,  175,  1275,  39  W;  Alouzo  Mitchell,  $2000,  12963  1750;  H.  B.  Bryant,  $10000;  E.  L.  Jones, 
$8500,  21250;  M.  B.  Scott,  $1200. 

The  following  results  are  taken  from  the  Discount  Register  and  Passed  Collections: 

DISCOUNT  REGISTER — Debits:  Bills  Discounted,  $32000;  Domestic  Exchange,  $54000.  Credits:  W.  W. 
Harder,  $14690;  E.  W.  Mason,  $11836;  D.  P.  Eells,  $689267;  H.  A.  Pryor,  $5896;  W.  H.  Clark,  $4947  ™: 
W.  T.  Brooks,  $7888 ;  Robert  Brown,  $9845 ;  Interest,  1349  16 ;  Collection  and  Exchange,  $56  25. 

PASSED  COLLECTIONS — Debits:   Toledo  Br.  Bk.,  $5700;    Far.  Br.  Bk.,  Ash  tabula,  $1500.     Credits;  Exch. 
Bk.,  Buf.,  $144275  149250;  Duncan,  Sh.  &  Co.,  $2970,  562875  1481  25;  Burkam  &  Sons,  Chic.,  $3000;  Franklin 
Bk.,  Col.,  $1200;  Lafayette  Bk.,  Cin.,  $1000;  Iron  City  Bk.,  Pitts.,  $174125;  Collection  &  Exchange,  $14350. 
Received  from  Duncan,  Sh.  &  Co.,  statement  of  our  %  with  them  for  the  past  six  months.     Our  average  of 
deposits  amounts  to  $45028  °5,  for  which  they  allow  us  1£#  interest,  $675  42. 

Received  from  State  Department  semi-annual  interest  on  Public  Stocks,  3j»  on  $90000. 
Received  from  Farmers  &  Mechs.'  Bk.,  Detroit,  currency  to  balance  a/c,  $7824. 
Sold  P.  Hood  draft  on  Exch.  Bk.,  Buf.,  ©  \%  prem.,  $568  50. 
Received  from  Burkam  &  Sons,  Chic.,  Cleve.  currency  on  a/c,  $5000. 

276 


NARRATIVE. 

Received  from  Moss  Bros.,  Sandusky,  currency  to  balance  %,  $4800. 

Paid  Salaries  as  follows:  President,  $1000;  Cashier,  $750;  First  Teller,  $600;  Second  Teller,  $500; 
Bookkeeper,  $500 ;  Assistant  do.,  $400  ;  Porter,  $200. 

The  several  accounts  showing  gains  and  losses  are  now  closed  into  the  general  Loss  and  Gain  account,  pre 
paratory  to  declaring  the  second  semi-annual  dividend.  The  condition  of  these  accounts  is  as  follows :  Shoiving 
Gain — Treasury  Notes,  $1700;  Collection  and  Exchange,  $1432  «;  Interest,  $763535.  Showing  Loss — 
Expense,  $4283  ^.  The  net  gain  during  six  months  is  $6484  M. 

Declared  dividend  of  2£,  setting  the  amount  aside  in  the  Dividend  %,  and  transferring  the  balance  to 
Reserved  Profits  %. 

The  General  Ledger  now  exhibits  the  following  balances : 


Duncan,  Sli.  &  Co  

5078 

96 

Capital  Stock     ... 

200000 

Bills  Discounted     

59700 

Deposits   

297551 

•>o 

Domestic  Exchange  . 

99400 

Office  Notes  

80000 

Cash    

259582 

16 

Dividend 

4000 

Lafayette  Bank,  Cin  

11965 

44 

Reserved  Profits 

3431 

45 

Public  Stocks    

87400 

Iron  City  Bank  Pitts 

1141 

25 

Exchange  Bank,  Buf.      

9000 

Fixtures  

575 

.^ 

Burkam  &  Rons 

14042 

62 

^^ 

Bank  of  Capitol      

12528 

65 

.^ 

Toledo  Branch  Bank            .     . 

8250 

.x^^ 

Far.  Br.  Bk.,  Ashtabula  

1582 

50 

^^ 

Franklin  Bank  Col  

3100 

./"^ 

Lorain  Bank  Elyria 

5150 

^//^> 

Girard  Bank,  Philadelphia  .... 

8768 

57 

^^ 

586123 

90 

586123 

90 

The  Deposit  Ledger  shows  the  following  balances: 


11230 
11645 
6277 
7228 
6715 
12652 
7239 
4726 
6614 
8023 
12019 
7436 
5634 
8435 
11792 
14864 
14719 
11322 
14576 
12194 
11075 

44 
60 
02 
77 
88 
32 
42 
47 
22 
24 
22 
74 
14 
45 
58 
98 
83 
97 
16 
50 
80 

Brought  Forward      .... 

J.  P.  Walter      
"W.  T.  Brooks     

206425 

6097 
11784 
6601 
12050 
11448 
7500 
6363 
15999 
10379 
9298 

7.5 

52 
25 
97 
57 
44 

94 
(55 
67 
04 

N.  C.  Winslow  

E.  R   Felton      .... 

Jacob  Hoornbeek  ....          . 

Geo.  M.  Penn    

M.  B.  Scott  
J.  W.  Lusk  

E.  G.  Folsom     

H.  D.  Strattou  ....          .     . 

Lewis  R.  Morris    

J   S   Woolson  

J  B   Mcriaiu 

T.  P.  Handy     

D.  P.  Eells    

Jas.  Richards    ....               .     . 

E  "W  Mason     .     .     . 

Alonzo  Mitchell     

"W.  "W.  Harder  .     .     . 

Robert  Brown  . 

303949 

80 

Chas   Ilickox    

2068 
4330 
297551 

50 
10 
20 

John  R.  Penn  

Geo  A   Crocker 

J  D.  Williams  

IT.  B.  Bryant     

If.  Ivison      

\V.  H.  Clark      

E.  L.  Jones   

Austin  Packard     

Amount  Forward     .... 

303949 

80 

206425 

75 

277 


EXPLANATORY    NOTES. 


EXPLANATORY  NOTES. 

(1)  This  Act  provides,  among  other  things,  ns  follows : 

•  [Capital  to  be  paid  in.] 

SEO.  4.  "  Every  such  banking  company,  before  commencing  business,  shall  have  paid  in  and  remaining  in  its 
possession,  bonafole,  the  property  of  such  company,  for  the  sole  purposes  of  such  company,  sixty  per  centum  of  its 
entire  capital  stock,  and  the  residue  shall  be  paid  in  in  such  installments  as  may  be  required  by  the  directors  of 
fciiy  such  company. 

[Basis  of  Issue.] 

SEC.  7.  Whenever  any  company,  formed  for  the  purpose  of  Banking  under  the  provisions  of  this  Act,  shall  law 
fully  transfer  to  the  Auditor  of  State  any  portion  of  the  public  stock  issued  or  to  be  issued  by  the  State  of  Ohio, 
or  by  the  Unite  1  States,  such  company  shall  be  entitled  to  receive  from  the  Auditor  an  equal  amount  of  such  circu 
lating  notes  of  different  denominations,  registered  and  countersigned  as  aforesaid  :  but  such  public  stock  shall  in 
all  cases  be,  or  be  made  to  be  equal  to  a  stock  of  this  State  producing  at  least  five  per  centum  interest  per  annum ; 
f  nd  it  shall  not  be  lawful  for  the  Auditor  to  take  such  stock  at  a  rate  above  its  par  value,  or  above  its  current  market 
value — provided  that  the  Auditor  shall  not  furnish  to  such  company  circulating  notes  to  an  amount  more  than 
three  times  the  amount  of  the  capital  stock  of  such  company  actually  paid  in.  and  remaining  in  such  bank  uudimiu- 
ished  by  losses.  ***** 

[To  Circulate  as  Money.] 

SEC.  8.  Every  such  company  is  hereby  authorized,  after  having  executed  such  circulating  notes,  In  tli3  manner 
herein  required,  to  make  them  obligatory  promissory  notes  payable  on  demand,  at  its  place  of  business  within  the 
State ;  to  loan  and  circulate  the  same  as  money,  according  to  the  ordinary  course  of  banking  business.  *  *  *  * 

[  Coin,  for  Redemption.'] 

SEC.  19.  Each  company  shall,  at  all  times,  have  on  hand,  in  gold  and  silver  coin,  or  their  equivalent— one  half, 
at  least,  of  which  shall  be  in  gold  and  silver  coin — in  its  vault,  an  amount  equal  to  thirty  per  centum  of  the  amount 
of  its  outstanding  notes  of  circulation. 

(2)  As  one  great  source  of  our  profits  will  be  the  Selling  of  drafts  on  New  York  at  a  premium,  it  becomes  essen 
tial  that  we  should  get  as  large  a  credit  with  our  New  York  correspondent,  and  at  as  little  cost  as  possible.    It  will, 
in  feet,  often  happen,  that  we  can  make  debts  which  are  to  mature  at  our  bank,  payable  in  New  York  currency, 
without  any  extra  consideration,  which  should,  of  course,  be  done.    It  is  quite  customary  in  discounting  paper  to 
make  the  amount  payable  in  New  York,  which  is  equivalent  to  an  additional  rate  of  interest ;  and  which,  if  volun 
tarily  paid,  does  not  subject  the  bank  to  the  penalties  for  usury. 

(3)  When  deposits  are  made  they  are  accompanied  with  "  Deposit  Checks,"  an  example  of  which  may  be  seen 
on  page  116.     These  checks  are  usually  filed  by  the  Receiving  Teller  during  banking  hours.     When  the  Journals 
are  written  up,  which  is  usually  done  after  the  bank  is  "  closed  "  to  customers,  the  deposit  checks  are  taken  from 
the  file,  and  entered,  one  after  the  other,  to  the  credit  of  the  parties  whose  names  appear  thereon.    This  plan 
enables  the  Teller  to  attend  more  promptly  to  customers,  and  avoids  the  liability  to  err  in  entering  up  deposits 
during  the  confusion  of  business.     In  banks  doing  sufficient  business  to  employ  assistant  Tellers,  the  same  object 
is  attained  by  having  one  person  receive  the  money  and  anothei  enter  up  the  credits.     In  very  extensive  houses 
even  this  labor  is  subdivided. 

(4)  This  check  ($505)  will  be  found  among  those  enumerated  at  the  close  of  the  day's  business,  and  of  courso 
is  not  to  be  entered  simultaneously  with  the  draft.    It  is  not  thought  necessary  to  designate,  in  every  instance,  the 
particular  sums  paid  ly  check,  as  the  facts  will  be  apparent  in  the  denominations  of  the  checks  entered  in  their 
proper  order. 

(5)  When  cash  is  paid  on  check,  the  check  is  filed  and  counts  as  cash  during  business  hours.     The  checks  arc 
then  collected  and  properly  assorted,  getting  those  of  each  dealer  together,  and  the  entries  made  and  extended  as 
per  example  in  Debit  Journal. 

(6)  Drafts  may  be  drawn  at  so  many  days  from  date,  or  from  sight ;  the  difference  being  that  in  one  case  they 
commence  maturing  when  drawn,  and  in  the  other,  when  accepted.     In  recording  paper  on  the  Discount  Register, 
the  student  will  bo  careful  to  note  the  date  at  which  maturity  commences,  which  should  be  entered  in  the  "  date  " 
column.    The  draft  here  mentioned,  although  drawn  at  "  60  days'  sight,"  and  not  to  be  paid  until  63  days  from 
the  date  of  its  acceptance  in  New  Yock,  we  have  reckoned  as  running  from  the  date  of  discount.    The  difference 
cannot  exceed  two  days,  and  we  can  well  afford  to  waive  even  a  greater  consideration  in  view  of  the  advantage  in 
exchange.     This  is  the  first  transaction  resulting  in  again  to  the  bank,  and  illustrates  one  of  its  most  important  func 
tions — that  of  loaning  money  on  interest.     Bank  usage  warrants  us  in  reckoning  the  interest  on  the  face  of  the  note 
($5000),  while  the  money  actually  loaned  is  the  difference  between  the  interest  thus  computed  and  the  face  of  the 
note  ($494750).     In  loaning  its  capital  the  bank  is  actuated  by  two  leading  impulses:  first,  to  secure  the  greatest 
good  to  its  stockholders,  and  next,  to  accommodate  its  friends  or  dealers.    Other  things  being  equal,  when  dis 
crimination  is  to  be  made  in  its  offerings,  the  bank  should  give  preferenco  to  those  who  have  been  its  best  cus- 

278 


EXPLANATORY    NOTES. 

tomers,  or  who  Lave  kept  the  largest  and  most  uniform  average  on  deposit.  When  discounts  are  made  in  favor  ol 
a  dealc'i-,  as  in  this  case,  tue  net  proceeds  are  entered  to  his  credit  as  a  deposit. 

G)  Duncan,  Sherman  &  Co.  bjing  our  New  York  correspondent,  we  of  course  send  them  all  collections  and 
discounts  payable  in  that  city  and  vicinity,  and  also  draw  upon  them  for  our  New  York  exchan  e.  For  full 
instruction  in  this  and  similar  cases,  the  studei  t  should  refer  to  the  article  on  "  Correspondence,"  page  256. 

(8)  These  stocks  were  purchased  at  less  than  their  nominal  value,  suea  being  the  market  rates.  Were  we  to 
reckon  them  at  their  nominal  value,  and  credit  "  Exchange  ''  for  the  difference,  there  would  seem,  to  be  a  profit  of 
this  amount,  which  would  not  b-  warranted  by  the  facts,  and  would  be  quite  apt  to  mislead  us  in  declaring  our 
dividends,  which  the  law  says  "must  be  made  from  t'.ie  ea,rnlnys  of  the  institution,  and  not  from  its  capituV 

(9>  Inasmucn  as  the  stocks  remain  the  property  of  the  bank,  though  held  by  the  Department  as  security  for  the 
redemption  of  our  issue,  no  entry  of  this  traiislbr  need  bj  made  ia  our  principal  books.  The  property  has  passed 
from  our  custody,  but  not  from  our  possession. 

(!'•»  It  is  plain  that  the  addition  of  these  notes  to  our  circulation  will  increase  our  working  capital  by  just  that 
amount.  As,  however,  this  is  not  a  gratuity,  but  simply  a  permission  to  issue  and  redeem  our  own  paper,  we  can 
not  add  the  amount  to  our  resources  without  increasing  our  liabilities  in  the  same  proportion.  We  have  simply 
borrowed  $35000  on  our  own  notes,  payable  "  on  demand."  We  therefore  credit  Bills  Payable,  or,  what  is  the 
same  in  cfl'ect,  "Office  Notes,"  thereby  debiting  Cash. 

(H)  By  referring  to  the  collections  in  the  Dom^t'ic  and  Foreign  Ticklers,  the  student  will  see  that  the  paper 
here  enumerated  falls  due  at  this  time.  Concerning  tint  whieh  is  p.iyable  in  our  own  city,  we  of  course  know 
whether  it  is  paid,  as  we  receive  the  money ;  as  to  the.  foreign  collections,  we  have  to  depend  upon  our  corre 
spondents,  knowing  that  if  the  paper  sent  them  is  not  mob  at  maturity,  they  will  notify  us  without  delay.  It  i> 
usual,  therefore,  to  date  the  Foreign  Tickler  fa"  enough  forward  to  cover  the  usual  contingency  of  the  mails,  and 
to  assume  all  paper  as  paid  of  which  we  have  receive  1  no  notice  of  protest.  The  entry  in  this  case  consists  <u' 
transferring  these  collections  from  the  Ticklers  to  the  "  Passe. I  Collections,"  charging  our  correspondents  with  tl  e 
proceeds  of  the  foreign,  collections,  and  crediting  the  parties  f jr  whom  collected;  or  paying  over  the  amount,  as 
the  case  may  be. 

(12)  It  must  be  borne  in  mind  that  the  paper  fulling  due  at  our  bank,. unless  by  special  agreement  otherwise, 
is  payable  in  currency.     As  our  account  with  Duncan,  Sherman  &  Co.  is  kept  in  the  currency  of  New  York  city,  we 
can  not,  of  course,  nfford  to  give  them  credit  fo»  thef.tce  of  payments  made  here  ;  as  by  that  process  we  should  lo.^e 
the  current  exchange — which  we  have  assumed  to  be  1£.    We  therefore  credit  them  the  amount  of  the  draft 
($3000),  less  1^  ($30),  which  we  credit  to  our  o^vu  Exchange  %. 

(13)  This  note  has  for  payer  one  of  our  dealers,  and  it  is  fair  to  presume  that,  inasmuch  as  he  has  a  balance  0:1 
deposit,  he  will  not  deem  it  necessary  to  send  tin  cash.     He  will  cither  draw  Ijis  check  for  the  amount,  or  allow 
us  to  hold  the  note  as  a  check,  to  be  charged  and  filed  in  the  same  manner  as  other   checks.     This  latter  plan  is 
adopted  by  some  business  men,  and  \A  preferable  on  some  accounts.     The  only  plausible  objection  against  it  is 
that  the  sense  of  security  it  affords  to  the  business  man,  may  render  him  less  vigilant  in  preparing  for  the  payment 
of  his  obligations  by  keeping  sufficient  funds  on  deposit.     However,  this  objection  has  no  force  if  the  system  of 
business  record  is  such  as  will  keep  these  facts  prominent. 

(i<)  The  gru.de  of  the  currency  in  any  locality  is  regulated  in  a  great  measure  by  the  banks.  Whatever  is  l>ank- 
alle  passes  readily  at  par.  When  banks  are  paying  fieir  creditors  specie,  it  is  scarcely  possible  for  gold  and  silver 
to  be  at  a  premium,  from  the  fact  that  paper  money  arid  other  bank  credits  will  command  it  at  par.  If,  however, 
owing  to  the  scarcity  of  the  precious  metals,  or  <;o  financial  revulsions  and  panic,  specie  payments  are  suspended, 
gold  and  silver  will  immediately  appreciate,  or,  what  is  the  same,  paper  currency  will  depreciate  in  value.  So 
long,  however,  as  paper  money  is  used  for  the  general  purposes  of  trade,  it  will  continue  in  circulation,  and  remain 
t'.ie  standard  of  currency ;  as  it  is  an  inevitabl  3  law  of  political  economy  that  the  poorest  currency  permitted  to  pass 
at  par  will  fill  the  channels  of  circulation  to  t'.ie  exclusion  of  the  more  valuable.  Canada  money,  which  is  at  \%  dis 
count  in  Cleveland,  is  at  par  in  Detroit,  while  Detroit  currency  is  at  only  \%  discount  in  Cleveland.  It  is  clear, 
therefore,  th  t  if  we  buy  Canada  funds,  and  remit  the  same  for  our  credit  to  Detroit,  we  shall  make  \%  on  the 
amount,  less  the  express  charges  ;  which  will  make  our  actual  gain  in  this  transaction  §33 "5. 

(is)  As  these  notes  do  not  enter  into  circulation  like  the  Government  currency,  but  are  held  by  us  as  a  lo.in, 
we  open  a  separate  account  with  them,  charging  it  with  their  cost.  It  may  seem  anomalous  that  Government 
securities,  producing  7T*<r;«  interest,  could  bo  had  at  less  than  their  nominal  value  while  money  is  freely  loaned  on 
personal  security  @  G^.  Tins  is  but  one  of  the  various  phenomena  presented  in  the  financial  world,  and  shows  the 
influence  which  popular  apprehension  has  in  fixing  the  value  of  any  class  of  credits.  The  "  7 is  Treasury  Notes  " 
were  issued  upon  the  authority  of  Congress,  a?  a  imans  of  obtaining  loans  fro  n  the  people  t>  aid  the  Government 
in  its  efforts  to  put  down  the  rebellion.  T'.ie  rate  of  interest,  payable  semi-annually  in  specie,  was  fixed  unprece- 
dcntedly  high,  and  the  entire  resources  of  the  country  pledged  for  the  payment  of  both  principal  and  interest ; 
and  yet,  such  was  the  reluctance  of  the  people  to  try  the  new  channel  of  investments,  or  their  temporary  appre 
hensions  as  to  the  final  result  of  the  measure,  aided  to  a  great  extent  by  the  combination  of>  unprincipled  capitalists 
who  had  a  direct  personal  interest  in  reducing  the  rates  to  the  lowest  possible  figure,  that  for  a  time  this  class  of 
securities  was  forced  far  below  its  intrinsic  value. 

(10  In  this  case  it  is  understood  that  the  draft  shall  commence  maturing  from  the  date  of  its  acceptance,  which 
will  be  upon  its  arrival  in  New  York.  By  due  course  of  mail  this  would  take  two  days.  We  have,  therefore, 

279 


EXPLANATORY    NOTES. 

m  tele  the  date  March  3.  This  draft,  being  payable  in  New  York,  is  worth  to  us,  when  it  matures,  a  premium  of 
I*,-'.  We  cim  well  afford  to  take  it  at  par,  tiie  twelve  days'  interest  we  lose  being  only  one  fourth  of  what  we  gain 
by  exchange. 

(•'>  T.iis  note  is  payable  in  Chicago  currency,  whic'i  is  kl  below  our  own.  Consequently,  we  charge  Mr.  Penn 
not  only  the  regular  rate  of  intercut,  but  the  ix-gular  exchange  on  the  lace  of  his  note  added  to  our  charges  for  col 
lection. 

(is)  These  transactions  are  among  the  most  common  of  bank  routine,  and  easily  understood.  Tleir  proper 
record  requires  the  opening  of  two  special  account*  in  the  Deposit  Ledger,  viz.,  "  Certified  Checks  "  and  "  Cer 
tificates,"  bath  of  which  are  mere  variations  of  depositors'  accounts.  The  Certificates  of  Deposit  and  Certified 
Checks  (examples  of  which  are  given  iii  tais  connection),  are  simply  deferred  payments  on  depositors'  orders,  and 
&=,  the  obligations  are  assumed  under  the  signature  of  the  proper  bank  officers,  they  become  a  species  of  bills  pay 
able,  and  may  be  grouped  under  collective  heads,  instead  of  appearing  in  the  separate  accounts  of  the  actual  parties 
at  whose  instance  the  credits  are  made.  Were  we  to  defer  charging  the  drawer  with  this  check  until  presented 
for  payment,  there  might  be  danger  of  his  account  being  overdrawn.  So  far  as  the  drawer  is  concerned,  the  check 
iap-iidwhen.  its  payment  is  assumed  by  certification;  and  if  his  own  bank  account  is  properly  kept,  this  fact 
will  appear.  It  would  be  admissible  to  file  a  memorandum  of  this  check,  entering  it  up  with  the  "  checks  paid  " 
at  tne  close  of  the  day.  It  is  more  usual,  however,  to  make  a  separate  record  of  such  transactions,  which  plan  we 
have  adopted. 

(!'•>>  This  transaction  involves  a  somewhat  intricate  entry,  and,  if  properly  studied,  will  exhibit  to  the  student 
one  of  the  most  i  teresting  features  in  banking.  It  is  evident  tluit  two  sources  of  profit  are  presented,  viz.,  one 
from  interest,  in  discounting  the  note,  and  the  other  from  exchange,  in  selling  the  draft.  The  problem  is  exceed 
ingly  simple,  involving  only  the  plainest  application  of  percentage.  The  entry  is  first  made  in  the  Discount 
Register,  where  the  interest  ($42)  is  credited,  and  the  proceeds  ($3958)  shown  as  cash.  This  latter  amount  is  to 
bj  invested  in  a  draft  worth  \%  premium.  The  following  is  the  simplest  process  : 

3958+1.01  =  3918.81,     the  face  of  the  draft ; 
Therefore,  3958-3918.81=39.19,  the  premium. 

The  complete  entry,  when  properly  recorded,  will  be:  Bills  Discounted,  Dr.  $4003;  Duncan,  Sh.  &  Co.,  Cr. 
$',918.81 ;  Interest,  Cr.  $42  ;  Exchange,  Cr.  $39.19. 

(20)  This  bill  of  expenses  being  for  the  permanent  fixtures  of  the  bank,  sue1.!  as  counter.-;,  furniture,  safe,  gas 
fixtures,  etc.,  it  is  not  deemed  proper  to  charge  it  to  the  general  Expense  %  as  a  loss.     In  the  first  place,  there  is 
intrinsic  valuo  in  the  property,  and  next  it  remains  from  year  to  year  without  sensible  diminution.     If  we  should 
apply  the  amo;uit  against  the  first  year's  gains,  we  might  be  unable  to  declare  a  dividend.     We  have,  therefore, 
opene  i  a  "  Fixtures  "  %,  which  will  remain  on  our  books  as  a  resource  until   our  gains  accumulate  sufficiently  to 
cancel  it  without  affecting  our  dividends. 

(21)  The  one  thing  about  which  banks  should  be  careful,  is  to  secure  the  prompt  payment  of  the  debts  which 
acsruc  from  loans.     Ordinarily  the  loans  are  made  to  dealers,  and  the  only  security  demanded  is  the  endorsement 
of  well-known  responsible  parties.     In  this  case,  neither  the  borrower  nor  the  endorser  is  a  denier,  and  neither  is 
sufficiently  known  to  the  bunk  officers  to  warrant  the  venture  of  so  largo  a  sum.     An  additional,  or  "collateral" 
security,  is,  therefore,  required.     The  Eailroad  Bonds  thus  pledged   are  to  be  held  by  the  bank  until  the  note 
matures,  when,  if  it  is  paid,  they  are  delivered  up.     If,  however,  the  payment  fails,  the  bank  has  power  to  sell  the 
bonds  at  public  auction  or  otherwise,  applying  the  proceeds  to  the  payment  of  the  note  and  all  expenses  legally 
incurre  I ;  the  balance  to  be  paid  over  to  the  proper  persons.     In  cases  of  this  kind  it  is  usual  for  banks  to  take 
Collateral  Notes,  an  example  of  which  is  given  on  page  333. 

(22)  This  note  was  discounted  for  M.  B.  Scott,  who  is   also,  one  of  the  endorsers,  and  whom  we  hold,  wi  Ji 
olhers,  for  its  payment.     The   expense  of  protest  is,  of  course,  his  expense  and  not  ours ;  and  while  our  corre 
spondent  will  look  to  us  for  the  protest  fees,  we  have  our  remedy  in  the  parties  to  the  note.     It  is  true  that  ve 
still  hold  the  note  in  our  possession,  and  having  served  the  notice  of  protest  on  the  proper  parties,  we  are  entitled 
to  the  baneSt  of  their  endorsements,  which  will,  in  all   probability,  render  the  payment  sure.     However,  having 
failed  of1  b/mg  piii  at  maturity,  it  is,  in  business  language,  "  disgraced,"  and  should  no  longer  hold  a  place  with 
our  unloubte.l  resources.     Wo  have,  therefore,  opened  an  account  with  "Protested  Paper,"  which  we  debit  with 
tb.3  amoirnt  of  note  and  protest  fees  ;  crediting  Domestic  Exchange  with  the  face  of  the  note,  and  Exchange  Bank 
with  the  protest  fees.     We  are  nware  that  this  may  seem  a  rather  formal  proceeding  in  reference  to  a  note  that  will 
prob  ib  y  bj  paid  upon  being  presented  to  its  endorsers  ;    but  the  opportunity  is  taken  to  illustrate  a  point  which 
t.ie  sta  le'it  should  understand,  and  to  impress  upon  the  mind  the  importance  of  guarding  one's  business  repu 
tation  by  promptness  against  the  suspicions  which  are  always  engendered  by  suffering  paper  to  go  to  protest. 

(23)  In  the  ordinary  legal  process,  some  time  would  elapse  before  realizing  upon  securities  of  this  kind ;  but  in 
the  pre<e:it  ca.se  we  have  taken  the  precaution  of  evading  the  lagal  formalities  of  foreclosure  in  a  written  permis 
sion  to  sell  'mmedMel'/  upon  failure  to  pay.    See  "  Collateral  Note,"  pa?e  333. 

<2J)  Al: hough  by  the  terms  of  our  charter  we  are  not  permitted  to  de^I  in  stocks  with  a  view  to  speculation,  we 
have,  nevertheless,  the  risrht  to  protect  our  own  interests.  In  this  case  we  have  loaned  $20000  cash  on  what  wo 
dceme  1  ample  security  ;  but  from  some  cause,  which  we  have  reason  to  believe  temporary,  the  security  has  depre 
ciated  in  value  ;  so  that,  being  exposed  to  public  sale,  it  does  not  realize  sufficient  to  pay  our  demanJs.  It  is  now 

280 


EXPLANATORY    NOTES. 

optional  with  us  to  let  it  pass  into  other  hands,  receiving  ourselves  only  the  proceeds  to  apply  on  our  claim, 
or  to  purchase  it,  hoping  a  more  favorable  turn  of  affairs.  If  we  become  the  owners  by  purchase,  under  these  cir 
cumstances,  we  have  every  right  to  sell  to  the  best  advantage. 

CS)  The  theory  of  which  this  is  ua  application  is  distinctly  set  forth  in  Note  2  of  this  scries.  The  note  13 
made  payable  with  exchange ;  which  mtans  simply  that  when  it  is  paid  we  shall  charge,  in  addition  to  its  face,  1£, 
or  the  rate  of  exchange  on  New  York.  The  sagacious  student  will  readily  discover  that  this  is  a  covert  method 
of  evading  the  usury  law  ;  and  that  the  shorter  the  time  allowed  on  this  class  of  notes,  the  larger  will  be  the  per 
centage  of  interest.  While  the  particular  currency  in  which  the  note  is  to  be  paid  may  be  expressed  upon  its  face, 
it  is  also  well  to  mark  it  in  the  Tickler.  The  simple  contraction  "  Ex."  in  the  "  Eemarks"  column  is  sufficient. 

(26)  There  are  two  classes  of  collections  constantly  maturing  at  our  bank ;  one  for  our  re:ular  dealers  and  cor 
respondents,  and  the  other  for  strangers  and  banks  with  which  we  keep  no  account.  \Vhcn  those  of  the  former 
class  are  paid,  we  immediately  credit  the  owners  with  the  amount;  the  proceeds  of  the  latter  class  wo  either  imme 
diately  remit  to  the  proper  parties,  or  hold  as  a  special  deposit  till  called  for.  Thus  no  entry  is  made  of  these 
special  collections  in  the  main  books.  "VVo  are  aware  that  this  practice  is  not  pursued  by  all  banks;  some  adopting 
the  plan  of  opening  a  temporary  special  account,  and  passing  the  cash  through  the  regular  channel. 

W)  It  is  customary  with  banks  to  receive  on  special  deposit  from  its  dealers,  valuable  articles  of  various  kinds, 
euch  as  j  jwelry,  plate,  and  even  packages  of  money,  merely  for  safe-keeping.  Any  special  deposit  is  to  be  paid 
back  in  the  identical  article,  and  not  in  something  of  ita  kind,  as  when  one  deposits  cash  on  account,  and  cheeks 
out  in  amounts  to  suit  his  convenience.  When  special  deposits  are  made,  it  is  not  necessary  that  any  entry  should 
be  made  in  the  principal  books,  although  some  banks  adopt  the  plan  of  entering  all  conk,  whether  special  or  other 
wise,  and  reckoning  it  among  cash  items.  "We  have  adopted  a  different  pl.m  in  tl.is  case ;  simply  giving  thj 
depositor  a  receipt  for  the  package,  and  making  a  memorandum  in  a  book  kept  for  that  purpose.  Upon  the  return 
of  the  receipt,  the  package  will  be  delivered  to  its  proper  owner. 

(28)  The  practice  of  paying  interest  on  deposits  is  strongly  discountenanced  by  financiers,  a*  opposed  to  the  truo 
spirit  and  theory  of  banking,  and  as  destructive  of  one  important  means  of  prosperity  ;  although  m.my  banks  resort 
to  it  as  a  method  of  increasing  their  working  capital,  and  to  compete  successfully  with  rival  institutions.  It  ia 
customary  and  proper,  however,  when  banks  receive  and  keep  large  average  balances  belonging  to  correspondents, 
to  pay  a  small  percentage  of  interest.  "We  have  sanctioned  this  practice  iu  the  adjustment  of  our  account  with 
Duncan,  Sherman  &  Co. 

(;9)  The  student  is  aware  that  the  necessary  entries  for  getting  the  special  gains  and  losses  into  one  account 
may  be  made  either  through  the  Journals,  the  same  as  current  transactions,  or  by  the  method  already  fully  endorsed 
in  this  work,  of  red  ink  transferring  entries  in  the  Ledger.  Our  choice  is  decidedly  for  the  latter  method,  and  wo 
have  used  it  here.  We  have  also  closed  up  all  the  running  accounts  having  more  than  one  entry,  and  brought 
down  the  balances  ;  which,  although  not  absolutely  necessary,  enables  us  to  enter  upon  another  semi-annual  career 
with  n  simple  statement  of  resources  and  liabilities,  instead  of  the  long  unfooted  columns  of  the  past  six  months. 

(30;  No  prudently-conducted  joint-stock  institution  will  adopt  the  practice  either  of  declaring  a  dividend  which 
shall  entirely  exhaust  its  earnings,  or  of  borrowing  the  means  for  such  dividend  when  the  earnings  have  not  been 
sufficient.  The  latter  method  is  sometimes  adopted  for  the  purpose  of  presenting  a  bold  front  to  the  public,  and 
keeping  up  the  market  value  of  stocks  ;  but  the  practice  is  most  pernicious,  and,  if  persevered  in,  must  end  in 
embarrassment,  if  not  in  utter  ruin.  In  fact,  the  law  recognizes  no  such  rights,  but  explicitly  provides  that  all 
dividends  to  stockholders  shall  be  made  "  from  the  earnings,"  and  not  from  the  capital.  There  can  be  no  plau?ib!o 
excuse  for  departing  from  this  plain,  conservative  policy,  except  in  cases  of  extraordinary  and  temporary  reverses 
which  are  morally  sure  to  bo  soon  counteracted ;  and  even  under  such  circumstances  prudence  would  dictate  tho 
withholding  of  dividends  to  stockholders  which  have  to  ba  borrowed  from  the  public.  So  far  are  those  institu 
tions  which  stand  fair  in  public  esteem  from  following  this  destructive  policy,  that  they  make  a  uniform  practice  of 
not  only  not  declaring  profits  which  have  not  been  realized,  but  of  setting  aside  a  part  of  the  real  earnings  to 
guard  agninst  future  contingencies.  This  is  a  most  commendable  plan,  as  it  serves  the  double  purpose  of  increas 
ing  the  working  capital  of  the  bank  by  permitting  its  earnings  to  accumulate  instead  of  bei::g  drawn  out  by  stock 
holders,  and  of  establishing  its  reputation  upon  a  sound  bar-is,  thereby  increasing  its  usefulness  and  adding  to  tho 
value  of  its  stock.  We  have  given  shape  to  this  policy  by  setting  aside  a  part  of  the  earnings  (§946 '-'2)  in  i 
"Reserved  Profits"  account,  thereby  restricting  the  first  dividend  to  2%,  which,  under  the  circumstances,  should 
be  more  than  satisfactory  to  the  stockholders.  The  "  Dividend"  account,  as  it  now  stands,  will,  of  course,  show 
an  amount  owing  by  the  bank  to  stockholders.  As  fast  as  the  stockholders  are  paid  dividend  will  be  debited  until 
the  amount  is  exhausted  and  the  account  canceled. 

(3D  It  must  be  remembered  that  while  our  account  with  Duncan,  Sh.  &  Co.,  is  kept  in  N.  Y.  currency,  tho 
bank  dividends  arc  payable  in  our  own  currency.  Therefore,  if  we  pay  them  in  New  York  funds,  they  must  stand 
the  exchange.  The  draft,  with  \<?r  added,  should  amount  to  $400. 

(32)  The   entries  required  for  this  in  the  Debit  and  Credit  Journals  are  taken  from  tho  Discount  side  of  the 
"  Foreign  Tickler."     The  student  will  not  forget  that  the  check  "  Pd.  &  Ent.,"  in  the  "  Remarks  "  column,  signi 
fies  that  not  only  are  the  bills  credited  as  paid,  but  the  parties  to  whom  the  payments  are  made  are  properly 
debited  for  the  same. 

(33)  This  draft  being  payable  in  Cleveland  currency,  will  not  pay  an  equal  amount  in  Bnffdo  currency,  which  is 
the  standard  adopted  as  between  us  and  our  Buffalo  correspondent.    The  probabilities  are  that  this  draft  was  pur- 

281 


EXPLANATORY    NOTES. 

chased  at  a  sufficiently  large  discount  to  make  it  an  object  for  our  correspondent  to  remit  it  to  us  on  % .  We 
credit  the  Buffalo  bank  with  the  amount  of  the  draft,  less  the  current  raie  uf  discount  (i£)  which  we  credit  to  Collec 
tion  and  Exchange.  The  effect  with  us  it;  precisely  similar  to  that  of  drawing  a  draft  on  Buffalo  at  t$  premium, 
and  taking  our  pay  in  Cleveland  currency. 

(34)  This  draft  is  payable  in  Detroit  currency,  while  our  %  with  Farmers  &  Mechanics'  Bank  is  kept  in  Cleve 
land  currency,  which  is  \%  prem.  at  Detroit.     Our  Detroit  correspondent  will,  therefore,  credit  us  with  the  face  of 
the  draft  less  i?,  while  we  debit  him  the  same.     Our  gain  in  the  transaction  will  be  i,Z  of  the  face  of  the  draft. 

(35)  This  transaction  enables  our  Chicago  correspondent  to  cancel  a  portion  of  his  «£  with  us  at  a  profit  to  him 
self—provided  the  N.  Y.  funds  were  received  by  him  at  par— while  it  enables  us  to  get  funds  in  the  hands  of  our 
IN.  Y.  correspondent  at  a  cost  of  i;/,  besides  the  express  charges.     On  receipt  of  the  money  from  Chicago,  we  credit 
r.urkam  &  Sons  $10025,  and  debit  Collection  and  Exchange  $25.    On  remitting  to  K.  Y.,  we  charge  Duncan,  Sh. 
&  Co.,  $9975,  and  Collection  and  Exchange,  $25  +  5. 

06)  The  previous  entries  of  this  kind  will  leave  no  doubt  in  the  student's  mind  as  to  the  process  and  results. 
There  are,  in  this  transaction,  three  elements  of  gain — first,  the  interest  oa  the  note  ;  second,  the  charges  for  Col 
lection  and  Exchange  ;  and  third,  the  premium  on  the  N.  Y.  draft.  In  making  the  calculations,  first  ascertain  the 
proceeds  of  the  discounted  note,  in  Cleveland  currency ;  and  next,  the  face  of  a  draft  which,  with  \%  premium 
added,  will  amount  to  said  proceeds. 

(™)  Inasmuch  as  we  charge  our  N.  Y.  correspondent  a  percentage  on  collections  made  for  him  out  of  our  own 
city,  it  is  but  fair  to  presume  that  he  will  exact  the  same  of  us  ;  for  aside  from  the  services  rendered  in  making  the 
collection,  it  is  probable  the  funds  in  which  it  is  paid  are  not  at  par  in  New  York.  For  the  suke  of  exactness,  and 
t )  give  the  student  the  benefit  of  the  variety  afforded  by  the  record,  we  have  assumed  the  charges  for  the  collection 
in  this  instance  to  be  i  ',  or  $3.  Duncan,  Sh.  &  Co.  then  should  be  debited  $1995,  and  Col.  &  Exch.  $5. 

CS)  The  payment  of  this  draft  by  our  Detroit  correspondent,  in  Tils  own  currency,  will  not,  of  course,  cancel  an 
equal  amount  of  his  indebtedness  to  us,  which  is  reckoned  in  our  currency,  the  difference  being,  according  to  our 
understanding,  5','.  AVe  therefore  credit  Farmers  &  Mechs.'  Bank  with  the  face  of  the  draft,  less  the  rate  «f  exchange, 
and  "Collection  &  Exch."  with  the  difference,  thus  realizing  a  gain  of  $10,  the  difference  in  exchange. 

('")  In  a  regular  banking  business  it  is  probable  that  transactions  like  this  would  be  of  very  frequent  occur 
rence.  As  we  are  the  regular  correspondent  of  Duncan,  Sh.  &  Co.  for  this  locality,  it  is  much  more  convenient  for 
them  to  send  this  mixed  currency  to  us  than  to  send  it  homo  to  fie  various  banks  issuing  it,  with  whom  they 
have  no  account.  It  has  probably  been  purchased  by  them  at  a  much  higher  rate  of  discount  than  they  allow  us. 
The  margin  allowed  us,  J^  is  for  assorting  and  sending  home.  Y/c  can  either  do  this  or  pay  it  out  over  our  coun 
ter  in  the  regular  discharge  of  our  business. 

(-0)  This  kind  of  transaction  has  been  repeated  so  frequently  that  the  student  will  need  no  hints  as  to  the  pro 
cess  of  entry.  The  proceeds  being  set  down  in  the  Discount  Register  as  "  Cash,  there  may  be  clangor  of  omitting 
to  credit  Duncan,  Sh.  &  Co.  with  the  draft.  To  avoid  this  omission  the  better  plan  would  be  to  enter  it  immedi 
ately,  instead  of  waiting  for  the  results  to  be  entered  up  from  the  Discount  Register,  as  is  the  practice  with  the 
other  credits  of  proceeds.  In  actual  business  there  would  be  no  such  liability  to  omission,  as  when  the  draft  was 
drawn  the  drawee  would  be  credited. 

(ii)  These  Treasury  Isotcs  were  purchased  far  less  than  their  nominal  value,  at  a  time  of  general  depression, 
mid  before  the  financial  policy  of  the  Government  was  understood,  or  the  willingness  of  the  people  to  assist  in 
bearing  the  burden  of  suppressing  the  rebellion  had  been  tested.  As  soon,  however,  as  the  public  mind  began  to 
settle  down  to  the  new  condition  of  things,  and  patriotism  and  confidence  to  displace  hesitation  and  distrust,  the 
advantages  of  this  national  loan  become  at  once  so  apparent  that  almost  every  one  who  had  money  unemployed 
sought  to  invest  it  in  securities  which  were  at  once  so  safe  and  remunerative.  The  consequence  was  a  sudden  rise 
i:i  this  class  of  stocks.  TV'e  have  taken  advantage  of  this  buoyancy,  and  realized  a  generous  margin  on  our  invest 
ment.  The  interest  on  these  notes  is  payable  scmi-annually,  accumulating  at  the  rate  of  two  cents  per  day  on 
every  hundred  dollars.  In  disposing  of  them,  this  accumulated  interest  must  not  be  lost  sight  of.  This  transac 
tion  presents  two  elements  of  gain — the  appreciation  of  the  notes  and  the  accumulation  of  interest.  Treasury 
ITotes  should  be  credited  with  the  proceeds  of  the  notes,  and  Interest  with  the  gain  from  this  source. 

(13  Our  account  with  Girard  Bank  is  kept  in  Philadelphia  currency,  which  is  l</0  better  than  our  own.  Our 
certificate,  therefore,  being  payable  in  Cleveland  currency,  can  be  received  by  us  only  at  its  Philadelphia  value, 
vhich  ij  1^  discount.  "We  credit  Girard  Bank  with  a  sum  which,  with  \<f0  added,  will  amount  to  $3975  ;  and  Col. 
i;nd  Lxch.  with  the  premium. 

(£)  A  draft  drawn  at  "  sight,"  or  at  so  many  days'  sight,  commences  maturing  from  the  date  of  presentment. 
A  bank  receiving  such  paper  for  collection  imphedly  engages  to  present  it  immediately,  as  any  delay  in  this  partic 
ular  would  wrongfully  keep  tlio  owner  from  his  money.  In  recording  paper  of  this  kind  in  our  Collection  Regis 
ter,  we  shall  assume  the  date  of  record  as  the  time  from  which  maturity  commences. 

0»)  Inasmuch  as  the  student  has  a  full  description  of  these  notes,  both  in  his  Discount  Register  and  Ticklers, 
a  reference  to  them  by  numbers  alone  is  deemed  sufficient.  Caro  should  be  taken  in  recording  them  as  paid  wt  to 
omit  to  debit  t'.ie  parties  to  whom  paid. 


282 


DEBIT    JOURNAL. 

Cleveland,    O.,    January.,    1862. 


._ 

LF. 

Col.  &  Ex. 

Deposits.               General 

Duncan,  Sh.  &  Co.  Remitted  as  follows: 

n.  B.  Bryant  on  Ocean  Bk. 

5000 

J.  B.  Meriain  on  Cont.  Bk. 

7500 

Ctfct.  Dep.  Met.  Bk.       .     . 

10000 

W.  H.  Clark  on  D.,  Sh.  &  Co. 

15000 

Expense                      Blank  Books,  Stationery,  eta 

150 

N.  C.  Win  slow       505,  100     

Of\K 

E.  H.  Felton           18^,  25,  no,  125    ... 

298      75 

Jacob  Hoornbeek  500,  175,  25-'«,  19,  12,  no 

841       50 

Jas.  W.  Lusk          175,  125  M,  13  "•>,  112,  200 

626      25 

Lewis  R.  Morris     118,12^,142,19^.    .    . 

291       80 

John  S.  Woolson    14»»,  no    

124      50 

T.  P.  ITandv               1500.  500     

10 

James  Richards      113,1960,144,12     .    .    . 

288      60 

.1  1 

Alonzo  Mitchell      200,  120,  13  '»     .... 

333      75 

13       Robert,  Thrown           12.  190  

209 

1  ."> 

Charles  Hickox       

1  QO 

1  ti 

H.  B.  Bryant          

snnn 

1  7 

2500 

3 

Duncan,  Sh.  &  Co.  T.  P.  Handy,  ou  Ocean  Bk. 

150 

30000 

4   i    Bills  Discounted      Per  Discount  Register  .    . 

4000 

Domestic  Exch.        "     "      " 

5000 

Col.  AT,  F.Yc.h     

1  "0 

i  ^n 

o 

J 

1  K 

i  ^  QAO       is         11  Tno 

8 

Cash  Cr.                 Total  Disbursements    . 

15 

88102 

I 

283 


DEBIT  JOUKNAL. 

3  Cleveland,    O.,    February.    1862. 


L.F. 

10 

Public  Stocks 

20  Shares  TJ.  S.  6#  @  92*  . 

20     do.     0.  S.  6$  @  90<?  . 

3 

Duncan,  Sh.  &  Co. 

E.  R.  Felton  on  Exch.  Bk. 

M.  B.  Scott  on  Ocean  Bk.  . 

Ctfct.  Dep.  Met.  Bk.      .    . 

J.  R.  Penn  on  East  Riv.  Bk. 

Jas.  Moore  on  D.,  Sh.  &  Co. 

4 

8 

M.  B.  Scott 
T.  P.  Handy 

3030,  150,  1975     .    .    .    . 
199475,  120      

h> 

*/ 

John  S.  Woolson 

75750  us,  ]5  "5  .     .     .     . 

17 

John  R.  Penn 

2525,  183  75   144  .... 

:}-2 

Asa  Maban 

325,  450,  19  "5  50     .     .     . 

10 

James  Richards 

110,  120,  300,4375  .     .     . 

11 
15 

Alonzo  Mitchell 
Chas.  Ilickox 

138,26,44«),300     .     .    . 
400,  120,  1934  

10 

H.  B.  Bryant 

900,1375,122,75     .    .     . 

13 

Robert  Brown 

115,26,3520,75.     .     .    . 

0 

Lewis  R.  Morris 

17,  25,  19,  8325    .... 

3 

Jacob  Hoornbeek 

150,  12,  46,  75,  18^5     .    . 

5 

Jas.  W.  Lusk 

29,  34  '0,  129    

9 
14 

E.  L.  Jones 
Inghara  &  Bragg 

190,  12  •«,  115       .     .     .    . 
50,  120,  3890   

2 

E.  R.  Felton 

170,  123,  1950  

9 

Lafayette  Bk.  Cin. 

Collection,  No.  7  .... 

11 

Moss  Bro.,  Sand'y 

M           "  10  .... 

4 

Bills  Discounted 

per  Discount  Register    .     . 

5 
6 

Domestic  Exch. 
Col.  &  Exch. 

u                (i                   (i 

•       • 

2 

Deposits 

8 

Cash  Cr. 

Total  Disburgementi    . 

Col  &  Ex. 

Deposits. 

General. 

18400 

18000 

25 

5000 

6 

1200 

12 

50 

2500 

2 

50 

500 

15 

3000 

3199 

75 

2114 

75 

886 

25 

2852 

75 

844 

75 

573 

75 

508 

90 

539 

34 

1110 

75 

251 

20 

144 

25 

301 

75 

192 

50 

317 

38 

208 

90 

312 

50 

900 

475 

12100 

10500 

61 

61 

14359 

47 

14359 

47 

80995 

47 

DEBIT     JOURNAL. 

Cleveland.,    O.,    J^Caroli,    1862. 


L.F. 

3 

Duncan,  Sh.  &  Co. 

Disc.  1.  "Wright  G.  &  R.     . 

"    3.  A.  J.  Comstock     . 

"    4.  N.  Bidwell  .     .    . 

13 

Far.&M.B.,Det. 

Canada  Funds  per  Express 

V 

Exchange 

Exps.  digs,  on  above    .    . 

12 
V 

Treasury  Notes 
Duncan,  Sh.  &  Co. 

Bot.  $10,000  @  9SJ  .    .    . 

sooo 
N.  E.  Bank  Notes      6  25    . 

V 

Exchange 

Pm.  on  above  12  5°  ;  Ex.  3  75 

1«J 

II.  B.  Bryant 

90,  75,  1820,  138,  14375     . 

17 

John  R.  Penn 

118,  120,  35  80   19  23   150  . 

7 

John  S.  Woolson 

112«>f  125,  142,  1875  119,12*) 

12 
19 

Asa  Mahan 
John  D.  Williams 

150,  200,  3850,  192  .     .     . 
175     

8 

T.  P.  Handy 

115,275,8750,90    .    .    . 

0 

Lewis  R.  Morris 

130,  12  75,  18,  110     ... 

0 

15 

E.  L.  Jones 
Charles  Hickox 

90,  125,  116,  2550    ... 
225   75,  12  so   

11 

10 

Alonzo  Mitchell 
James  Richards 

125,  13225,  1675  300     .    . 
500  300       

It 

Jas.  W.  Lusk 

138,500,  19  5'J,  12,115,  3030 

14 

Ingham  &  Bragg 

132,  119,  1275   25,  1500    . 

3 

Duncan,  Sh.  &  Co. 

Disc.  10.  Clafflin,  M.  &  Co. 

4 

Kills  Discounted 

Per  Discount  Register  .     . 

5 
6 

Domestic  Exch. 
Col.  &  Exch. 

((           U               .1 

o 

Depositors 

Cash  Cr. 

Total  Disbursements    . 

Cold;  Ex. 

Deposits. 

General. 

5000 

5000 

3000 

37 

50 

7462 

5( 

3 

75 

9800 

6 

25 

4993 

1i 

16 

25 

464 

95 

443 

03 

529 

75 

580 

50 

175 

567 

50 

270 

75 

356 

50 

312 

50 

574 

800 

3814 

50 

1788 

75 

4000 

11000 

42500 

03 

7*T 

63 

7. 

10677 

73 

10677 

7; 

L 

J03497 

7; 

285 


DEBIT  JOURNAL. 

Cleveland.,    O.,    -A.pri.1,    1862. 


L.P. 


18 
19 

1*0 

2'' 

4 

3 

o 

1 
3 


16 

is 
<t 


John  R.  Penn 
Fixtures 
Exchange 
Chas.  Hickox 
H.  B.  Bryant 
James  Richards 
Ingham  &  Bragg 
Robert  Brown 
Asa  Mali  an 
Alonzo  Mitchell 
E.  L.  Jones 
T.  P.  Handy 
John  S.  Woolson 
Lewis  R.  Morris 
Jas.  W.  Lusk 
Geo.  A.  Crocker 
John  D.  Williams 
Henry  Ivison 
Austin  Packard 
M.  B.  Scott 
Jacob  Hoornbeek 
E.  R.  Felton 
N.  C.  Winslow 
Duncan,  Sh.  &  Co. 


Exch.  Bk.,  Buf. 
Protested  Paper 
Lafayette  Bk.  Cin. 
Duncan,  Sh.&  Co. 
Bills  Discounted 
Domestic  Exch. 

Col.  &  Exch. 
Deposits 
Cash  Or. 


CoL  &  Ex. 

Deposits.                General 

575,  5000,  3000,  1500,  750 

10825 

Bill  of  Furn.  and  Fixtures  . 

575 

Ex.  chgs.  on  Gold  from  N.Y.       50 

7000  

7000 

1500,125,8750,100      .     . 

1812 

50 

1 

3500,  1750,  25      .... 

5275 

i 

175,  238,  500,  75,  115  .     . 

1103 

150,  125,  75,  400,  13850    . 

888 

50 

900,  75,  250     

1225 

6000,  750,  125,  400  .     .     . 

7275 

475,  300,  175,  87  so,  12  75  . 

1050 

25 

2000,  175,  18750.     .     .     . 

2362 

50 

75,  13750    

212 

50 

156=5,  400,  115,  375      .     . 

1046 

25 

1575,  2000,  175,  125     .     . 

3875 

!i 

500     

500 

1200,  150     

1350 

500,  75,  250     

825 

i 

400,125  

525 

1500,  2000,  135,  120     .     . 

3755 

750     

750 

•   i 

3000,  2500,  450    .... 

5<J50 

500     

600 

Disc.  5.  Jno.  R.  Penn   .     . 

1>500 

"  13.  Ivison,  Ph.  &  Co.  . 

COOO 

1 

"  15.  Parker  Handy.     . 

7000 

"17.  Win.  Lanier  &  Co. 

2500 

Disc.  12.  H.  B.  Tuttle   .     . 

*500 

Disc.  16.  M.  B.  Scott  ^  . 

£001 

Disc.  14.  "W.  H.  Clark  .    . 

2500 

CoL  15.  J.  B.  Meriam   .    . 

1500 

Per  Discount  Register   .     . 

54000 

«          (i            a 

28500 

50 

50 

1 

60         58105      SO 

| 

58105 

Total  Disbursements    . 

168731 

50 

'286 


DEBIT  JOURNAL. 

Cleveland,    O.,    Ivla-y,    1862. 


L.F. 

Duncan,  Sh.  &  Co.    A.  C.  Taylor  on  L,  P.  &  Co. 
J.  IT.  Goldsmith  on  B.  &  S. 
Jas.  W.  Lusk  on  P.  II.  .     . 
John  R.  Penn  on  E.  R.  B. 
Ctfct.Dep.  fav.  S.  S.  P  .Cashier 
Expense                       Pd.  Rent  of  Banking  Ho.    . 
Duncan,  Sh.  &  Co.   F.  &  M.'s  Bk.,  Det.,  on  M.  B. 
Protested  Paper      Disc.  No.  24  protested,  -U*J 
Certifct.  Deposit                               No.  1    . 
C.  &  E.  R.  K.  Bs.    Bot.  Collaterals  at  auction  . 
Expense                      Auctioneer's  Charges     .     . 
Loss  and  Gain           Deficiency  on  Disc.  24   .     . 
Lewis  R.  Morris     3000,  5000,  175    .... 

Win     T    Rrnnkx          7000    915.  75     . 

Col  &  Ex, 

Deposits. 

General. 

3 

7 
3 

18 
29 
20 

21 
6 

25 

27 
1 
o 

3 
4 
7 
5 
9 
12 
11 
10 
14 
13 
lo 
17 
18 
19 
20 
21 
22 
23 
24 
2(3 
28 
31 
32 
19 
3 
22 
9 

13 
11 
16 
4 
5 

0 
o 

8 

22 

60 
10 

92 

50 
50  I 

3000 

8175 
7990 
1393 
815 
9185 
8896 
8449 
5913 
539 
1125 
1007 
3169 
1843 
1325 
350 
203 
386 
514 
340 
608 
10879 
516 
646 
841 
1040 
12000 
3895 
11600 

38 
58 

83 
50 
93 

50 
63 

48 
90 
50 
25 
25 
50 

50 
50 
50 
75 

50 

i 

6000 
4000 
4000 
4000 
8000 
333 
3000 
20001 

18000 
45 
1956 

119-10 
3000 
8000 
3500 
1990 
700 
750 
41500 
81000 

92 
106651    , 
328459 

E.  G.  Folsom          1000,  175,  123  K,  94  <*  .    . 
N.  C.  Winslow       TOO,  83  ^  19  wf  is  »    .    . 

ETC    TiVltrm              9000    185    . 

Jacob  Hoorubeek   6750,  193325,  1275  150     . 

M.  B.  Scott                 120,  3000,  5000,  329  S3  .     . 

John  S.  Woolson    5000,  133,  762,  is  M     .    . 

Jas.  W.  Lusk             217,  25r  172^  125    ... 

E  L  Jones              975,  150      

Asa  Mah  an               400,595,1250  

Alonzo  Mitchell      3000,  150,  19<»    .... 
James  Richards      275,  1250,  318     .... 
Ino-ham  &  Bra<rg    125,  1200    

Robert  Brown         125,  25"'>,  180,  lO"  .    .    . 
H.  B.  Bryant           75,  128  M     

John  R  Penn          195,6350,128  

Geo.  A.  Crocker      189,  12",  312*'  .    .    .    . 
John  D,  Williams   129,  17^',  193"  .    .    .    . 
Henry  Ivison           400,  123,  85  so     .... 
W.H.Clark              8000,2750,129    .... 
Austin  Packard      300,  129,  87  so.    .  "  .    .    . 

Hiram  A.  Pry  or     500,129,1750  

Joseph  P.  Walter    129,  700,  12  5°  

Geo.  M  Penn         900,127,1375  

II  D  Stratton        8000,  4000  

J.  B.  Meriam           3750,128,1750    .... 
T  P  Handy           1000,  10000    

Burkam  &  Sons      Disc.  18.  W.  B.  0.  12000  . 

Duncan,  Sh.  &  Co.  Disc.  19.  D.  Appleton  &  Co. 

Bk.  of  Cap.,  Alb.    Disc.  43.  E.  W.  Keyes  .     . 
Lafayette  Bk.Cin.   Cols.  2000,  1500  .    .    .    . 
F.  *fe  M.  Bk.,  Det.    Collection  2000     .... 
Moss  Bro     Sand      Collection    

Exch    Bk     But'.        Collection    

Bills  Discounted      Per  Discount  Register    .     . 
Domestic  Exch.         "                                .    . 

Col   &  Exch  

106651 

98 

Cash  Or.                   Total  Disbursements    . 

287 


DEBIT   JOURNAL. 


6 


Cleveland.,    O.3    J"ime5    1862. 


L.  F. 

9 
V 

3 

V 

3 

16 
9 

19 
19 

19 
3 
3 
3 
1 
4 
3 
2 
9 
5 
8 
7 
G 

14 

13 

12 

10 

19 

18 

17 

15 

10 

24 

23 

22 

21 

•20 

26 

25 

27 

23 

31 

33 
3 

30 

29 

24 

25 

26 
9 
3 

23 

16 
4 
5 
7 


Lafayette  Bk.,  Oia. 
E  xcluinge 
Duncan,  Sh.  &  Co. 
Exchange 
Duncan,  Sh.  &  Co. 
Exch.  Bank,  Buf. 
Lafayette  Bk.,  Cin. 
Burkam  &  Sons,  Ch. 


F.  &  M.  Bk.,  Det. 
Franklin  Bk.,  Col. 
Duncan,  Sh.  &  Co. 


N.  C.  "Winslow 
M.  B.  Scott 
Jacob  Hoornbeek 
E.  R.  Feltou 
E.  L.  Jones 
Jas.  "W.  Lusk 
T.  P  Handy 
John  S.  Woolson 
Lewis  R.  Morris 
Ingham  &  Bragg 
Robert  Brown 
Asa  Mahan 
James  Richards 
John  D.  Williams 
Geo.  A.  Crocker 
John  R.  Penn 
Cha^s.  Hickox 
H.  B.  Bryant 
Joseph  P.  Walter 
Itiram  A.  Pryor 
Austin  Packard 
W.  H.  Clark 
Henry  Ivison 
Geo.  M.  Penn 
Wm.  T.  Brooks 
E.  G.  Folsom 
H.  D.  Stratton 
J.  B.  Meriarn 
D.  P.  Eells 
Duncan,  Sh.  &  Co. 
Certified  Checks 
Ctfct.  Deposit 
Toledo  Br.  Bk. 
Farm.  Br.  Bk.,  Ash. 
Lorain  Bk.,  Elyria 
Lafayette  Bk.,  Cin. 
Duncan,  Sh.  &  Co. 
Franklin  Bk.  Col. 
Excli.  Bank,  Buf. 
Bills  Discounted 
Domestic  Exch, 
Expense 


Col.  A  Exch. 
Deposit* 
Cash  Or. 


Your  Dft.  fav.  Jas.  Moore  .  .  . 
Exps.  Oligs.  on  Curr'cy  from  N.Y. 
N.  T.  State  Currency  .  .  .  7500 
Express  digs,  on  above  .... 
II.  D.  Strutton  on  0.  V.  Culver  . 

Disc,.  26,  M.  B.  Scott 

"  27,  K.  M.  Bartlott  .... 
"  23,  Geo.  M.  Penn  .  .  5000 
"  30,  W.  D.  Packard  4000 
"  81,  Woolson  &  McF.  3000 
"  44,  J.  G.  Desliler  .  .  15000 
"  45,  K.  C.  Spencer  .  .  3500 
"  48,  E.  E.  Morgan  .... 
"  29,  Austin  Packard  .  .  . 
"  83,  Barnaby  Eiid^e  .  .  . 
"  37,  Jim.  It.  Penn  .... 

3750,  400,  110 

6000,  125,  146",  154 

900,18" 

213,  180,  25,  37s  ° 

4000,  3718,  125 

416,  253",  15,  22'° 

6000,  194,  212" 

1800,  400,  239,  212  50 

90,  12  50,  28,  19  i5,  142  .     .     .     . 
1500,  170,  12s",  13  2=,  50  .. 

5000,112°° 

800,  112  30,  97" 

4000,  137  60,  19  " 

1200,  17  5°,  26,  33",  14"     .     .     . 

8000,  125,  210 

125,  12  so,  16 

1275,  182, 100 

150,  2000,  1200 

275,  117,  142  50 

90,  110,  12",  125 

112,  145,  Is) 

110,  112          ........ 

500,  123,  17  50 

125,  12  ".18 

175,19,12 

19,  120,  117 

125,  19,  12  so,  20 

12000,150,119 

150,  19  7«,  112 

Interest  on  Deposits 

J.  E.  Penn 

No.  2,  Eeturned 

Cols.  8000,  2000,  500,  750  .... 

Collection 

Cols.  900,  1500 

Cols.  1200,  500 

Collection 

Collection 

Cols.  850,  500 

Per  Discount  Register    .... 

Paid  Officers'  Salaries,  viz. : 
President,  1000;    Cashier,  750; 
First  Teller,  GOO;  Second  do., 
600;    Bookkeeper,  500;    As 
sistant  do.,  400  ;  Porter,  2i)0 


Total  Disbursements 


Col  &  Ex. 

Deposits. 

General. 

1500 

3 

75 

18 

75 

7481 

25 

4 

23500 

10000 

3000 

25 

4075 

20 

39SO 

15 

2985 

75 

14925 

17 

50 

3482 

50 

4000 

3500 

10000 

6UOO 

4260 

6425 

32 

918 

75 

455 

50 

7843 

707 

25 

6406 

75 

2051 

50 

291 

75 

1745 

75 

5112 

50 

510 

25 

4157 

25 

1296 

50 

8335 

153 

50 

1557 

3350 

534 

50 

337 

75 

276 

222 

640 

50 

155 

75 

206 

256 

176 

50 

122G9 

281 

75 

477 

58 

575 

3000 

6250 

750 

2400 

1700 

1750 

750 

850 

19000 

27050 

3950 

179 

179 

75108 

i 

32 

75108 

32 

239543 

CREDIT  JOURNAL. 


Cleveland.,    O.,    JsLiruary.,    1862. 


L.F 


Col  &  Ex.  Deposits. 


General 


1       Capital  Stock  First  Instalment  of  GQ% 

II. B.Bryant  100 sb.  6000 
H.D.St'ttonlOO  "  6000 
J.B.MeriamlOO  "  6000 
D.,Sh.&Co.  200  "  12000 
P.  Handy  200  "  12000 
H.Ivison  250  "  15000 
J.  R.  Penn  100  "  6000 
P.  Cooper  200  "  12000 
J.  W.  Lusk  100  "  6000 
•W.H.Clark  250  "  15000 
J.IL  Gold'th  100  "  6000 
A. C.Taylor  150  "  9000 
M.  B.  Scott  150  "  9000 

N.  C.  Winslow       1000  ....    .~~ .    . 
2      E.  R.  Felton  1750 

Jacob  Hoornbeek  5000 

4      M.  B.  Scott  900 

Jas.  W.  Lusk          2500 

Lewis  R.  Morris     3000 

7  !    John  S.  Woolson    1500 

8  I    T.  P.  Handy  4700 

9  i    E.  L.  Jones  975 

James  Richards  1750 

i  1  1  Alonzo  Mitchell  2000 

Asa  Mahan  1200 

Robei  t  Brown  1000 

|  14  i  Ingham  &  Bragg  3750 

:  15  !  Charles  Hickox  1325 

Duncan,  Sh.  &  Co.  N.  C.  Winslow      Dft.  1.  5 

II.  B.  Bryant          Disc.  4947  »>    .    .    .    . 

John  R.  Peun         Disc.  3958 

Interest  Per  Discount  Register   . 

Col.  &  Exch.  5 

Deposits 
8  Cash,  Dr.  Total  Receipts     . 


1000 
1750 
5000 

90n 
2500 
3000 
1500 
4700 

975 
1750 
2000 
1200  | 

loooi 

37501 
1325 

4947 
3958 


41255   50 


50 


120000 


500 

94 
5 

41255 
161855 


50 


50 


19 


289 


CREDIT   JOURNAL. 

Cleveland,    February,    1862. 


L.F. 

Duncan,  Sh.&  Co.  Stocks    ...     Dft.  2 
Office  Notes              From  B.  C.  for  circulation 
John  R.  Penn         3000  .... 

Col.  &  Ex.             Deposits.                 General. 

0 

15 
17 
18 
](J 
i 

8 
o 

9 
]:) 
20 
G 
10 
12 
15 
3 

3 

21 
V 

11 

5 
o 

4 
14 
G 
2 

8 

X 

30 
15 

1 
25 
19 

33 

50 
75 

44 

3000 
1500 
1200 
2500 
1175 
4473 
900 
875 
1700 
2097 
1200 
2500 
1700 

1500 

7951 
2468 
5033 
6925 

50 
81 

75 

33 
39 
34 

86400 
35000 

3000 
1500 
750 
2500 
1975 
2970 

221 
130 
48700 
133147 

94 
09 
12 
75 

Geo.  A.  Crocker     1500  

John  D.  Williams  1200  

John  S.  Woolson    2500  

T.  P.  Handy           ii75«>    

Jacob  Hoornbeek  4000;  CoL  473  si.    .    . 
E.  L.  Jones              900  

Inojham  &  Brasrff     875  . 

Henry  Ivison          1700  : 

Lewis  R.  Morris     1200  ;  Col.  897  "5.    .    . 
II.  B.  Bryant          1200  

Asa  Mali  an              2500  

Chas.  Ilickox          1700  i 

Duncan,  Sh.  &  Co.  M.  B.  Scott.    .     Dft.  3 
Robert  Smith  .        "    4 
John  S.  Woolson      "    5 
John  R.  Penn  .        "    6 
T.  P.  Handy    .        "    7 
Duncnn,  Sh.  &  Co.  Collection  No.  4  ... 
W.  II.  Clark                  "         "   5  .    .    . 
Col.  &  Exchange    per  Passed  Collect.  Book 
Alonzo  Mitchell       Discs.  497250,  297850    . 

E.  R.  FeltOll              Discs.  1570  u,  346325    .  1 
M   B    Scott               Disc  ' 

Interest                       Per  Discount  Register   . 
Col.  &  Ex  

Deposits          ••        .....«' 

130      69 

i 

48700 

12 

Cash  Dr.                  Total  Receipts     .    . 

I 

290 


CREDIT   JOURNAL. 


Cleveland.,    O.,    IMIarch.,    1862. 


3 


L.F. 


Domestic  Exch. 


Duncan,  Sh.  &  Co, 
Exchange 
Duncan,  Sh.&  Co. 
Jas.  W.  Lnsk 
E.  R.  Felton 
Jolin  R.  Pcnn 
II.  B.  Bryant 
Jno.  D.  Williams 
Robert  Brown 
James  Richards 
Austin  Packard 
Hiram  A.  Pryor 
John  S.  Woolson 
E.  L.  Jones 
Ingharn  &  Bragg 
Jacob  Iloornbeek 
Geo.  A.  Crocker 
Lewis  R.  Morris 
X.  C.  Winslow 
Asa  Mahan 
M.  B.  Scott 
T.  P.  Handy 
Alonzo  Mitchell 
Henry  Ivison 
Joseph  P.  Walter 
Charles  Ilickox 
Bills  Discounted 
Domestic  Exch. 
Duncan,  Sh.&  Co. 
W.  II.  Clark 
Col.  &  Exch. 
W.  T.  Brooks 
Interest 

Col.  &  Exch. 
Deposits 
Cash  Dr. 


Disc.  l,D.,Sh.&  Co.  5000 

"  3,    "    5000 

"  4,     "    *3000 

J.  W.  Lusk  .  .   Dft.  8 

Discount  on  Canada  Cur. 

Treasury  Notes   Dft.  9 

1530;  Discs.  59G5  .  . 

1900;  Discs.  29GS59   . 

375;  Discs.  11780  .  . 

437523 

1500 

575 

2500;  Ds.  59G7,  247917 

500 

1250 

2000 

375 

975 

1500;  Col.  1200  .  .  . 

1900 

1750;  Col.  500  .  .  . 

3750 

1400 

1300  ;Ds.  6942  S3-2983  50 

1100 .  . 

3750 

1200 

900  ..  

2900 

Pt-ter  Cooper  .  Disc.  2 
Disc.  10,  Dune.,  Sh.  &Co. 
Cols.  1485,  2475,  5940  . 

Col.  2000 

Pas.  Col.  100;  D.R.  9625 
Discs.  4960,  4000.  .  . 
Per  Discount  Register  . 


Total  Receipts 


Col  &  Ex. 


30 
75 


196   25 


301   25 


Deposits. 


33 


2000 


8900 


91051   29 


13000 
3000 

9SOO 


385 

301 

91051 

135437 


25 
25 
29 
79 


291 


CREDIT  JOURNAL. 


4-                    Cleveland,    O.,    .A-ioril,    1862. 

LJ 

Ctfct.  Deposit          J.  R.  Perm  for  T.  Hunter 
Certified  Checks     J.  R.  Penn  
Duncan,  Sh.  &  Co.    Sumner  Packard,  Dft.  10 
Duncan,  Sh.  &  Cu.    Gold  by  Express  .    .     . 
Duncan,  Sh.  &  Co.  Goo.  S.  Eaton  .     Dft.  11 
M.  B.  Scott                   900;  Disc.  9893       .     . 

Jacob  Hoornbeek     750;  Col.  1250  .    .    . 
E.  R.  Felton             525  

Col  <&  Ex. 

Deposits.                   General 

29 
30 
3 
3 
3 
4 
3 
2 
20 
27 
1 
8 
7 
G 
5 
11 
9 
10 
10 
13 
15 
14 
17 
19 
20 
22 
24 
25 
21 
23 

5 

5 
5 

10 
5 
3 

9 
31 

V 

28 
14 

G 
2 
8 

39 

38 

172 

19 
69 

50 

3000 
575 

10795 
2000 
525 
G410 
3983 
795 
850 
3710 
5138 
1000 
1500 
1500 
3903 
075 
1500 
3000 
975 
1200 
784 
1500 
1275 
1500 
500 
9147 
3000 

8427 
14785 

83 
50 

50 
25 

50 
67 

3918 
10000 
3809 

21500 

18000 
2500 
3000 
1 
2500 
7425 
9000 

845 
250 
94021 

81 
31 

53 
38 
25 

Geo.  M.  Penn        ir>oo;  Disc.  4910  s:!  .    . 

E.  G.  Folsoin             1000;  Disc.  298350   .     . 

X.  C.  Winslow         795  

T.  P.  Handy             850  . 

John  S.  Woolson       782;  Disc.  2  934  5°   .     . 
Lewis  R.  Morris         563;   Cols.  3000,  1575. 

Jas.  W.  Lusk          1000  

Alonzo  Mitchell      1500  

E.  L.  Jones             isoo  

James  Richards       500;  Disc.  3463  ^  .    . 
II.  B.  Bryant            675  

Robert  Brown         1500  

Chas.  Hickox          3000  

Ingharn  &  Bragg     975  

John  R.  Penn          1200  

John  D.  Williams     784  

Henry  Ivison           1500  .    .    

Austin  Packard       1275  

Joseph  P.  Walter    1500  

Wm.  T.  Brooks        500           

W.H.Clark              1200;  C.  3000;  D.  4947  » 

Hiram  A.  Pry  or     3000  

Bills  DlSCtd.               Disc.  7,  J.Richards,  3500 
"     8,  C.  Hickox,  7000 
"     9,  C.  Shook,     5000 
"  11,  M.  B.  ScotOHPO 

Domestic  Exch.      Disc.  5,  D.,  S.  &  Co.,  2500 

•  "  13,            "          6000 
"  15,           "          7000 
"  17,            "          2500 
Domestic  Exch.       Disc.  12,  Exch.  Bk^But 
Domestic  Exch.       Disc.  16,  Protested    .    . 
Exch.  Bk.,  Buf.        Protest  Fees  on  Disc.  16 
Domestic  Exch.        Disc.  14,  Laf.  Bk.,  Gin.  . 

Duncan,  Sh.&  Co.    Cols.  1980,  2475,  2970  . 
L:\fayetteBk.,  Gin.    Cols.  6000,  3000  .    .    . 
J.  B.  Meriam           Col.  1500;  Disc.  6927  « 
Col.  &  Exch.              Pas.  Col.  75  ;  Dis.  R.  97  M 
II.  D.  Stratton        Disc.  14785  

Interest                      Per  Discount-  Register  . 
Col.  &  Exch  

250 

38 

Deposits               

91021 

25 

Cash  Dr.                   Total  Receipts     .    . 

176831 

33 

292 


CREDIT  JOURNAL. 

Cleveland.,    O.,    J&ajy,    1862. 


L.F. 

1 

14 

13 

13 
29 

•J!) 
'1  9 
4 
3 
3 

18 
i 

Capital  Stock           Final  Instalment  of  40  g  .     .     . 
Interest                     Semi-an.  Int.  on  U.  S.  Stks.,  $600 
do.                 0.  S.  do.      GOO 
F.  &  M.  Bk.,  Det.    Remittance  inN.  Y.  Exch.  B0°f  ~ 
Protested  Paper     Disc.  No.  16,  Redeemed  .     ."    . 
Ctfct.  Deposit          L.  R.  Morris,  for  Robt.  Smith    . 
W.  T.  Brooks  for  II.  B.  Bryant  . 
E.  G.  Folsom  for  Geo.  Eddy 
Bills  Discounted      Disc.  No.  24,  Protested    .     .     . 
Duncan,  Sh.  &  Co.  Knox  Co.  Bank  .    .    .    DR.  12 
Duncan,  Sh.  &  Co.  East  River  Bank     .     .    Dft.  13 
Protested  Paper      Redeemed  by  Sale  of  Collaterals 
N.  C.  Winslow       1500     

•> 

Jacob  Iloornbeek     700     

.< 

M  B  Scott               800  •  Col  1496  -5  

r. 

Jas.  W.  Lnsk           1500;  Col.  2000     

Lewis  R.  Morris       750     

() 

E.  L.  Jones             3000      

1  1) 

Jas.  Richards             975      

1  1 

Alonzo  Mitchell        500     

1  '' 

Asa  Mahan              1500     

1  'J 

Robert  Brown         2000     

14 

1  7 

John  R.  Penn         1200      

19 

John  D.  Williams   1350      

20 

Henry  Ivison           2575      

•» 

Austin  Packard         753                         

•>•> 

Hiram  A.  Pryor      1500      

'/  4 

Joseph  P.  Walter     900      

20 

Geo,  M.  Pcnn          1500     

27 
4 

5 

E.  G.  Folsom              738;  Col.  1500;   Disc.  3938     . 
Bills  Discounted      No.    G,  T.  P.  Handy    .     .1600 
''    25,  H.  Bishop  .     .     .  3000 
Domestic  Exch.         "    1  8,  W.  B.  Ogden  .      r200(T 
"    19,  D.  Apploton  &  Co.  3000 
"    43,  E.  W.  Kcyes  .        8000 
Duncan  Sh  &  Co    Cols  34G5   6930 

3 

Lafayette  B.,  Gin.   Col  

1  a 

Burkam  &  Sons,  C.  Cols.  4000,  3750      

16 
31 
•) 

•>•> 

Exch.  Bank,  Buf.  Col  

J.  B.  Meriarn            C.  750,  900,  1995;  D.  7402-°  5942 
E.  R.  Fulton             Col.  1985  ;  Disc.  9921  «  .    .    . 
D.  P.  Eells                Col.  G98  2i  

ij-j 
18 

Geo.  A.  Crocker      Col.  750;  Discs.  6925^,  2974   . 
Coll.  &  Exch.           From  Pas.  Col     

V 
7 
15 
1C 

•JO 

14 

V 

John  S.  Woolson    Discs.  5923,  4947  5'J      .... 
Chas.  Hickox           Discs.  1478-',  6927  67  .     . 
II.  B.  Bryant           Discs.  3449  *\  (1926  »  .    . 
T.  P.  Handy            Discs.  9945,  395S  W     .     , 
Interest                    Per  Discount  Register  .    . 
Col.  &  Exch.              '•            »            "... 

Col.  &  Exch  

Deposits             

Col.  &  Ex. 

Deposits. 

General 

80000 

1200 

3022 

50 

30U1 

3000 

7000 

1000 

20000 

14 

85 

1485 

15 

29 

70 

2970 

3(J 

20001 

1500 

700 

2290 

25 

3500 

750 

3000 

975 

500 

1500 

2000 

1700 

1200 

1350 

2575 

758 

15UO 

900 

1500 

6176 

4600 

23000 

10395 

1750 

7750 

995 

1G9S9 

50 

11  906 

G7 

098 

25 

10649 

33 

135 

50 

10870 

50 

8-405  frj 

10375 

75 

13903 

67 

1025  83 

182 

50 

j  3G2 

55 

362  55 

129179 

~W 

129J  79  84 

31073»  1  17 

293 


6 


CREDIT   JOURNAL. 

Cleveland..,    O.5    Jime.,    1362. 


L.F. 

t 

Moss  Bros.,  Sandy.  Currency  to  bal.  %      

Col.  &  Ex. 

Deposits.               General 

37 
70 

100 

5 

70 

50 

75 
14 

9566 
745 
1275 
4995 
1560 
52GO 
I960 
3750 
670 
4940 
800 
500 
9450 
300 
1700 
1500 
1295 
7589 
1500 
10488 
900 
2331 
1286 
406 
729 
4745 

9675 
3243 
2368 

95532 

75 

62 

90 
38 

88 
73 

50 

75 
20 
55 

26 

1175 

1800 
4962 
7000 
23500 

54000 
67000 

184 
477 
575 
3000 
8998 
750 
4179 

609 
383 
95532 
274127 

50 

56 

74 

50 
3-9 

04 

Exch.  Bank,  Buf.     Jno.  S.  Woolson     .    .    .    Dft.  1 
Duncan,  Sh.  &  Co.    Currency  by  Express  .    .    .  5000 
Duncan,  Sh.  &  Co.    Toledo  Br.  Bank     .    .    .  Dft.  14 
C.  &  E.  R.  R.  Bonds  Sold  II.  D.  Stratton    

Bills  Discounted       Disc.  20,  S.  Packard   .    .    .  4000 
"     21,  W.  H.  Clark  .    .    .  5000 
"     22,  Peter  Cooper    .     15000 
"     23,  N.  C.  WinsW      .  7000 
"    83,  W.  H.  Clark  .    .     10000 
"     40,  S.  S.  Packard    .    .  8000 
u     47,  II.  B.  Tuttle  .    .     loOOO 
Domestic  Exch.        Disc.  26,  M.  B.  Scott  .    .     10000 
"     27,  R.  M.  Bartlett  .    .  8000 
"     2S,  Geo.  M.  Penn    .    .  5000 
"     29,  Austin  Packard     .  8500 
•*     80.  W.  D.  Packard  .    .  4000 
u     81.  Woolson  &  MeF.  .  8000 
"    83,  Barnaby  Rudgo      10000 
"     87,  Jno.  R.  Ponn    .    .  60i)0 
"     44,  J.  G.  Deshler    .     15000 
"     45,  E.  C.  Spencer    .    .  8500 
"     4S,  E.  R.  Morgan     .    .  4000 
T.  P  Handy               700  ;  Discs.  73S2iu,  14S4"     .    ." 
D.  P.  Eells                 745  

Win.  T.  Brooks        1275  

Geo.  M.  Penn             900;  Cols.  1500,  600,  1995  .    .    . 
E.  G.  Folsom            1560  

H.  D.  Stratton          3763"-  Col.  1496  "    

Joseph  P.  Walter     19CO  

Austin  Packard          670               .    .        .        ... 

W.  II.  Clark               1200;  Cols.  2992  50,  ~43  la  .    .    . 
Henry  Ivison             800  

1  H.  B.  Bryant              800  

Chas  Hickox            1700  

Alonzo  Mitchell        isoo  

Asa  Mahan                   700;  Discs  595  90  

Robert  Brown            962  ;  Discs.  6627  ""    

James  Richards        1500  

E.L.Jones                    900;  Discs.  5907,  36S1  8S     .     .    . 
John  S.  Woolson       400  ;  Col.  500    

Jas.  W.  Lusk              1832  8S;  Col.  493".     . 

M.  B.  Scott                     936  ;  Col.  850     
Jacob  Hoornbeek      406   .   .   . 

E.  R.  Felton               729  ... 

N.  C.  Wiuslow             800;  Discs.  2903  5°,  1477     .    .    . 
Interest                         on  Treasury  Notes  

Interest                       Duncan,  Sh.  &  Co.  on  deposits    . 
Duncan,  Sh.  &  Co.    J.  L.  Dawes    Dft.  15 
F.  &  Media.  B.,  Dot.  Our  Ctfct.  Dep.  ...         No  2 

"Duncan,  Sh.  &  Co.     C.  49fiO,740oa,S33",nS5,740oa,493' 
Franklin  Bk.  Col.      Collection  

Kxch.  Bank,  Buf.     Cols.  696  50,  8482  50    .    .    . 

Col.  &  Exch.                Pas.  Col.  141"*  ;  Disc.  Reg.  28  60  . 
Lewis  R.  Morris        Discs.  4971  «',  4704  °8  
Ingham  &  Bragg       Discs.  1764'°,  1488  60  . 

John  D.  Williams     Discs.  886  80,  1431  "... 

Interest                          From  Discount  Register     .    .    . 
Col.  &  Exch.      

383 

39 

Cash  Df                      Total  Receipts     

994 


GENERAL  LEDGER. 


Capita,!    Stock:. 


Juno 


2000HO 


200COO 


1862 

1 

I 

Jan. 
May 

1   60£  paid  in 
1   40^   do. 

1 
5 

120000 
80000 

Balance 

200000 

r=3 

Juno 

1 

200000 

^Deposits. 


1SG2 

I 

I               1 

Jan.       1 
Feb.       1 

Drawn  out  this  day 

1    II     11302 
2   •'.     14359 

15 

47 

Jan.    !  1      Deposited  this  day 
Feb.      1           •               " 

1    ;      41255      50 
2         48700      12 

Mar.      1             ' 

3   ;'     10677 

73 

Mar.      1            '                (i                 3         91051      29 

Apr.    '  1 

4   :      58105 

50 

Apr.      1 

'                "                 4         94021 

25 

May    :  1    j           ' 

5        10G651 

98 

May 

1 

i                       a 

5       129179 

84 

June      k            ' 

6         7510S 

32 

June     1 

(                       jt 

6         95532 

26 

" 

•' 

[>.ii:\llCO 

:  2^i.vj:; 

1  1 

I 

I;  499740 

26 

499740 

2T 

June 

1      By  Balance 

223535 

11 

IDunoan,    Sh.erma,n    <Sz>    Oo.                      3 

1862 

1802 

Jau. 

1 

H.  B.  B  on  Ocean  Bk. 

1    ij       5000 

Jan.       1   ,  N.  C.  Window,  Dft.  1      1 

600 

J.  B.  M.,  Cont.  Bk. 

1           7500 

Feb.       1   !  Stocks                        2      2         36400 

Ctfct.  Dep.  Met.  Bk. 

1          10000 

M.  B.  Scott               3      2           3000 

"W.  H.  C.  on  you 

1          15000 

R.  Smith                   4 

2    I!       1500 

T.  P.  H.  on  Ocean  Bk. 

1    M     30000 

J.  S.  Woolson           5 

2    '•'<         750 

Fob. 

1      E.  R.  P.  on  Ex.  Bk. 

2            5000 

J.  R.  Penn                6 

2    ,i       2500 

M.  B.  S.  on  Ocean  Bk. 

2            1200 

T.  P.  Handy             7 

2   j!       1975 

Ctfct.  Dep.  Met.  Bk. 

2            2500 

Collection,          No.  4 

2    i;       2970 

J.  R.  P.  on  E.  Riv.  Bk. 

2              500 

Mar.      1      J.  W.  Lusk,       Dft.  8      3           3000 

Jas.  Moore  on  you 

2            3000 

Treas.  Notes,       "    9 

3            9800 

Mar. 

1      Disc.  1,  W.  a.  &  R. 

3    ii       5000 

Collections 

3     ,       9900 

"    2,  A.  J.  Comst'k 

3            5000 

Apr. 

1 

S.  Packard,      Dft.  10 

4    "       3918 

81 

"    4,  N.  Bid  well 

3           3000 

Gold  by  Express 

4    ;      10000 

N.  E.  Bk.  Notes 

3     |       4993 

75 

G.  S.  Eaton,    Dft.  11 

4           3869 

31 

Disc.  10.  Clat.  M.&CO. 

3   ||       4000 

Collections 

4    i        7425 

Apr. 

1   i      "       5,  J.  R.  Penn        4           2500 

May       1      Knox  Co.  Bk.,  Dft.  12 

5     .       1485       15 

"     13,  Iv.,Ph.&Co.      4           6000 

East  Riv.  Bk.,   "    13 

5            2970      30 

"     15,  P.  Handy          4           7000 

Collections                       5         10:;<j:> 

17,  W.,  L.  &Co.     4           2500 

June      1    i  Currency  by  Exp.           6     '      49G2      50 

Col.  15,  J.  B.  Meriam      4           1500 

Tol.  Br.  Bk.,     Dlt.  14      6           7000 

May 

1 

A.  C.  T.  on  I.  Ph.  &  Co.      5           6000 

i 

J.  L.  Dawes      u    15      6             575 

J.  II.  a.  on  B.  &  S.         5           4000 

Collections                        6           8998 

74 

J.  W.  L.  on  P.  Handy      5           4lui> 

ii 

IS 

J.  R.  P.  on  E.  Riv.  Bk. 

5   ii      4000 

Ctfct.  Dep.                        5           8000 

| 

F.&M.B.,Det.onM.B.     5           3000 

Disc.  19,  D.  Ap.  &  Co.      5           3000 

June 

1 

N.  Y.  State  Currency      6           7481 

25 

H.  D.  S.  on  C.  V.  C.        6         23500 

Disc.  29,  A.  Packard       6           3500 

"     33,  B.  Rudgo          6         10000 

"     37,  J.  R.  Penn       6           6000 

Int.  on  Deposits               6             477 

56 

Collection                        6          1750 

205902 

56 

205902      56 

Juue 

1 

Balance 

72007 

75 

GENERAL   LEDGER. 


Bills    ^Discounted. 


.862 

. 

1862 

------- 

• 

Jan. 

1 

Sundries 

1 

4000 

Mar. 

1 

Disc.  2 

3 

4000 

Feb. 

1 

K 

2 

12100 

Apr. 

1 

Discs.  7,  8,  9,  11 

4 

21500 

Mar. 

I 

u 

3 

11000 

May 

1 

Disc.  24,  protested 

5 

20000 

^pr. 

1 

u 

4 

54000 

u 

» 

Discs.  6,  25 

5 

4600 

May 
June 

1 
1 

u 

5 
6 

41500 
19000 

June 

1 

Discs.    20,   21,   22,  { 
23,  33,  40,  47          J 

54000 

u 

U 

Balance 

8  7  5  0  0 

141600 

141600 

June 

1 

Balance 

37500 

IDomestio    Exoliemge. 


1862 

1862 

~~  — 

Jan. 

1 

Sundries 

1 

6000 

Mar. 

1 

Discs.  1,  3,  4 

3    : 

130-'.0 

Feb. 

1 

u 

2 

10500 

u 

u 

Disc.  10 

3    i 

4000 

Mar. 

1 

« 

3 

42500 

Apr. 

1 

Discs.  5,  13,  15,  17 

4 

18000 

Apr. 

1 

u 

4 

!     28500 

ii 

u 

Disc.  12 

4   I 

2500 

May 

1 

5 

81000 

u 

u 

Disc.  16 

4     : 

3000 

Juue 

1 

u 

6 

27050 

n 

u 

Disc.  14 

4    1 

2500 

May 

1 

Discs.  18,  19,  43 

5 

23000 

Juue 

1 

D.  26,  27.  28,29.30.  [ 
31,33,37,44,45,48  J 

6 

67000 

j 

Balance 

61550 

194550 

194550 

JUDO 

1 

Balance 

61550 

Collection    and    Exchange, 


1.802 

1862 

, 



Tun. 

1 

Sundries 

1 

150 

Jan. 

1 

Sundries 

1 

o 

Feb. 

1 

ii 

2 

61 

Feb. 

1 

u 

2 

130 

69 

Mar. 

1 

u 

3 

63 

75 

Mar. 

1 

it 

3 

301 

25 

Apr. 

1 

ii 

4 

50 

Apr. 

1 

u 

4 

250 

38 

May 

1 

M 

5 

92 

50 

May 

I 

u 

5 

362 

55 

Jiiue 

1 

II 

6 

179   ! 

June 

1 

it 

6 

383 

39 

11 

Loss  and  Ga!n        [i.  r.] 

21 

01 

I 

1433 

26   j 

1133 

26. 

y 

Expense. 


1302 

1862 

Jan. 

Slay 
i. 

i 

1 

B.  Blcs.,  Stat'nery,  &c 
Rout  of  Bank.  House 
Auctioneer's  Bill 

1 
5 
5 

150 
333 
45 

34 

Juno 

Juue 

1 

Officers'  Salaries 

6 

3950 

4478 

34 

Loss  nnrt  Gain         [i..  F.] 

21 

447S 

84 

4478 

34 

j 

296 


GENERAL  LEDGER. 


Gsisli. 


8 


1862 

1862 

• 

Jan. 
Feb. 
Mar. 
A  pr. 
May 
Juno 

i 

i 
i 
i 

i 
i 

Receipts  this  day 

tl                 11 

II          It 
u           it 
ti           ti 
it           11 

1 
2 
3 
4 
5 
6 

161855 
133147 
135437 
116831 
310738 
274127 

75 
79 
33 

17     i 
04 

Jan. 
Feb. 
Mar. 
Apr. 
May 
JULIO 

] 
1 

J 

1 

1 
1 

Disbursem'ntsthis  day 
U        U        U 

U        U        a 
a        11        it 
ti        11        <t 
a        U        it 

1 
2 
3 

\ 

6 

88102 
86995 
103497 
16S731 
328459 
239543 

15 

47 
73 
50 
82 
G3 

~-r  ---- 

Balance 

ci 

u 

Balance 

:   i  T  o  s  n  o 

78 
08 

!1192137 

08 

1192137 

176806 

78    | 



X-j  sufay  ett  e    13  sunk 

n. 

9 

1862 

1862 

j 

Feo. 
A  pr. 
May 
June 

i 

i 
i 

i 

Col.  No.  7 
Disc.  14,  TV.  IL  C. 

Collections 
Dft.  lav.  J.  Moore 

2 

4 
5 
6 

900 
2500 
3500 
1500 

Apr. 
May 

.Juno 

1 

1 
1 

Cols.  6000,  3000 
Collection 

l>a!anco 

* 

9000 
1750 

2350 

11 
ii 

11 

Disc.  27,  R.  M..  B. 
Collections 

Balance 

6 
6 

3000 
1700 

i 



13100 

13100 

Juue 

i 

2350 

IP-ublio    Stocks.                                 1O 

1362 

1  •i(tt 

Fob. 

1 

20  Shra.  U.  S.  6£ 
20   do.    0.  S.  6# 

1 
1 

18400 
1SOOO 

I    Ja.M. 

1 

Balance 

SG400 

:    36400 

June 

1 

Balance 

36400 

Sandusky. 


11 


1862 

1862 

Feb. 

1 

Col.  No.  10 
Collection 

2 
5 

475 
700 

JULIO 

1 

Currency  to  bal.  % 

6 

1173 

1175 

1175 

i  __     j 

297 


13 


GENERAL   LEDGER. 

Treasury    ISTotes. 


1862 

Mar. 

1 

$10000  &  98* 

3 

9800 

_L^»                          _•-       C^J.  J._J.V-^.  KJ              ^JtX          J.                                                                                               i^3 

1862 

1 

1862 

Mar. 
May 
June 

1   !  Canada  Currency 
1      Collection 
1      Disc.  45,  R.  C.  S. 

3     :       7462      50   '     May       1 
5           1990                 June      1 
6           3482      50 

N.  T.  Currency               5          3022    :  50 
Ctfct.  Dep.,  No.  2          >.  6           3000 
r,:u.iaco                                                     COT'.'        50 

Balance 

12935 

12935 

6912 

50 

1 

1 

14                                         Interest. 

ISO-.' 

i 

1862 

~ 

June 

Loss  and  Gain         [L.  F.] 

.5044 

2  f> 

Jan. 
Feb. 

1 

1 

From  Discount  Resj.        1              94   j  50 
"             "         "'          2             221    !  94 

/ 

Mar.      1 

"             "         "            3              385      25 

/ 

Apr. 

May 
it 

June 

a 

(1 

1 

u 

"             "         "            4             845      58 
On  Public  Stocks             5           1200 
From  Discount  Reg.        5           1025      83 
On  Treasury  Notes          6             184 
Duncan,  Sh.  &  Co.           6             477      56 

/ 

u 

u 

From  Discount  Reg. 

6             609      59 
6044      25 

5044 

25 

15 


Office    IMote; 


1862 

Feb.      1      Total  Circulation  2         35000 


298 


GENERAL   LEDGER. 


Exchange    Bank, 


16 


18G2 

Apr. 
May 
Juno 

June 

1862 
Apr. 

1      Disc.  12,  H.  B.  Tuttle 
1      Collection 
1      Disc.  26,  M.  B.  Scott 
"      Collections 

1      Balance 

4 
5 
6 
G 

1862 

2500                 Apr. 
750  i              May 
10000                June 
850                   " 
« 

14100 
7125 

Fixtures 

1 

1 
1 

M 

II 

3. 

Protest  on  Disc.  16         4                1 
Collection                           5              995  • 
J.  S.  Woolson,  Dft.  1       6           1800 
Collections                                    4179 
li^atK-e                                                     7!  -2  A   j 

14100 

rrr 

17 

1      Furniture,  etc. 

4 

575 

T 

[i 

^Protested.    IPsiper.                             18 

1862 

Apr. 
May 

1      Disc.  16,  M.  B.  S. 
1      Disc.  24,  Cbas.  B. 

4 
5 

1862 

3001                May 

20001 

1 

Disc.  16,  redeemed 
Disc.  24.  redeemed 

5            8001 
5          20001 

23002 

23002 

" 

| 

23-urlsam    £z>    Sons 

C*h  it*fr  no 

19 

5           7750 

Collections 
Ilalanco 

1862 

May 
June 

it 
it 

1      Disc.    8,  W.  B.  Ogden 
1      Disc.  28,  Geo.  M.  P. 
"     Disc.  30,  W.  D.  P. 
«      Disc.  31,  W.  &  McF. 
"     Disc.  44,  J.  G.  D. 

1  j    Balance 
1 

5 
6 
6 
6 
6 

1862 

11940                May 
4975 
3930 
2985 
14925 

1 

38805 

38805 

June 

31055 

i 

299 


20 


GENERAL  LEDGER. 

O.    &z.    E.    R,.    Pt.    Bon.d.s. 


862 

1862 

ilay 

1 

Bot.  at  auction 

5 

13000 

June 

1 

Juno 

1 

Loss  and  Gain        [L.  r.] 

21 

r,  r>  o  o 

23500 

1 

Sold  H.  D.  Stratton 

G 

23500 
23500 



21 


Loss    and    Grain. 


1862 

1862 

May 
June 

1 
1 

Deficiency  oil  Disc.  24 
Expeu.se            [L.  F.] 

5 
7 

1956 
4478 

34 

June 

11 

1 
ii 

Colls,  and  Ex.   [L.  F.] 
Interest             [L.  F.I 

6 

14 

837 
5044 

01 
25 

i. 

11 

PivM.Tid               [L.  r.] 
Ucacrvecl  Profits  [L.  F.J 

27 

2S 

4000 

92 

11 

ti 

C.  &  E.  R.  R.  Bs.[L.  F.J 

20 

5500 

11381 

26 

11381 

21 

Of    Oa/prtol, Albany. 


i  

_•  — 

1362 

May 

1 

Disc.  43,  E.  \V.  Koyes 

5 

8000 

j 

r~**  V^                                                             -t-      -^   Ob-4-.w-^X..l..l.JL.l.          _-*-      -*  t-^OJ.  J-J..^  —  ^~~           ^>  t/i/u  //tt/cto* 

1862 

1862 

June 

1 

Collection 

6 

750 

June 

1 

Collection 

6 

7fO 

Disc.  48,  E.  R.  M. 

6 

4000 

it 

" 

Balance 

C 

4  00  0 

4750 

4760 

June 

1 

Balance 

4000 

300 


GENERAL  LEDGER. 


Toledo    Branch.    Bank. 


1862 

i 

Collections 

6 

6250 

! 

Farmers'    Br.    Bar 

25 

1852 
JlUM 

i 

Collections 

C 

750 

Lorain    Bank, 

26 

1865 

Jane 

Collections 

e 

2400 

JDividend.                                       27 

1615! 
Juu 

1 

3       ] 

Loss  and  Gain 

2 

4000 

Reserved   IProfLts. 


301 


28 




186) 

1 

Juu 

3       1 

Loss  and  Gain 

2 

946 

92 

LEDGER  BALANCES. June  1. 


General  Ledger. 


Debit  Balances. 


Duncan,  Sherman,  &  Co.  . 
Bills  Discounted  .  .  .  . 
Domestic  Exchange  .  .  . 

Expense 

Cash 

Lafayette  Bank      .... 

Public  Stocks 

Treasury  Notes  .... 
Farmers'  and  Mech's  Bank. 
Exchange  Bank,  Buffalo 

Fixtures   

Burkam  &  Sons     .... 

Loss  and  Gain 

Bank  of  Capital  .  .  .  . 
Franklin  Bank,  Collection  . 
Toledo  Branch  Bank  .  .  . 
Farmers'  Branch  Bank  .  . 
Lorain  Bank 


72007 

37500 

61550 

4478 

17G806 

2350 

3G400 

9800 

0912 

7125 

575 

31055 

1956 

8000 

4000 

6250 

750 

2400 


75 


34 

78 


50 


4C9916   i  37 


.  Credit  Balances. 

Capital  Stock  .... 

Deposits 

Collection  and  Exchange 

Interest  

Office  Notes  .... 
C.  &  E.  R.  R.  Bonds  . 


200000 

223535 

837 

5044 

35000 

5500 


469916 


11 

01 

25 


37 


,.,    frprJ.it.  Pnjrwffifi.        ,  ,.„   ... 

\ 

^:,^<*,m    J.   L,    w^i   ^ 

N.  C.  Winslow      .... 

5609 

92 

John  R.  Pei  m  

E.  R.  Felton      

8610 

81 

George  A.  Crocker  . 

Jacob  Iloornbeek  .... 
M.  B.  Scott  

3571 
11599 

81 
02 

John  D.  Williams     .     .     . 
Henry  fvison  

James  W.  Lnsk     .... 
Lewis  R.  Morris    .... 
John  S.  Woolson  .... 
T.  P.  Handy      

9539 
12G91 
11169 
6244 

63 

70 

42 

W.  H.  Clark    
Austin  Packard    .... 
Hiram  A.  Pryor  .... 
Joseph  P.  Walter 

E.  L.  Jones  

James  Richards     .... 
Alonzo  Mitchell     .... 

6546 
6196 
5339 

75 
82 
72 

Wm.  T.  Brooks    .... 
George  M.  Penn  .... 
E.  G.  Folsom  

Asa  Mahan  
Robert  Brown  

3727 
5859 

90 
70 

H.  D.  Stratum     .... 
Certificate  

Incjham  &  Braver  .... 

5346 

80 

J.  B.  Meriara  

Charles  Hickox  

9432 

08 

D  P.  Eells  . 

11.  B.  Bryant    
Forward     .... 

11931 
123417 

44 
52 

i 

Total  Net  Deposits*  . 

' 

123417   52 


13802 
5200 
4040 
5701 
6487 
1885 
8515 
3884 
2539 
11709 
10070 
7868 
8000 
9252 
1161 


22 
08 
80 

12 
50 
75 


33 
12 

50 

67 
50 


223535   11 


*  See  Deposit  %,  General  Ledger. 


302 


DEPOSIT  LEDGER. 


IsT.    O.    "Winslo-w. 


j 

HI 

1862 

1862 

Jan. 

1     Cash 

1 

605 

Jan. 

1 

Cash 

1         1000 

Apr. 

1       do. 

4 

500 

Mar. 

1 

do. 

3         3750 

May 

1       do. 

5 

815     65 

I      Apr. 

1 

do. 

4            7D5 

June 

1       do. 

6 

4260 

May 

1 

do. 

5          lr.00 

June 

1 

Sunds. 

G         4743 

50 

E. 


Helton. 


1862 

1 

1; 

1862 

Jan. 

1     Cash 

1  ! 

298 

75 

Jan. 

1 

Cash 

Feb. 

1       do. 

2 

812 

50 

Feb. 

1 

Discs. 

Apr. 

1       do. 

4 

5950 

Mar. 

I 

Sunda. 

May 

1       do. 

5 

9185 

Apr. 

1 

Cash 

June 

1       do. 

6 

455 

50 

May 

1 

Sonda 

June 

1 

Cash 



1750 

5033     39 
48G8     50 

5''5  ''• 
11906     67 

729 


1S62 

Jan. 
Feb. 
Apr. 

May 
June 


Jacob 


-  -  J  

I 

r 

i 

"  i  " 

1862 

1  Cash 

1 

841 

50 

Jan. 

1 

Cash 

4  l  r.  s  rut  |  j 

1   do. 

2 

301 

75 

Feb. 

1 

do. 

2 

1   do. 

4 

750 

Mar.  i 

1 

Sunda. 

3 

1   do. 

5 

8896 

Apr. 

1 

do. 

4 

1   do. 

6 

918 

75 

May 

1 

Cash 

5 

1      1 

1' 

June 

1 

do. 

6 

5000 

4473 

2700 

2000 

700 

406 


81 


.  IB.  Scott. 


18C2 

1SG2 

~~ 

Feb. 

1 

Cash 

2 

3199 

75 

Jan. 

1 

Cash 

1  ij! 

900 

Apr. 

1 

do. 

4 

3755 

Feb. 

1 

Disc. 

.1  .;•>:,  r,9   2 

G925 

:•! 

May 

1 

do. 

5 

8449 

83 

Mar. 

Sunds. 

Iftsa,  .,-.   3 

11226 

33 

June  ; 

1 

do. 

6 

6425 

32 

Apr. 

1 

do. 

4 

10795 

May 

1 

do. 

5 

2296 

26 

1 
i 

June 

1 

do. 

6 

1286 

1862  : 

1862 

Jan. 

1  Cash 

1 

626 

25|! 

Jan. 

1 

Cash 

Feb. 

1   do. 

2  1    192 

50 

Feb. 

1 

Disc. 

Mar.  : 

1   do. 

3    3814 

50 

Mar.  1 

Sunda. 

Apr.  i 

1   do. 

4 

3875 

Apr.  I  1 

Cash 

Mav  ' 

1   do. 

5 

539 

93 

May  !  1 

Sunds. 

June 

1   do. 

6 

1 

707 

25 

June  1 

do. 

2500 

2-1 G8     33 

7495 

1000  , 

3500 

2331  i  73 


303 


DEPOSIT  LEDGER. 


6 


Lewis    !R,.    1VE  orris. 


1862 

1862 

Jan. 

1 

Cash 

1 

291 

8( 

Jan. 

1 

Cash 

1 

3000 

Feb. 

1 

do. 

2 

144 

2t 

F,-b. 

1 

do. 

2 

2097 

7J 

Alar. 

1 

do. 

3 

270 

7S 

Mar. 

1 

do. 

3 

2250 

Apr. 

1 

do. 

4 

1046 

2.5 

Apr 

1 

do.                1  0  '  •>  a       0 

4 

5183 

May 

1 

do. 

5 

8175 

May 

1 

do. 

.  5 

750 

June 

1 

do. 

6 

291 

1i 

June 

1 

Disc.             1  2  fi  0  l    -  0 

6 

9o75 

7; 

8 


9 


Jonn    S.    "Woolson. 


1862 

18(52 

Jan. 

1 

Cash 

1 

124 

50 

Jan. 

1 

Cash       l-°'75  «° 

I 

1500 

Feb. 

1 

do. 

2 

886  25 

Feb. 

1 

do. 

2 

2500 

Mar. 

1 

do. 

3 

529 

7c 

Mar 

1 

do. 

3 

2000 

Apr. 

1 

do. 

4 

212 

50 

Apr, 

1 

Su.ids. 

4 

3716 

50 

May 

1 

do. 

5 

5913 

5'1 

May 

1 

Discs. 

6 

10370 

50 

June 

1 

do. 

6 

2651 

5;; 

June 

1 

Bunds: 

6 

906 

T.    IP.    Handy. 


1862 

1862 

Jan. 

1 

Cash 

1 

2000 

Jan. 

1 

Cash 

1 

4700 

Fob. 

1 

do. 

2 

2114 

7d 

Feb. 

1 

do. 

2 

1175 

50 

Mar. 

1 

do. 

3 

567 

50 

Mar. 

1 

do. 

3 

•  1100 

Apr. 

1 

do. 

4 

2832 

50 

Apr. 

1 

do. 

4 

850 

May 

1 

do. 

5 

11600 

May 

1 

Discs. 

5 

13903 

67 

June 

1 

do. 

6 

6406 

H 

June 

1 

SuiuK 

6 

95S6 

75 

H3. 


Jones. 


1862 

i 

186! 

t 
i 

Fob. 

1 

Cash 

2 

317  3S 

Jan. 

1   Cash 

1 

975 

Mar. 

1 

do. 

8 

356  |  5C 

Feb. 

1   do. 

2 

900 

Apr. 

1 

do. 

4 

1050  2f 

Mar 

1   do. 

3 

375 

Mav 

1 

do. 

5 

1125. 

Apr 

1    do. 

4 

15'iO 

June 

1 

do. 

6 

7843 

May 

1   d,>. 

5 

8000 

June 

1   Sunds. 

(5 

10488 

e 

Ja,mes    !R,io!ia,rd.s. 


1862 

1 

1865 

Jan. 

1 

Cash 

1 

283 

6( 

Jan. 

1 

Cash 

1 

1750 

Fob. 

I 

do. 

2 

573 

7-1 

Mar. 

1 

Sunds. 

3 

1094ft 

17 

Mar. 

I 

do. 

3 

800 

Apr 

1 

do. 

4J 

89»!8 

25 

Apr. 

1 

do. 

4 

5275 

May 

1 

Cash 

5 

975 

Mav 

1 

do. 

5 

1  843 

JUTN 

!       1 

do. 

6 

1500 

June 

1 

do. 

6 

4167 

2: 

304 


DEPOSIT  LEDGER 

-A  ionzo 

iMIitoliell. 

1862 

1862 

J  m. 
Feb. 
Mar. 
Apr. 
May 

1 
1 
1 
I 
1 

Cash 
do. 
do. 
do. 
do 

1 
2 
3 
4 
5 

333 
508 
574 
7275 
3169 

75 
90 

63 

Jan. 

liFeb. 
:  Mar. 
i  Apr. 
May 
June 

! 
| 

l 

Cash 
Disc. 
Cash 
do. 
do. 
do. 

*&. SSL 


1862 

'1862 

Fob. 

1 

Cash 

2 

844 

75 

;  Jan. 

Mar. 

1 

do. 

3 

580 

50 

Feb. 

Apr. 

1 

do. 

4 

1225 

Mar. 

May 

1 

do. 

5 

1007  50 

;  May 

Juue 

1 

do. 

G 

510  125 

Juue 

362 
xii. 

j 

Cash 

1 

1200 

eb. 

i 

do. 

2 

2500 

far. 

1 

do. 

3 

1400 

ay 

ime 

1 
1 

do. 

Sunds. 

5 
6 

1500 
1295 

90 

Robert    Brown. 


13 


1862 

I 

1862 

Jan. 

1 

Cash 

1 

202 

Jan. 

1 

Cash 

1 

1000 

Feb. 

1 

do. 

2 

251    120 

I  Mar. 

1 

do. 

3 

575 

Apr. 

1 

do. 

4 

888    |60 

'Apr. 

1 

do 

4          1500 

May 
Juue 

1 
1 

do. 
do. 

5 
6 

350 
5112 

48 
50 

May 
June 

•1 

do. 
Sunds. 

5 
6 

2000 
7589 

M 

14 


862 

1  l; 

1862 

Y-b. 

Cash 

2 

208 

90  j 

Jan. 

1 

Cash 

3750 

lar. 

1 

do. 

3 

1788 

75  i 

Feb. 

1 

do. 

875 

Lpr. 

1 

do. 

4 

1103 

•  i 

Mar. 

1 

do 

975 

lay 

1 

do. 

5 

1325 

Apr. 

1 

do.        84T4  »5 

975 

nne 

1 

do. 

6 

1745 

75 

Muy 

1 

do. 

1700 

Juno 

1 

do.                    3243  20 

20 


Clisis.    I-Jicikox. 


305 


15 


1862 

1862 

Fan. 

1 

Cash 

1 

190 

Jan. 

1 

Cash 

1 

1325 

Feb. 

1 

do. 

2 

539 

34 

Feb. 

1 

do. 

2 

1700 

Ifar. 

1 

do. 

3 

312 

50 

Mar. 

1 

do 

3 

2900 

\pr. 

1 

do. 

4 

7000 

Apr. 

1 

do. 

4 

3dOO 

une 

1 

do. 

6 

1557 

May 

1 

Disc. 

5 

840o  • 

n 

June 

1 

Cash 

6 

1700 

-  -  -            1  

DEPOSIT  LEDGER, 


16 


.    Bryant. 


i  1862 

1 

Cash 

1 

3000 

Jan. 

1 

Disc. 

1 

4947 

51 

1 

do. 

2 

1110 

75 

Fob. 

1 

Cash 

2  i 

1200 

1 

do. 

3 

464 

95 

Mar. 

1 

do. 

3 

4375 

29 

1 

do. 

4 

1812 

60 

Apr. 

j 

do. 

4 

675 

1 

do. 

5 

203 

90 

May 

1 

Discs. 

5 

10375 

75 

1 

do. 

6 

3350 

June 

1 

Cash 

6 

300 

1862 

J.m. 
Feb. 
Mar. 
Apr. 
May 
June 


17 


J"oh.n    IR,. 


1862 

1862 

-. 

Jan. 

1 

Cash 

1 

2500 

Jan. 

1 

Disc. 

1 

3953 

Feb. 

1 

do. 

2 

2852 

75 

Feb. 

1 

Cash 

2 

3000 

Miir. 

1 

do. 

3 

413 

03 

Mar. 

1 

Sunds. 

3 

12155 

A  [jr. 

1 

do. 

4 

10825 

Apr 

1 

Cash 

4 

1200 

May 

1 

do. 

5 

386 

50 

May 

1 

do. 

5 

1200 

June 

1 

do. 

6 

153 

60 

June 

1 

Sunds. 

6 

9450 

18                              Greo.    -A..    Orocker. 

1802 

1862 

Apr. 
May 

June 

1 
1 

1 

Cash                  2900 
da 
do. 

4 
5 
6 

500 
514 
8335 

25 

Feb. 
Mar. 
May 
Juno 

1 

1 
1 
1 

Ca-sh 
do. 
Sunds. 
Cash 

2 
3 

1 

1500 
1900 
10649 
600 

3d 

19 


Jolm    H>.    "Williams. 


isr>2 

1862 

Mar. 

1 

Cash 

3 

175 

Feb. 

1 

Cash 

2 

1200 

Apr. 

1 

do. 

4 

1350 

Mar. 

1 

do. 

3 

1500 

May 
June 

1 
1 

do 
do. 

5 
6 

340 

1296 

25  i 
50 

j  Apr. 
May 

1 
1 

do. 
do. 

4 
5 

784 
1350 

June 

1 

Discs. 

6 

2368 

55 

Plenry    Ivison. 


306 


862 

1862 

\pr. 

1 

C;wh 

4 

825 

Feb. 

j 

Cash 

2 

1700 

lav 

1 

ua 

6 

608 

50 

Mar. 

1 

do. 

3 

1200 

une 

1 

do. 

6 

640 

60 

Apr. 

1 

do. 

4 

1500 

May 

1 

do. 

5 

2575 

June 

1 

da 

6 

800 

DEPOSIT  LEDGER. 


W.    HE.    Clark. 


21 


1862 

1862 

May      1     Cash 
June     1      do. 

6 
6 

10879 
222 

Feb  i    1     Pnl 
F6D.       1      LOU                      8 

Mar.     1      do. 
.            ,      o       ,                 1  3  6  4  T    5  0 
Apr.     1  i  Sunda. 

2 

3 

4 

15)0 

2000 
9147 

r>o 

June 

1  j      do. 

6 

4940 

62 

IPaokard.. 


1862 

j 

1862 

Apr. 

1 

Cash 

4 

525 

Mar. 

1 

Cnsh 

May 

I 

do. 

5 

516 

60 

Apr. 

1 

do. 

June 

1 

do. 

6 

276 

May 

1 

do. 

June 

1 

do. 

22 


500 

1  2  r>  i) 

3 

600 

i  r.i  i  50 

4 

1275 

1SS5  50 

5 

758 

6 

670 

Hiram    .A..    Fry  or. 


18G2 

1862           > 

May 

1 

Cash 

5  j 

646 

1250 
50   Mar.  1  Cash 

3 

1250 

June 

1 

da 

6 

337 

75   Apr.  1   do. 

4 

3000 

Ma7  1   do.        8515  7& 

5 

1500 

June  1   da 

6 

3750 

Joseph.    F.    "Walter. 


1862 

1862 

May 

1 

Cash 

5 

841 

60!    Mar. 

1 

Gash                 24oo 

3 

900 

June 

1 

do. 

6 

534 

60      Apr. 

1 

^0.                       9  4  •>  S    50 

4. 

1500 

May 

1 

do.                         3SS4 

5 

900 

June 

1 

do. 

6 

I960 

i 

1862 

May 
June 


Cash 
do. 


Vv^illiam    T.    Brooks. 


1470 


ir" 

11 

1862 

6    7990      Mar. 

1  Disc. 

«    206      Apr. 

1  Cash 

June 

1 

da 

8  9  GO 

9  4  ('.  i) 
2530 


25 


89GO 

500 

1276 


307 


DEPOSIT  LEDGER. 


26                                Greo.    "ML.    Fenn. 

1862 

1862 

May 

1 

Cash 

5 

1040 

75 

Apr. 

1 

Sands.               6410    3S 

4 

6410 

83 

Juue 

1 

do. 

6 

155 

75 

May 

1 

Cash                       6S70    OS 

5 

InOO 

June 

1 

Builds.                11709    33 

6 

4995 

27 


IE.    GK    F'olsom. 


1862 

1862 

May 
June 

1 
1 

Cash 
do. 

5 
6 

1393 
256 

38 

Apr. 
May 
June 

Sunds      8  0  s  3  50 

4 

3983 

GO 

do.         6706  1-2 

5 

6176 

Cash       10070  1'2 

6 

1560 

28 


.    3D.    Stratton. 


18G2 

1862 

May 
Juue 

1 
1 

Cash 
da 

5 
6 

12000 
176 

50 

Apr. 
June 

1 
1 

Disc.                    147S5 
Builds.                   78CS    60 

5 
6 

14785 
5260 

1 

Certificate. 


1862 

1862 

\\ 

May 
June 

1 
1 

No.  1. 

No.  'L 

5 
6 

3000 
3000 

Apr. 
May 

1 
1 

J.  R.  P.       TTO.  1. 
L.  R.  M.      No.  2. 
W.  T.  B.     No.  3. 

4 
5 
11 

3000 
3000 
7000 

E.  G.  F.      No.  4. 

<i 

1000 

i 

30 


Certified    Checks. 


1862 
Jane 

1 

J.  R.  P. 

6 

575 

1862 
Apr. 

1 

J.  R.  P. 

4 

575 

308 


DEPOSIT  LEDGER. 


«J.    IB.    JMLeristm. 


31 


1362 

1862 

jj 

May       1 

June     1 

Cash 
do. 

5 
6 

3895 
12269 

50 

Apr. 
May 

1 

1 

Sunda. 
do. 

4         8427 
fill    16989 

67 
50 

13.    IP.    Eells.                                   32 

1862 

1862 

June 

1 

Cash 

5 

281 

75 

May 
June 

1 

1 

Col. 
Cash 

5 
6 

698 
745 

25 

1509 


DISCOUNT 


When 
Disdd. 

No. 

Drawer  or  Endorser. 

Drawee  or  Maker. 

Where  Payable. 

Date. 

Time. 

1862 

Jan.  1 

1 

H.  B.  Bryant    .     . 

Wright  G.  &  Ravvson 

New  York 

Jan.     1 

60  da. 

2 

W.  B.  Ogden   .    . 

Peter  Cooper    .    . 

City.     .    .     . 

Jan.     1 

60  da. 

Feb.  1 

3 

Alonzo  Mitchell     . 

A.  J.  Comstock 

New  York 

Feb.     1 

30  0s. 

4 

"William  Cook   .    . 

N.  Bidwell  .     .    . 

New  York 

Feb.     1 

40  ds. 

5 

Jas.  W.  Lusk    .     . 

J.  R.  Peun   .    .     . 

New  York     . 

Jan.  15 

90  ds. 

6 

D.  P.  Bella  .    .    . 

T.  P.  Handy      .     . 

City  . 

4  mos. 

7 

E.  R.  Felton     .     . 

Jas.  Richards    .     . 

City.     .     .     . 

Feb.     1 

GO  da. 

8 

Jacob  Hinds     .    . 

Chas.  Hickox    .  . 

City.     .     .     . 

Jan.     3 

90  da. 

Mar.  1 

9 

L.  J.  Lyman      .    . 

Clarence  Shook     . 

City.     .     .     . 

Jan.  15 

90  da. 

10 

Jaa.  "W.  Lusk    .    . 

Clafflin,  M.  &  Co.  . 

New  York 

Mar.    1 

10  ds. 

11 

Jas.  "W.  Lusk    .     . 

11.  B.  Scott  .     .    . 

City.    .    .     . 

Feb.     1 

60  ds. 

12 

N.  0.  Winslow  .    . 

H.  B.  Tuttle      .     . 

Buffalo  .     .    . 

Mar.    1 

30  da. 

13 

James  Eells  .     .     . 

Ivison,  Ph.  &  Co.   . 

New  York 

Mar.     1 

30  ds. 

14 

E.  R.  Folton     .     . 

W.  II.  Clark      .    . 

Cincinnati  .     . 

Feb.     1 

60  ds. 

15 

T.  P.  Handy     .     . 

Parker  Handy  .     . 

New  York 

Feb.  15 

60  ds. 

16 

Chas.  Hickox    .     . 

Jas.  Armstrong 

Buffalo  .     .     . 

Mar.     1 

30  ds. 

17 

T.  Dwigbt  Eells     . 

"Winslow,  L.  &  Co. 

New  York 

Mar.     1 

30  ds. 

18 

II.  B.  Bryant    .     . 

W,  B.  Ogden     .     . 

Chicago     .     . 

Feb.     1 

90  ds. 

19 

H.  D.  Stralton  .    . 

D.  Appleton      .    . 

New  York     . 

Mar.     1 

60  ds. 

Apr.  I 

20 

James  Eaton    .     . 

Sumner  Packard    . 

City.     .     .     . 

Apr.    1 

60  ds. 

21 

L.  It.  Morris      .    . 

W.  H.  Clark     .    . 

City.     .     .     . 

Apr.     1 

60  ds. 

22 

Wilson  a.  Hunt     . 

Peter  Cooper    .     . 

City.    .     .     . 

Mar.  25 

90  ds. 

23 

T.  P.  Handy      .     . 

N.  C.  Winslow  . 

City.     .     .     . 

Mar.    1 

90  ds. 

24 

John  Simmons  .     . 

Chas.  Baker.     .    . 

City.     .     .     , 

Mar.    3 

60  ds. 

25 

E.  G.  Folsom     .     . 

H.  Bishop    .     .     . 

City.     .     .     . 

Apr.     1 

30  ds. 

26 

Jacob  Hinds      .     . 

M.  B.  Scott  .     .     . 

Buffalo  .     .     . 

Apr.    1 

60  ds. 

27 

John  Gundry    .     . 

R.  M.  Bartlett  .     . 

Cincinnati  .     . 

Mar.  10 

90  ds. 

23 

H.  D.  Stratton  .     . 

Geo.  M.  Penn   .     . 

Chicago      .     . 

Mar.  31 

60  ds. 

29 

Zalmon  Richards  . 

Austin  Packard 

New  York 

Apr.     1 

GO  ds. 

30 

W.  B.  Ogden    .    . 

W.  D.  Packard  .    . 

Chicago     .    . 

Apr.     1 

90  da. 

31 

J.  S.  "Woolsou  .    . 

Woolson  &  McF.    . 

Mt.  Pleasant  . 

Mar.  25 

90  da 

"10 


REGISTER. 


WJien       Days 
Due.        to  A'ari. 

BiUsDisctd. 

Dom.  Ex. 

Interest. 

Col.  &  Ex. 

Proceeds. 

To  Whom 
Orediied. 

at 

13G2 

Mar.     5 

63 

6000 

52 

50 

4947 

50 

H.  B.  Brvant 

V 

Mar.    5 

G3 

4000 

42 

31)58 

John  R.  Peun 

V 

t'4000 

^5000 

^94 

50 

8905 

50 

Mar.     G 

33 

5000 

27 

50 

4972 

50 

A.  Mitchell    . 

V 

Mar.  16 

43 

3000 

21 

50 

2978 

50       A.  Mitchell     . 

V 

Apr.  18 

76 

2500 

31 

67 

2468 

33       J.  W.  Lusk    . 

\' 

May  24 

112 

1600 

29 

86 

1570 

14 

E.  R.  Fcltou  . 

V 

A  pr.    5 

63 

3500 

3G 

75 

3463 

25 

E.  R.  Felton  . 

V 

Apr.     6 

64 

'7000 

74 

66 

6925 

34 

M.  B.  Seott    . 

V 

t/12100           ^10500 

V'lll 

94 

22378 

06 

Apr.  18 

48 

6000 

40 

4960 

W.  T.  Brooks 

V 

Mar.  H         13 

4000 

4000 

W.  T.  Brooks 

V 

Apr.    5         35 

6000 

35 

6965 

J  W.  Lusk     . 

\ 

Apr.     3 

33 

2500 

13 

75 

2486 

25 

Cash      .     .     . 

\f 

Apr.    3 

33 

6000 

33 

5967 

Jas.  Richards 

V 

Apr.    5 

35 

2500 

14 

58 

6 

25  ji       2479 

17 

Jas.  Richards 

V 

Apr.  19 

49 

7000 

57 

17 

6942 

83  , 

M.  B.  Scott     . 

V 

Apr.    3 

33 

3000 

16 

50 

2983 

50 

JJ.  B.  Scott    . 

V 

Apr.    3 

33 

2500 

13 

75 

2-186 

25 

Cash      .     .     . 

V 

May     5 

65 

12000 

130 

90 

11780 

John  I?.  IVna 

V 

May     3 

63 

3000 

31 

50 

29G8 

50 

E.  R.  Fulton  . 

V 

1 

KllOOO 

^42500 

^385 

25 

1X96 

25 

53018 

60 

ouno    3 

63 

4000 

42 

3958 

Cash      .     .     . 

V 

June    3          G3 

5000 

52 

50 

49-17 

50 

W.  71.  Clark  . 

V 

June  20         86 

15000 

215 

147S5 

II.  D.  Stratum 

V 

June    2          02            7000 

72      33 

6927 

67 

J.  B.  Meriam  . 

V 

May     5          34         20000 

113 

33 

108S6 

67 

Cash     .     .     . 

\' 

May     4         33           3000 

16      50 

2983 

50 

E.  0.  Folsom 

V 

June    3          63 

10000 

105 

9895 

M.  B.  Scott    . 

V 

June  11          71 

3000 

35      50     i       7 

50            2057 

Cash      .     .     . 

V 

June    2         62 

5000 

51      67          37 

50           4010 

8.1 

Geo.  M.  Penn 

V 

June    3          63 

3500 

36 

75 

3463 

25 

Jas.  Richards 

V 

July     3          93 

4000                   62 

30 

3908 

Cash      .    .     . 

\' 

.June  26          86 

3000                   43 

22 

50            2934 

50 

J.  S.  Woolsoii 

V 

K04000 

K-28500 

^845 

58 

^97 

50 

81556 

92 

DISCOUNT 


D^scld. 

No. 

Drawer  or  Endorser. 

Drawee  or  Maker. 

Where  Payable. 

Date. 

Time. 

1862 

May  1 

32 

Jag.  Cruikshank     . 

E.  G.  Folsom    .    . 

City.    .    .     . 

May    1 

90  dg. 

33 

Nicolas  Nickleby  . 

Barnaby  Budge    . 

New  York     . 

Apr.  15 

60  ds. 

34 

Jno.  S.  "Woolsou    . 

Smith  &  Nixon 

Cincinnati  .     . 

Apr.  30 

60  ds. 

35 

Robert  Peel.    .     . 

James  Bradley  .    . 

City.     .    .    . 

Apr.    1 

90  ds. 

36 

H.  D.  Clark  .     .    . 

II.  D.  Stratton  .    . 

Columbus  .     . 

May     1 

60  da 

37 

Peter  Cooper    .    . 

J.  II.  Penn  .     .     . 

New  York 

Apr.  25 

2  mos. 

, 

33 

J.  G.  Fox     .     .    . 

W.  H.  Clark     .     . 

City.    .    .    . 

Apr.     1 

60  ds. 

39 

Chas.  Jones  .     .    . 

A.  Stager     .     .    . 

Buffalo  .     .     . 

Apr.     1 

3  mos. 

40 

W.  P.  Spencer  .    . 

S.  S.  Packard    .    . 

City.     .     .     . 

Apr.  20 

60  ds. 

41 

J.  Kennedy  .     .     . 

Chas.  Hickox   .    . 

City.     .     .     . 

Apr.  25 

90  ds. 

42 

Chas.  Hickox  .    . 

Jonathan  Gillett    . 

New  York 

Apr.  30 

60  ds. 

43 

Victor  M.  Rice  .     . 

E.  W.  Keyes     .     . 

Albany.    .    . 

Apr.  28 

30  ds. 

44 

Hiram  Niles      .    . 

J.  G.  Deshler    .    . 

Chicago     .    . 

Apr.  15 

60  ds. 

45 

James  Hamilton    . 

R.  C.  Spencer   .    . 

Detroit  .    .    . 

Apr.  10 

60  ds. 

46 

Robert  Davis    .     . 

Wm.  Smith  .     .     . 

Troy     .    .    . 

Apr.     1 

90  ds. 

47 

T.  P.  Handy     .     . 

II.  B.  Tuttle      .     . 

City.     .     .     . 

May     1 

30  ds. 

43 

William  Butts  .     . 

E.  R.  Morgan    .     . 

Columbus  .     . 

Apr.  15 

60  da. 

49 

John  Rogers     .    . 

Jas.  Smiley  .     .     . 

City.     .     .    . 

Apr.  30 

SOds. 

June  1 

50 

Jas.  Mallory 

Geo.  M.  Strong      . 

City.     .     .     . 

June    1 

GO  ds. 

51 

T.  P.  Handy     .     . 

Edward  Savage     . 

City.     .     .     . 

May  31 

90  ds. 

52 

Jas.  Smiley  .    .     . 

Philip  Seaton    .    . 

Buffalo  .     .     . 

May     3 

GO  ds. 

53 

E.  G.  Folsom    .     . 

Peter  Stone  .     .     . 

City.    .     .     . 

May  27 

60  ds. 

54 

Hiram  Dixou    .     . 

Thomas  Jones  .     . 

New  York 

May  31 

3  mos. 

&j 

Chas.  Eaton  .     .     . 

Jacob  Harrison 

City  .... 

June    1 

60  ds. 

50 

Joseph  Arnold  .     . 

W.  H.  Woodbury  . 

Dayton      .     . 

May  15 

3  mos. 

57 

Childs  &  Peterson  . 

W.  T.  Sherman      . 

Philadelphia  . 

Mar.  15 

6  mos. 

53 

11.  B.  Bryant    .     . 

E.  R.  Fiuney    .     . 

Pittsburg  .     . 

May  10 

60  da. 

69 

Peter  McGrath  .    . 

Samuel  Rand    .    . 

City.     .     .     . 

Jan.   15 

8  mo*. 

60 

Robert  Martin  .     . 

John  Peltou      .     . 

Galena,  111.     . 

May   12 

4  mos. 

61 

Thos.  Foulke    .    . 

Horace  Holden 

City.    .    .    . 

May  15 

60  ds. 

62 

Henry  C.  Spencer  . 

William  Gray   .     . 

New  York 

May  25 

3  mos. 

63 

C.  11.  Wells  .    .     . 

E.  W.  Mason    .     . 

P'keepsie,  N.Y. 

Apr.   10 

4  mos. 

312 


REGISTER. 


Wlien 
Due. 

Days 
to  Itun. 

BiUsDisdd. 

Dom.  Ex. 

Interest. 

Col.  &  Ex.         Proceeds. 

To  Whom 
Credited. 

Ck. 

1862 

A  ug.    2 

93 

4000 

62 

3933 

E.  G.  Folsom       V 

Juue  17 

47 

10000 

78 

33 

9921 

67   :    E.  11.  Felton  . 

V 

July     2 

G2 

6000 

G2 

15 

59-23 

J.  S.  Woolson      V 

July     3 

63 

5000                                         52 

50 

4917 

50  j    J.  S.  Woolson      V 

July     3 

6J 

7500 

78 

75 

18 

75            7402 

50       J.  B.  Meriam.      V 

June  28 

58 

6000 

58 

5942 

J.  B.  Meriam  . 

V 

Juue   3 

33 

10000 

55 

9945 

Cash      .    ,     . 

V 

July    4 

64 

7000                  74 

67 

6925 

33       G.  A.  Crocker 

V 

Juno  22 

52 

3000 

26 

2974 

G.  A.  Crocker 

V 

July  27 

87 

1500 

21 

75 

1478 

25       Cl:as.  Hickox 

V 

July    2 

G2 

i     7000 

72 

33 

6927 

67       Clias.  Hickox 

V 

May  31 

30 

8000                  40 

7960 

Cash     .     .     . 

V 

June  17 

47 

15000                117 

50 

112 

50   n     14770 

Cash     .     .     . 

V 

June  12 

42 

3500 

24 

50 

2G 

25           3449 

25       H.  B.  Bryant 

V 

July    3 

63 

7000 

73 

50 

6926 

50       II.  B.  Bryant 

V 

June    3 

33 

10000                                         55 

9945 

T.  P.  Handy  . 

V 

June  17 

47 

,     4000                   31      33 

10 

3958 

67       T.  P.  Handy  . 

V 

June    2 

32       1     8000                                           42      67    : 

7957 

33       Cash     .     .     . 

V 

^41500           ^81000           t/1025 

83    ^182 

50 

121291 

67 

.  ! 

1     | 

Aug.    3 

63 

3000 

31 

50 

29GS 

50       N.  C.  Winslow 

V 

Sept.    1 

92            1500 

23 

1477 

N.  C.  Winslow 

V 

July     5 

34 

5000    !                28 

33    | 

4971 

67       L.  R.  Morris  . 

V 

July  29 

58 

4750 

45      92 

4704 

08       L.  R.  Morris  . 

V 

Sept.    3 

94 

7500                117      i,0 

7382 

50       T.  P.  Handy  . 

V 

Aug.    3 

03            1500                                           15      75 

1484 

25       T.  P.  Handy  .      y 

Aug.  18 

78 

6000                  73 

15 

5!)07 

E.  L.  Jones    .      \f 

Sept.  18 

109 

3750                   GS      12 

3681 

88       E.  L.  Jones    .      tf 

July  12 

41                                      GuO                     4       10 

595 

90      Asa  Mahan    .   j  f/ 

Sept.  18 

109           6750 

122 

62 

6627 

38       Robt.  Brown  .      ^ 

Sept.  15 

106 

1800 

31      80          13      50            1754 

70       Ingham  &  B.  .      \f 

July  17         46           1500 

11 

50                                  1488 

50       Ingham  &  B.  .      V 

Aug.  28         88 

900                   13 

20 

886 

80       J.  D.  Williams      V 

Aug.  13 

73 

1500                   18 

25 

1481 

75 

J.  D.  Williams 

V 

^19000           ^27050             ^009 

59      ^28      50         45411 

91 

y 

313 


COLLECTION 


Wlien  Left. 

No. 

Drawer  or  Endorser. 

Drawee  or  Maker. 

Where  Payable. 

18G2 

February 

March 
April 

1 
2 
3 
4 
5 
6 
7 
8 
9 
10 

11 
12 
13 
14 
15 
16 
17 
18 
19 
20 
21 

22 
23 
24 
25 
26 
27 
28 
29 
30 
31 
32 
33 
34 

Ivison,  Phinney  &  Co. 
Peter  Cooper  
"W.  H.  Crocker  .... 
Wm.  H.  Beebe   .... 
"W".  H.  Clark  

Ingham  &  Bragg     .     .     . 
D.  P.  Eells     

City  Bank  

Com.  Br.  Bank    .     .     . 
City  Bank  

James  Shaw            .     .     . 

T.  Dwight  Eells  .... 
T.  P.  Handy  

Bank  of  Cleveland   .     . 

W.  H.  Clark  
Lewis  R.  Morris  .... 
Lewis  R.  Morris      .     .     . 
Jacob  Hoornbeek     .     .     . 
Jacob  Hoornbeek    .     .     . 

D.  Appleton  &  Co.  .     .     . 
Smith  &  McDougal      .     . 
Parker  Handy     .... 
A.  Wellslager    .... 
D.  P.  Eells     

James  Smith  

Merchants'  Bank      .     . 

R.  M.  Bartlctt    .... 
Jas.  W.  Lusk      .... 
Jas.  McAllister  .... 
Peter  Aiken        .... 

Our  Bank  

Our  Bank  

Bryant  &  Stratton  .     .     . 
J.  B  Cobb     

B.  &  S.'s  Office     .    .     . 
J.  B.  C.'s  Office  .     .     . 

Com  Br.  Bank    .... 

Com.  Br.  Bk  
Our  Bank  

Handy,  Gillett  &  Co.    .     . 
R.  M.  Bartlett     .          .     . 
John  Gundry      .... 

New  York  .... 

Cincinnati  ... 
Com.  Br.  Bank    .     .     . 
J.  P.'s  Office    .... 

M.  B.  Scott    
D.  C.  Collins  

Murray  Shipley  .... 
Jas  Richards 

E  R.  Felton  

Our  Bank  

H.  B.  Bryant      .... 

P.  R.  Spencer,  Jr.  .     .     . 

Clafflin,  Mellen  &  Co.  .     . 
A.  T.  Stewart  &  Co.     .     . 
Brjrant  &  Stratton   .     .     . 
I).  C.  Collins  
C  Dunham 

Jas.  W.  Lusk      .... 
H.  C.  Spencer     .... 

E.  "W.  Mason  
E  R  Felton 

Our  Bank        .... 

City  Bank  

Our  Bank  .... 

J.  B.  Meriam  
E.  G.  Folpom      .... 
M  B  Scott    

City  Bank  

E.  G.  F.'s  Office  .    .     . 
Merchants'  Bk.    .     .     , 

E  Hill 

Ingham  &  Bragg     .     .     . 
Jacob  TToonib<.-ek    .     .     . 
A.  S.  Whofler    .... 
J.  B.  Cobb      
H   Stillman 

* 
Wm.  Mason   

E.  G.  Folsom      .... 
J.  R.  Wheeler     .... 
Robert  Barker    .... 
E.  R.  Fdton  .... 
11.  B.  Scoit    
D.  P.  Eells     

Our  Bank  

J.  B.  C.'s  Office  .    .    . 

J.  H.  Goldsmith       .     .     . 
Jas.  Madison  

Detroit  

314 


REGISTER. 


Date. 

Time. 

Wlien  Due. 

1 
Amount. 

For  Whom  Collected. 

To  Whom  Sent. 

Ck. 

Feb.     1 
Fob     1 
Jan.     1 
Fob.     1 
Jan.    15 
Feb.     1 
Feb.     3 
Feb.     1 
Jan.     1 
Feb.     2 

Feb.  15 
Feb.     1 
Mar.    1 
Feb.  15 
Mar.    1 
Mar.     1 
Jan.     1 
Mar.     1 
Dec.     1 
Feb.     1 
Jan.  15 

Jan.     1 
Mar.  10 
Mar.    5 
Apr.     1 
Feb.  10 
Mar.  10 
Feb.  12 
Mar.  15 
Apr.     1 
Fob.  17 
Mar.  20 
Feb.  20 
Mar.  15 
:. 

30  ds. 
60  ds. 
90  ds. 
10  ds. 
SOds. 
30  ds. 
10  ds. 
SOds. 
60  ds. 
20  ds. 

SOds. 
60  ds. 

10  ds. 
60  ds. 
30  ds. 
60  ds. 
90  ds. 
30  ds. 
4  mos. 
60  ds. 
3  mos. 

5  mos. 
60  ds. 
60  ds. 
30  ds. 
3  mos. 
60  ds. 
90  ds. 
2  mos. 
30  ds. 
4  mos. 
60  ds. 
90  ds. 
60  ds. 

Mar.     6 
Apr.     5 
Apr.     4 
Feb.  14 
Feb.   17 
Mar.    6 
Feb.  16 
Mar.     6 
Mar.     5 
Feb.  25 

Mar.  20 
Apr.    5 
Mar.  14 
Apr.  19 
Apr.     3 
May     3     •. 
Apr.     4 
Apr.     3 
Apr.     4 
Apr.    5 
Apr.  18 

Juno    4 
May  12 
May     7 
M;iy     4 
May  13 
May  12 
May  16 
May  13 
May     4 
June  20 
May  22 
May  24 
May  17 

j    1500 
•2000 
2500 
3000 
1500 
2000 
900 
500 
1200 
475 

!    2500 

;  sooo 

6000 
3000 
1500 
,    2000 
6000 
3000 
3000 
1575 
1250 

5000 
3500 
7000 
1750 
4000 
3750 
900 
1500 
1000 
750 
2000 
1500 
700 

Duncan,  Sh.  &  Co.     . 

V 

V 
V 

V 

V 
V 
V 
V 
V 
V 

V 
V 
V 
V 
V 
V 
V 
V 
V 
V 
V 

V 
V 
V 
V 
V 
V 
V 
V 
V 
V 
V 
V 

V 

do. 
do. 
do. 
W.  II.  Clark     .     .     . 

do.        ... 

Lewis  R.  Morris   .     . 
do.             .    . 

Lafayette  Bk.  .     . 

Jacob  rioornbeek      . 
do. 

Duncan,  Sh.  &  Co.     . 
do. 
do. 
W.  H.  Clark     .     .     . 

Moss  Bros.  .    .    . 

J.  B.  Meriam    .    .     . 
do.           ... 
Lafayette  Bk.,  Gin.    . 

Duncan,  Sh.  &  Co. 

Lafayette  Bk.  .     . 

do. 
Lewis  R.  Morris    .     . 

do.             .     . 

Jacob  lloornbeek 
Duncan,  Sh.  &  Co.     . 

do. 
do. 
Lafayette  Bk.,  Cin.    . 

Burkam  &  Sons,  Chic, 
do. 

E.  G-.  Folsora   .     .     . 

Exch.  Bk.,  Buf.     .     . 

Franklin  Bk.,  Col.      . 

E.  R.  Feltou    .     .     . 
M.  B.  Scott      .     .     . 

D.  P.  Eells.      .    .    . 
1 

Farmers'  &  M.  Bk. 
Lafayette  Bk.   .     . 
Moss  Bros.  .     .     . 

315 


COLLECTION 


When  Left. 

No.  \           Drawer  or  Endorser. 

Drawee  or  Maker. 

Where  Payable. 

1862 

May 

June 

I 
35 
36 
37 
38 
39 
40 
41 
42 
43 
44 
45 
40 
47 
43 
49 

50 
51 
52 
53 
54 
55 
56 
57 
58 
59 
60 
61 
62 
63 
64 
65 
66 
67 
68 

Robert  Sweetzor  .  .  . 
P.  R.  Spencer  .... 
John  "W.  Gantz  .... 
W.  H.  Crocker  .... 
Henry  C.  Spencer  .  .  . 
Robert  Dean  

H.  D.  Stratton    .... 
Tbos.  Smith  

J.  Rhoades     .    .         .    . 

Wm.  H.  Beebo   .... 
Ezra  Jones    ..... 

Our  Bank   .    .    .    .    . 

Jacob  Hinds  

Peter  Cook         .... 

Merchants'  Bank      .     . 
City  Bank  

Emerson  E.  White  .  .  . 
John  D.  Hinde  .... 
H.  D.  Stratton  .... 
Geo.  A.  Crocker  .  .  . 
Geo.  M.  Penn  .... 
Robert  Lincoln  .... 
D.  W.  Fish  

E.  G.  Folsom      .... 
Abram  Van  "Wyck  .     .     . 
E.  W.  Mason      .... 
Chas.  Jones   

New  York  ..... 

Buffalo,  N.  T.      ... 

Walkden  &  Co  
James  Garrett    .... 
John  Holbrook  .... 
C.  B  Stout    

Toledo   

City  Bank  

T  S  Quackenbush 

Jacob  Roifsnyder 

J.  C.  Bryant  ..... 

Joseph  Kinsey  .... 

J.  D.  Hinde   

E  M  Hale 

Thos.  Irwin    

Joseph  Russell   .... 
Smith  &  McDougal  .     .     . 
Bryant,  Stratton  &  Co. 
J  W  Lusk         .    . 

Daniel  Slote  . 

Columbus  

Ivison,  Phinney  &  Co. 
J.  B.  Meriara      .... 
A.  C.  Taylor  
S.  S.  Pomroy      .... 

Merchants'  Bank      .     . 
Our  Bank    .... 

C  L  Skeels  

Lockport,  N.  T.  .    . 
Buffalo,  N.  Y.      ... 
E.  B.  Hale's  Bank    .     . 
City  Bank  .     .     . 
Toledo   

Wrn.  T.  Bush  .... 
John  Cook  

Hiram  Newell    .... 
James  Moses  
Benj.  Carpenter  .... 
J.  G.  Fox  
Robert  Smith     .... 

Roderick  Dhu  .... 
James  Romney  .... 
Thos.  Minturn  .... 
James  Sweeney  .... 
A.  S.  Wheeler  .... 
Chas.  Stratton  .... 
Robert  Minturn  .... 
Henry  P.  Smith  .... 
Abram  Vinton  .... 

Buffalo,  N.  Y.      .    . 
Buffalo.  N.  Y. 

F   R  Felton        .     .                     Our  Brink   

Jacob  Hoornbeek    .     .     . 
Chas.  Reynolds  .... 
M.  B.  Scott    
Henry  Stratton  .... 

Sandusky   .... 
Our  Bank  .... 
City  Bank  .     .     . 

316 


REGISTER. 


Date.            Time. 

When  Due.         Amount.            For  WJiom  Collected. 

To  Whom  Sent.           Ck. 

Mar.  25 

3  mos. 

June  28 

3000 

TV.  H.  Clark     .     .     . 

Toledo  Br.  Bk.  .    . 

V 

Apr.  30 

30  ds. 

June    2 

1500 

P.  R.  Spencer  (special) 

y 

Mar.  20 

3  mos. 

June  23 

750 

Duncan,  Sh.  &  Co.     . 

Farmers'  Br.  Bk.    . 

V 

Apr.  10 

60  ds. 

June  12 

900 

Duncan,  Sh.  &  Co.    . 

Lorain  Bk.,  Elyria 

V 

Mar.  15 

3  mos. 

June  IS 

1200 

Duncan,  Sh.  &  Co.     . 

Lafayette  Bk.,  Cin. 

V 

May     1 

30  ds, 

June    3 

1000 

Mer  Bk   Mass  (spec  ) 

V 

Apr.  15 

30  ds. 

May  18 

750 

V 

Api    30 

10  ds. 

May  13 

900 

V 

Apr.  25 

CO  ds. 

June  27 

1750 

John  R.  Penu  .    .    . 

Duncan,  Sh.  &  Co. 

V 

May     1 

30  ds. 

June    3 

7000 

V 

Apr.  15 

30  ds. 

May  IS 

750 

Geo.  A.  Crocker  .    . 

Exch.  Bk.,  BuC     . 

V 

May     1 

30  ds. 

Juno    3 

2000 

Geo.  M.  Penn  .    .     . 

Toledo  Br.  Bk.  .    . 

V 

Apr.  15 

60  ds. 

June  17 

1500 

Geo.  M.  Penn  .     .    . 



V 

Feb   15 

90  ds. 

May  19 

2000 

Jas  TV  Lusk  .     . 

V 

Apr.  30 

30  da 

June    2 

500 

Jas.  TV.  Lusk  .     .    . 

Lafayette  Bk.,  Cin. 

V 

May  15 

30  ds. 

June  17 

1500 

H.  D.  Stratton  .    .    . 

Lorain  Bk.,  Elyria 

V 

May  30 

10  ds. 

June  12 

3000 

A.pr  15 

60  ds. 

June  17 

3500 

Penny  &  Co  N'k  («p  ) 

y 

May  10 

30  ds. 

June  12 

750 

Duncan,  Sh.  &  Co.     .         Franklin  Bk.  Col.  . 

V 

May  15 

60  ds. 

July  17 

500 

y 

30  ds 

July     4 

1750 



V 

May  20 

30  ds. 

Juno  22 

500 

Duncan,  Sh.  &  Co.    . 

Toledo  Br.  Bk.  .     .          ^ 

Mc.y  20 

60  ds. 

July  22 

2500 

M.  B.  Scott      .     .     . 

Exch.  Bk.,  Bu£     . 

V 

May  12 

30  ds. 

June  14 

350 

M.  B.  Scott      .     .     . 

Exch.  Bk.  Buf.  .    . 

V 

May  10 

30  ds. 

June  12 

600 

Bk  of  Marysville  (sp  ) 

V 

Ma}-  12 

60  ds. 

July  14 

1700 

V 

May  25 

30ds. 

June  27 

750 

TV.  H.  Clark    .     .    . 

Toledo  Br.  Bk.  .    . 

V 

Apr.  25 

90  ds. 

July  27 

1200 

John  S.  TVoolson  .    . 

Exch.  Bk.,  BuE     . 

V 

May  25 

30  da. 

June  27 

500 

u 

John  S.  TVoolaon  .     .         Exch.  Bk.,  Buf.     . 

May  18 

60  ds 

July  20 

750 

V 

May  10 

60  ds. 

July  12 

600 

Lafayette  Bk.,  Cin.    .     :     Moss  Bros.,  Saud'y 

20  ds. 

June  17 

700 

Exch  Bauk  Buf  .    . 

V 

Apr.  25 

60  ds. 

June  27 

3500 

V 

Apr    1  0 

60  ds. 

Juno  12 

600 

V 

317 


DOMESTIC 


DISCOUNTS 


,    1862. 


No. 


Payer. 


Amount. 


Remarks. 


2 

Peter  Cooper     

4000 

Paid  and  Entered 

-A.pri.1. 


James  Richards 
Clias.  Hickox     . 
Clarence  iShook 
M.  B.  Scott   .    , 


3500 
7000 
5000 
6000 


Pd.  and  Ent 
Pd.  and  Eut. 
Pd.  and  Ent 
Pd.  and  Ent 


Ivfay. 


f> 

T.  P.  ITandy  

1600 

Pd.  nnd  Ent 

24 

20000 

Protested 

25 

3000 

Pd.  and  Ent 

318 


TICKLER. 

COLLECTIONS 


1SS2. 


to. 

Payer. 

Amount. 

For  whom  Collected. 

Remarks. 

4 
5 

T.  Dwight  Eella  .... 
T.  P.  Hand/       .... 

3000 
1500 

Duncan,  Sh.  &  Co.  .     .     . 
W.  H.  Clark  

Passed 
Passed 

1 

6 

j 

Inghara  &  Bragg     .     .     . 
James  Smith  ..... 

1500 
2000 

Duncan,  Sh.  &  Co.  .     .    . 
W.  II.  Clark  

Passed 
Passed 

8 

J.  W.  Lusk    

500 

Lewis  R.  Morris      .     .     . 

Passed 

9 

Jas.  McAllister  .... 

•    1200 

Jacob  Uoornbeek    .     .     . 

Passed 

11 
13 

Bryant  &  Stratton   .     .     . 
Com.  Branch  Bank  .     .    . 

2500 
6000 

Duncan,  Sh.  <fe  Co.  .     .     . 
Duncan,  Sh,  &  Co.  .    .     . 

Passed 
Passed 

-A^pril. 


2 

3 

12 
U 

17 

19 
20 
21 


D.  P.  Eells 
James  Shaw 
J.  B.  Cobb 
Jas.  Stanton 
J.  Gundry 
James  Parker 

E.  R.  Felton 
Jas.  W.  Lusk 
H.  C.  Spencer 


2000 
r  2f,00 

Dnncan,  Sh.  &  Co.  .    .    . 
Duncan  Sh  <fe  Co    ... 

:    Passed 
|    Passed 

:      3000 

Duncan,  Sh  &  Co.  ... 

i    Passed 

i  .     .          .     .            3000 

W.  II  Clark  

!    Passed 

•     0000 

Lafavetto  Bk..  Cin.       .     . 

!     Passed 

er     .     .     .     .           3000 
i  l     8000 

Lafayette  Bk.,  Cin.       .    . 
Lewis  R.  Morris      ... 

Passed 
•    Passed 

5k      ....       !     1575 
er     .     .     .     .           1250 

i 

Lewis  R.  Morris      .     .     . 
Jacob  Hoornbeek    .     .     . 

Passed 
Passed 

iMIay. 


23 

24 
25 
26 

E.  R.  Felton  .... 
J.  B.  Meriara      .... 
E.  G.  Folso;n      .... 
M.  B.  Scott    

3500 
7000 
1750 
4000 

Duncan,  Sh.  A  Co.  .     .     .          Pawort 
Duncan,  Sh.  &  Co.  .     .     .          Passed 
Lafayette  Bk.,  Cin.  .     .     .          Passed 
Burkara  &  Sons  Chic.  .     .          Passed 

27 
28 
29 
30 

Ingham  &  Bragg     .     .     . 
Jacob  Iloornboek    .     .     . 
A.  S.  Wheeler    .... 
J  B  Cobb      

3750 
900 
1500 
1000 

Burkam  &  Sons,  Chic.  .     .          Passed 
William  Mason  (special)   .          Remitted 
E.  G.  Folsom  Passed 
Exchange  Bank   BuC  .     .          Passed 

41 

Peter  Cook     

750 

J  B.  Meriam  Passed 

42 

Emerson  E.  White  . 

900 

J.  B.  Meriam  Passed 

48 

John  Holbrook  .... 

2000 

Jaa  W.  Lusk  Passed 

DOMESTIC 


DISCOUNTS. J-une,    1862. 


No. 

Payer. 

Amount 

Remarlzs. 

20 
21 
22 
23 
38 
40 
47 
49 

Sumner  Packard     .... 
W.  H.  Clark       

;    4ono 

i     5000 
:  15000 
7000 
10000 
3000 
:  10000 
8000 

Paid  and  Entered 
Pd.  and  Ent. 
Pd.  and  Knt. 
Pd.  and  Knt. 
Pd.  and  Knt. 
Pd.  and  Knt. 
Pd.  and  Knt. 
Extended  to  July  2,  with  interest 

N.  C.  Winslo\v  
W.  H.  Clark  ....  (Ex.) 
S.  8.  Packard     

II.  B.  Tuttlo  

35 

5000 

41 
49 

Chas.  Hickox    

1500 

'    8000 

fiS 

4750 

60 

Horace  Holdeu  

1600 

32 

E.  G.  Folsora     .    .    .  (Ex.) 

4000 

60 

Geo.  M.  Strong  

3000 

55 

Jacob  Harrison  

1500 

September. 


51 
W 

Edward  Savage      .... 

1500 
6760 

• 

320 


TICKLER. 


COLLECTIONS. 


-J-une,    1862. 


Tvison,  Ph.  &  Co. 
J.  B.  Meriam 

Benj.  Carpenter  . 
E.  K.  Feltou  .     , 


No. 

Payer. 

Amount. 

For  Wlism  CoUeded.                      Remarks. 

22 
31 
36 
40 
41 
47 
51 
52 
59 
6G 
67 
68 

E.  "W.  Mason  
H.  Stillinall            .... 

;      5000 

750 

1500 
1  000 
7000 
1500 
3000 
3500 
GOO 
700 
3500 
600 

Duncan,  Sh.  A  Co.  .     .     . 
Franklin  Bk.,  Columbus   . 
P.  R.  Spencer  (special) 
Mer.  Bk.,  Mass,  (special)  . 
John  R.  Penn     .... 
Geo.  M.  Penn      .... 
K.,  K.  &  Co.,  Cin.  (special) 
;    P.  &  Co..  Newark  (special) 
Bk.  ofMarysville  (special) 
Exch.  Bk..  Bnf.  .... 
Kxch.  Bkv  Buf.  .... 
'     Geo.  M.  PC  n  n     .     , 
1 

Passed 
Passed 
Remitted 
Remitted 
Passed 
Passed 
Remitted 
Remitted 
Remitted 
Passed 
Passed 
Passed 

H.  D.  Stratton    .... 
Ezra  Jones     

K.  W.  Mason      .... 
J;iines  Garrctt    .... 
J.  D.  Hiado   .     . 
Thos.  Irwiu    .     .          .     . 
Jus.  Mason     ...          . 
Clias.  Reynolds  .     . 
M.  B.  Scott    .     .     . 
Henry  Stratton  .     .     . 

July. 


50C 
1750 
1700 

753 


Duncan.  Sh.  &  Co. 
Duncan,  Sh.  &  Co. 
Jas.  Richards 
Jacob  lioorabcek 


September. 


1 


21 


32t 


DISCOUNTS. jETebruary,    1862. 


No. 

Payer 

Amount. 

TV  Wliom  Sent. 

Remark*. 

lv£  arch.. 


1 

Wright  G-.  &  Ravvsoa    .         v/SOOO 

v/Duncftn,  Sh.  A  Co.,  N.  Y.   .    . 

3 

A.  /.  Conistock    .     .     .         v'SOOO 

•v/  Duncan,  Sh.  &  Co.,  N.  Y.    .     . 

4 

N.  Bid  well      .     .     .     .         v/3000 

v/  Duncan,  Sh.  A  Co.,  N.  Y.    .     . 

JO 

Cliiiilin,  Pollen  &  Co.    . 

,/4000 

y  Duncan,  Sh.  &  Co.,  N.  Y.    .     . 

Paid  £  Entered 
Paid  A  Ent. 
Paid  &  Ent. 
Paid  A  Eut. 


5 

John  R.  Penn      .     .     . 

s/2500 

iy 

H.  B.  Tuttle    ...              x/2500 

13 

Ivison,  Phinney  &  Co.            ,/6000 

14 

W.  H.  Clark    .     .     . 

•v/2500 

15 

Parker  Htmdy      .     .     .         v/7000 

16 

James  Arinstrons?     .     .         ^/HOOO 

17 

"Wiuslovv,  Lauier  &  Co.  .         y/2500 

v/ Duncan,  Sh.  A  Co.,  N.  Y. 
•v/Exch.  Bank,  Buffalo.  . 
•v/ Duncan,  Sh.  A  Co.,  N.  Y. 
v/  Lafayette  Bank,  Gin.  .  . 
v/ Duncan,  Sh.  A  Co.,  N.  Y. 
ixch.  Bank,  Buffalo  .  . 
,  Sh.  A  Co.,  N.  Y. 


Paid  &  Ei it. 
Paid  &  lint. 
Paid  &  KnU 
Paid  A  Eut. 
Paid  A  Ent. 
Protested. 
Paid  &  Ent. 


13 
19 
43 


W.  B.  Oadon  .     .     .     . 

, 

Vl2ono 

^/Burkam  A  Sons,  Chicago     . 

D.  Appleton  &  Co.    .     . 

^/  3000 

•v/nunran,  Sh.  A  Co.,  N.  Y.    . 

E.  W.  Keyes  .... 

v/  8000 

•V/  Bank  of  Capitol,  Albany 

322 


Paid  A  Ent. 
Paid  A  Eut. 
Paid  A  Eat. 


TICKLER. 


COLLECTIONS. 

No. 


,    1862. 


7 
10 


Payer. 

AmouM. 

For  Wiom  Collected. 

To  Whom  Sent. 

Remarks. 

M.  Dartlett  .     . 

900 

Lewis  R.  Morris    . 

Lul'ayeue  Bk.,  Cin. 

Pnss'.'d 

tor  Aiken     .     . 

475 

Jacob  Hoorabeck  . 

Moss  Bros.,  Saud.  . 

Passed 

Ivlaroh.. 


15 

Handy,  Gillett  &  Co. 

1500 

i 

J.  B.  Meriam 


Duucau,  Sh.  &  Co.     ,     Passed 


IMC  ay. 


16 

R.  M.  Bartlett  .     . 

2000 

J.  B  Meriara 

Lafnvettc  Bk.,  Cin. 

Passed 

32 

J.  H.  GoldsmitU    , 

20(10 

E.  R.  Felton     . 

Far.  &  M.  Bk.,  Deu 

Passed 

3:5 

JtiS.  Madison     .     . 

15UO 

M.  B.  Scott  .     . 

Lafayette  Bk.,  3in. 

Passed 

34 

Jas.  Smith    .     . 

700 

D.  P.  Eells  .     . 

Muss  Bros.,  Sand.  . 

PasHi-d 

43 

Chas.  Jones  .     .     . 

750 

Geo.  A.  Crocker 

Excli.  Bk.,  But     . 

Pa-vsed 

323 


FOREIGN 


DISCOUNTS. 


-June,    1862. 


No. 

Payer. 

Amount. 

To  Wlwm  Sent. 

Remarks. 

26 

M.  B.  Scott     .    .    . 

v/IOOOO 

v/  Exchange  Bk.,  Buffalo   .     .    . 

Paid  &  Entered 

27 

R.  M.  Bartlefct      .     . 

v/   3000 

+J  Lafavette  Bk.,  Cincinnati    .     . 

Paid  &  Ent. 

28 

Geo.  M.  Penn      .     . 

</   5000 

•v/  Burkam  &  Sons,  Chicago     .     . 

Paid  &  E  it. 

29 

Austin  Packard   .     . 

s/   3500 

•v/  Duncan,  Sh.  &  Co.,  N.  Y.    .     . 

Paid  &  E  it. 

31 

Woolson  &  MoFarland. 

-/   3000 

Y/  Biirkani  &  Sons,  Chicago    .     . 

Paid  &  K  it. 

83 

Barnaby  Rudge  .     . 

V  10000 

J  Duncan,  Sh.  &  Co.,  N.  Y.    .     . 

Paid  &  K  it. 

37 

John  R.  Penn      .     . 

v/   6000 

^/  Duncan,  Sh.  &  Co.,  N.  Y.    .     . 

Paid  &  K  jt. 

44 

J.  a.  Deshler  .     .     . 

•v/15000 

Y/  Burkam  &  Sons,  Chicago     .     . 

Paid  &  K  it. 

45 

R.  C.  Spencer.     .     . 

v/   3500 

y  Fanners  &  Mochs.1  Bk.,  Det.    . 

Paid  &  E  it. 

48 

E.  R.  Morgan  .     .    . 

^  4000 

^/  Franklin  Bk.,  Columbus      .     . 

Paid  &  Ent. 

July. 


30 

W.  D.  Packard    .     .     . 

•v/4000 

s/Bnrkam  &  Sons,  Chicago    .     . 

Pd.  &  Ent.  June 

84 

Smith  <i  Xixou    .     .     . 

6000 

Lafayette  Bk.,  Cincinnati     .     . 

3(5 

H.  I).  Stratton     .     .     . 

7500 

Franklin  Bk.,  Columbus      .     . 

39 

A.  Stager   

,      7000 

Exchange  Bk    Buffalo        .     . 

42 

Jonathan  Gillett  .     .     . 

7000 

Duncan,  Sh.  &  Co.,  N.  Y.    .     . 

46 

William  Smith     .     .     . 

7000 

Bank  of  Capitol,  Albany      .    . 

52 

Phillip  Seaton      .     .     . 

5000 

Exchange  Bk.,  Buffalo   .     .     . 

53 

E.  R.  Fiuuey  .... 

600 

Iron  City  Bk.,  Pittsburg      .     . 

5G 

W.  H.  Woodhnry     .     . 

6000 

Lafayette  Bank.  Cincinnati.     . 

62 

William  Gray  .... 

900 

Duncan,  Sh.  &  Co.,  JSr.  Y.    .     . 

<J3 

E.  W.  Mason  .... 

1500 

Duncan,  Sh.  &  Co.,  N.  Y.    .     . 

September. 


64 

Thomn?  Jonos      .     .     . 

7500 

Duncan.  Sh.  &  Co.,  N.  Y.    .    . 

57 

W.  T  Shot'iiiiiu    ... 

3750 

(.iirard  Bk.,  Philadelphia      .     . 

60 

John  Poltoa    .... 

1800 

Burkam  <fe  Sons,  Chicago     .     . 

324 


TICKLER. 

COLLECTIONS.- 


-J-une,    1862. 


No. 

Payer. 

r 

Amoun 

L 

For  Wliom  Collected. 

\ 

To  Whom  Sent. 

Remarks. 

35 

Solomon  Jones  .    . 

3000 

W.  H.  Clark     .     . 

Tol.  Br.  Bk.,  Toledo 

Passe  1 

37 

TLos.  Smith  .     .     . 

750 

Duncan,  Sh.  &  Co. 

Farm.  Br.  Bk.,  Ash. 

Pass.-  i 

38 

J.  Rhoades  .     .     . 

900 

Duncan,  Sli.  &  Co. 

Lorain  Bk.,  Klyria 

PiiatMi 

39 

\Vra.  H.  Bi-ebe.     . 

1200 

Duncan,  Sit.  &  Co. 

Laf.  Bk.,  Cincinnati 

Passe  1 

43 

A  brain  Van  Wyck 

1750 

J.  E.  Perm   .     .     . 

Dune.,  S.  &  Co.  X.Y. 

Passe  1 

46 

Walkdeu  &  Co.      . 

2000 

Gen.  M.  1'enn  .    . 

Tol.  Br.  Bk.,  Toledo 

Passed 

4'J 

C.  B.  Stout  .     .     . 

500 

Jaa  W.  Lusk   .    . 

Laf.  Bk.,  Cincinnati 

Passed 

60 

J.  G.  Bryant      .     . 

1500 

H.  D.  Stratton  .     . 

Lorain  Bank,  Klyria 

Passed 

63 

Daniel  Slote      .     . 

760 

Duncan,  Sh.  &  Co. 

Franklin  Bk.,  CoL 

Passed 

56 

A.  C.  Taylor      .     . 

500 

Duncan,  Sh.  &  Co. 

Toledo  Br.  Bank 

Passed 

58 

Hiram  Newell  .     . 

350 

M.  B.  Scott  .     .     . 

Exch.  Bk.,  Bnffiilo 

Passed 

61 

J.  G.  Fox     .     .     . 

750 

W.  H.  Clark     .    . 

Toledo  Br.  Bank 

Passed 

63 

James  Sweeney     . 

500 

John  S.  Woolson  . 

Excli.  Bk.,  Bullalo 

Pu-ssod 

July. 


67 

S.  S.  Pomroy    .     .             2500 

M.  B.  Scott  .    .    . 

Exch.  Bk.,  Buf.     . 

62 

Robert  Smith    .     .             1200 

John  S.  Woolson  . 

Exch.  Bk.,  Bu£      . 

66 

Jacob  lloorubeek  . 

600 

Laf.  Bk.,  Cincinnati 

Moss  Bros.,  Saud'y 

September. 


325 


PASSED  COLLECTIONS. 


When 
1'^aacd. 

No. 

Ck. 

By  Wiom  Collected. 

On  Whose  Account.          Amount.         Col.&Ex.         Proceeds.         Ck 

Feb. 

4 

Ourselves 

Duncan,  Sh.  &  Co.            3000                 80 

2970               V' 

5 

do. 

W.  H.  Clark                     1500 

1500                V 

7 

V 

Laf.  Bank,  Cin. 

L.  R  Morris                       900 

2 

25 

897      75       V 

10       V 

Moss  Bros.,  Sand'y     J.  Hoornbeek                     475 

1 

19 

473      81 

V 

5875 

^33 

44 

5841      56 

Mar. 

1 

Ourselves 

Duncan,  Sh.  &  Co.           1500 

15 

1485 

V 

6 

do. 

"W.  H.  Clark                      2000 

2000 

V 

8 

do. 

L.  R  Morris                        500 

500 

V 

9 

do. 

J.  Hoornbeek                    1200 

1200 

V 

11 

do. 

Duncan,  Sh.  &  Co.            2500 

25 

2475 

V 

13 

do. 

Duncan,  Sh.  &  Co.           6000 

60 

5940 

V 

13700 

/100 

13600 

Apr. 

2 

Ourselves 

Duncan,  Sh.  &  Co.    ;        2000                20 

1980 

V 

3 

do. 

Duncan,  Sh.  &  Co.            2500 

25 

2475 

V 

12 

do. 

Duncan,  Sh.  &  Co.            3000 

30 

2970 

V 

14 

do. 

W.  H.  Clark                      3000 

3000 

V 

17 

do. 

Laf.  Bank,  Cin.                 6000 

6000 

V 

18 

do. 

Laf.  Bank,  Cin.                 3000 

3000 

V 

19 

do. 

L.  R.  Morris 

3000 

3000 

V 

20 

do. 

L.  R.  Morris 

1575 

1575 

V 

21 

do. 

J.  Hoornbeek 

1250 

1250 

V 

15 

Duncan.  Sh.  &  Co. 

J.  B.  Meriam                    1500 

1500 

v 

26825 

4  ^*?  K 
r      (  0 

2G750 

May 

23 

Ourselves 

ji 

Duncan,  Sh.  &  Co.    'i       3500 

35 

3465 

/ 

24 

do. 

Duncan,  Sh.  &  Co.            7000 

70 

6930 

V 

25 

do. 

Laf.  Bank,  Cin.                  1750 

1750 

V 

26 

do. 

Burk  &  Sons,  Chic,  i        4000 

4000 

V 

27 

do. 

Burk  &  Sons,  Chic.           3750 

3750 

V 

29 

do. 

E.  G.  Folsom                     1500 

1500 

V 

30 

do. 

Exch.  Bk.,  Buf.                1000 

5 

995 

V 

41 

do. 

J.  B.  Meriam                       750 

750 

V 

49. 

do. 

J.  B.  Meriam                       900 

900 

V 

48 

do. 

Jas.  W.  Lusk 

2000 

2000 

V 

16 

V 

Laf.  Bank,  Gin. 

J.  B.  Meriam 

2000 

5 

1995 

V 

32 

V      F.  &  M.  Bk.,  DeL 

E.  R.  Felton 

2000 

15 

1985 

V 

33 

V       LaF.  Bank,  Cin.             M.  B.  Scott 

1500 

3 

75 

149  G 

25 

34 

V 

Moss  Bros.,  Sand'y      D.  P.  Eells 

700 

1 

75 

693 

25 

V 

49 

tf 

Exch.  Bk.,  Buf.           Geo.  A.  Crocker 

750 

750 

^ 

33100 

^135      50 

32964 

50 

= 

326 


PASSED  COLLECTIONS. 


Ck. 


On  Wltose  Account. 


Amonnt. 


CoL&Ex.         Proceeds.         Ck. 


June      22 

Ourselves 

Duncan,  Sh.  .t  Co. 

6000 

60 

4950 

V 

31 

do. 

Franklin  Bk.,  Col. 

750 

750 

V 

44 

do. 

John  K.  Penn 

7000 

7000 

V 

47 

do. 

Geo.  M.  Penn.                  1500 

1500 

\  V 

6(3 

do. 

Exch.  Bank,  Bnf.               700                     3      50 

GOG 

50 

V 

67 

do. 

Exch.  Bank,  BuE            3r,00 

17      50 

3432 

50 

V 

68 

do. 

Geo.  M.  Penn 

600 

600 

V 

35 

V 

Toledo  Br.  Bk. 

W.  IT.  Clark 

3000 

7       50            2092 

50 

V 

37 

V 

Far.  Br.  Bk.,  Ash. 

Duncan,  Ph.  &  Co. 

750 

9      38              740 

62 

V 

38 

V 

Lorain  B.,  Elyria 

Duncan,  Sh.  &  Co. 

900 

11       25              888 

75 

V 

39 

V 

Laf.  Bank,  Gin. 

Duncan,  Sh.  &  Co.    i       1200                  15 

1185 

V 

43 

V 

D.,  Sh.&Co.,  X.  Y. 

J.  R.  Penn 

1750 

1750 

V 

4t3 

V 

Toledo  Br.  Bk. 

Geo.  M.  Peun 

2000 

5                    '1995 

V 

49 

V 

Laf.  Bank,  Gin. 

Jas.  W.  Lusk 

500 

1      25              498 

75 

* 

60 

V 

Lorain  Bk.,  Klyria 

H.  D.  Stratton 

1500 

3       75            149G 

25 

V 

53 

V 

Franklin  Bk.,  Col. 

Duncan,  Sh.  &  Co. 

750 

9 

33              740 

62 

»'' 

66 

V 

Toledo  Br.  Bk. 

Duncan,  Sh.  &  Co. 

600 

6 

25 

493 

75 

V 

68 

Exch.  Bk.,  Buf. 

M.  B.  Scott 

S50 

350 

V 

61 

V 

Toledo  Br.  Bk. 

W.  H.  Clark 

750 

1 

83 

748 

12 

v 

63 

V 

Exch.  Bk.,  Buf.           John  S.  Woolson 

500 

500 

V 

33500 

i'141 

64         33353 

36 

ADDITIONAL  AUXILIARY  BOOKS. 

INDIVIDUAL    LIABILITIES. 

33.    Bryant. 


When 
Discounted. 

No. 

Oilier  Parties  Liable 

Dixcoiwtcd 

for  Him. 

I     Liable,  as 
Payer. 

LM'le  <7,9 
Endorser. 

When  Due. 

Remarks. 

Jau. 

i 

1 

Wrijrht  G.  &  Rawson 

5000 

5000 

Mar. 

5 

Pa.J 

Mar. 

i 

18 

\V.  B.  Ofyderi 

12000 

May 

Pnid 

May 

i 

4o 

It.  C.  Spencer 

3500 

June 

12 

Paid 

May 

i 

46 

William  Smith. 

7000 

July 

a 

June       1 

i  L  ' 

58 

K  It.  Finuey. 

600 

July 

12 

.    D.    Stratton. 


Jan. 

1 

2  J  Peter  Cooper 

4000 

Mar. 

5 

Paid 

War. 

1 

19 

D.  Appleton 

3000 

May 

Paid 

Apr. 

1 

28 

Geo.  M.  Penn 

5000 

June 

2 

Paid 

May 

1 

36 

H.  D.  Clark 

7500 

July 

3 

i! 

11 

1 

James 


.    I-rusk. 


Feb. 
Mar. 
Mar. 

1 
1 
1 

5 
10 
11 

n= 

John  Pi.  Penn 
Claiilin,  M.  &  Co. 
M.  B.  Scott 

2500 

2500 
4000 
6000 

_j 

Apr. 
Mar 
Apr. 

18 
16 
5 

Paid 
Paid 
Paid 

iPeter    Oooper. 

Jan. 

Apr. 
May 

1 
1 

1 

2 
22 
37 

H.  D.  Stratton 
Wilson  G.  Hunt 
John  R.  Perm 

4000 
15000 

| 

1 

6000 

Mnr. 
June 
June 

5 
26 

28 

Paid 
Paid 
Paid 

T. 








_  — 

1             '         ' 

Feb. 

1 

6 

D.  P.  Eelh 

1600 

May      24      Paia 

Mat. 

1 

15 

Parker  Handy 

7000 

Apr.       19      Paid 

Api^ 

j^ 

23 

N.  C.  Winslow 

7000                June        2      Paid 

Mav 

1 

47 

H.  B.  Tuttle 

10000                 June        3      Paid 

May         1 

48 

E.  R.  Morgan 

4000 

June      17      Paid 

June        1 

51 

Edward  Savage 

1500 

Sept.        1 

June        1 

54 

Thomas  Jones 

7500 

Sept.        3 

June 

1 

55 

Jacob  Harrison 

1500 

Aug.       3 

ll 

1             '         I 

Oliarles    Hiokox. 


Feb. 

1 

8 

Jnco>>  Hinds 

Mar. 

1 

16 

Jas.  Armstrong 

May 

1 

41 

J.  Kennedy 

May 

1 

42 

J.  Gillett 

1500 
7000 


:     7000  , 

Apr. 

6 

Paid 

3000 

Apr. 

3 

Protested 

1500 

July 

27 

7000 

July 

2 

ADDITIONAL  AUXILIARY  BOOKS. 

CASH    BOOK. 


Jan.  1. 

Feb.  I. 

March  I. 

April  I. 

May  1. 

June  1 

Citv  Bank  Notes  i 

36700 

62817 

72119 

69175 

85960 

7.">060 

Stito    " 

12750 

25600 

27150 

37240 

22710 

38700 

Eastern  " 

-J283 

5617 

12300 

13720 

12900 

19850 

Western  " 

7508 

8759 

17916 

12916 

7618 

15825 

Chocks,  etc. 

1500 

5500 

10  130 

14125 

50 

500 

12(100 

Gold  .... 

69UO 

7418 

7340 

8725 

7510 

8900 

Silver   .  .  . 

3J12 

90 

3594 

15 

4719 

25 

3627 

50 

4460 

35 

6792 

.;  : 

Pennies  .  .  . 

398 

95 

599 

98 

170 

94 

416 

02 

564 

87 

679 

46 

73752 

85 

119905 

13 

151S45 

19 

159945 

02 

142223 

22 

176806 

78 

STOCK    LEDGER. 
.    D.    StrsLtton. 


1862 

Jan. 
July 

1 
1 

100  Shares.      1st  Instl. 
2d  histl. 
60  Shrs.  from  H.  B.  B. 

6000 
4000 
5000 

150  Shares  ©  $100 

15000 

Brysunt. 


1862 

. 

1     1862 

1 

me 

1 

50  Shares  to  H.  D.  S. 

5000                  Jan. 

1 

100  Shares,      1st  Instl.          6( 

)00 

iy 

1 

50  Shaves 

5000                 May 

1 

2d   InstL          4( 

K)0 

100 

10000 

100                                          10( 

00 

|j 
July 

1 

50  Shares,  ©  $100                5000  1 

TRANSFER    B 

L.F. 

June  1,  1862. 

.50  SJar 

:$.           Clcbclaitb,  Jim*  f  ,  /<f/2. 

{ 

_3J 

2 

1 

H. 
H. 

50 

B.  Bryant,  Dr. 
D.  StraUon,  Or. 
Shares  ©  $100       i   500C 

o^i  tia-Me  itcetvea,    Q)   Stetevu   afiryn   ane/  Slan.y 

°J@     ^D     ^t^'torv     ^/f  ,W      i  £   <&<£       ns/    ' 

•"•            ^                      llwj'      ^  '  -*           ^    aw/ 

&  6 

7ele<l9 

*^  t^ijtij  e%« 

&/      Oj 

f  *6  Capital  Stock  of 

the 

NO.   OF   CEP.TIKICATM. 

Commercial  College  Bank,  <^an^^  <^  m^ 

Igyaed.         Redefined*   \ 

•name  on  €/ie    ^AJOOKJ  Pjf  data  ^AjanA, 

l4            2 

D©.     ^0.     JDUjtuv 

•t 

yftJneM,    9. 

£P. 

^PocHa^. 

L.  P. 

- 

Clcbclitnb,   -           •    /cf^ 

• 

<&>t  va&te  lecetvea           ncl',6u   atnan   ana  flan,  t/ 

&/- 

aff    itpM,    St:/te,    am/  tnSelejj 

<n                     && 

./  //^  Capital  Stock  of 

the 

NO.    OF   CF.RTIFICATE8. 

Commercial  College  Bank.^/'^y  <*  • 

, 

Issued.         Redeemed.  '• 

natre  01*  Sne  ^Qo&KJ  of  jatit  ^aan. 
<ff 

WV 

329 


ADDITIONAL  AUXILIARY  BOOKS. 


OFFERED,    FEBRUARY    1,    1862. 


No 

By  Whom  Offered. 

Payers  and  Endorsers. 

Time  to 
Run. 

Amount. 

Av.  Bal. 

Remarks. 

3 

Alonzo  Mitchell 

A.  J.  Comstock 

33  ds. 

5000 

5000 

A. 

4 

Alonzo  Mitchell 

N.  Bidwell,  William  Cook 

43  ds. 

3000 

A. 

5 

Jas.  W.  Lu.sk 

John  R.  Perm 

76  ds.    :    2500 

3000 

A. 

6 

John  Driscoll 

He  man  Barker 

63  ds.    ji  4000 

R. 

7 

K.  R.  Felton 

T.  P.  Handy,  D.  P.  Bella 

112  ds. 

1600 

3800 

A. 

8 

K.  H.  Felton 

Jas.  Pilchards 

63  ds.    ||  3500 

A. 

9 

Thos.  Barrows 

H.  Emans  &  Co. 

90  ds. 

5000 

R 

10 

M.  B.  Scott 

Chas  Hickox,  J.  Hinds 

64  da. 

7000 

2800 

A. 

11 

Horace  Mahew 

James  Earl 

79  ds. 

3500 

R. 

STATEMENT    BOOK. 
SEMI-MONTHLY    STATEMENT. 


Dale. 

Discounts  on 
Hand. 

1    Bills  of  other 
Banks. 

;    Due  Foreign 
Banks. 

Specie. 

Circulation. 

Due  Deposi 
tors. 

Jan. 

1 

9000 

34841 

11011 

85 

29953 

35 

Feb. 

1 

31  GOO 

75G76 

11612 

13 

35000             il    64294 

Mar. 

1 

64100 

102316 

12230 

19 

35000 

144G67 

56 

Apr. 

1 

95100 

107576 

12768 

52 

35000                 180583 

31 

Mar 

1 

174000 

101228 

12535 

22 

35000 

203111 

17 

June 

1 

99050 

123575 

15371    !  78    | 

35000 

323535 

11 

Jl 

J       J 

;                                     j 

QUARTERLY    STATEMENT,*    JUNE    1?    1863. 


1.  Loans  and  Discounts  .     .     . 
2.  Overdrafts     

99050 

| 

3.  Due  from  Banks     .... 
4.  Duo  from  Directors,  $7500 
5.  Due  from  Brokers,     88137  90 
C    Real  Estate  

140850 

25 

| 

15371 

78 

8.  Cash  Items,  viz.  :  Checks,  etc. 
9.  Stocks,    $36400  ;    Treasury 
Notes,  f  9800      .... 
10.  Bonds  and  Mortgages  .     .     . 
1  :.  Bills  of  Solvent  Banks 
12.  BiOs  of  Suspended  Banks 
13.  Loss  and  Exp.  %  (Fixtures) 

12000 
46200 
123575 

575 

437622 

03 

_    i 

1.  Capital  
2.  Circulation  Registered,  $35000 
Less  Notes  on  hand,        25860 

Leaves  Outstanding  Notes     . 
3    Profits              

i  200000 

9140 
4946 

92 

4    Due  to  Banks  

5.  Due  to  Individuals  and  Cor 
porations  other  than  Bunks 
and  Depositors     .... 
6.  Due  State  Treasurer      .     .    . 
7.  Due  Depositors  on  Demand    . 
8.  Amt.  due  not  included  under 
either  of  above  Heads    .    . 

|  223553 

11 

437622 

03 

*  Form  prescribed  by  the  Banking  Laws  of  New  Tork. 

330 


FORMS  OF  BANK  PAPER. 

CERTIFICATE    OF    STOCK. 


3fo.  3. 


ONE    HUNDRED    DOLLARS 

n   Of   //if     ^omme'tctat     <^sjanK   c-f 

7  7 

s   /  /  \- 

K    ai1(rt    -ftu      lu/w 


•vO>   I-"    -.".«> 


CERTIFICATE     OF    DEPOSIT. 


mI  College  §anlu      ?i.  \, 

\oW   (v)\.    ®wrw\  JiaJ  ae/iaJiVecc  tn.   <//it'j  <_/san/t      Q)U\«   ivIxauuimA 
" 
ctU,     Si(ryafi?e    So     <yL>muu    OVuJta.    ^     o4c/et,    on   ie/utn   of    /At 

fi/iei/u   en(/o-Mec£. 
/      i/ 

lama    8).    SLa.    re^r. 
3  31 


CERTIFIED     CHECK. 


<  aui  i,  /#  62. 

mnrcrcial  College  ^Baniu 


^  J4^! 

OJMU    (yVvtno.VtjQ     ©«.'\;owv=\Ji,i|w._l__ 


c 


(.A.    OL/UAOMM. 


_^W^y. 


i       >(S    (J§ 

jno.      SM.     Q/M 


331 


FORMS  OF  BANK  PAPER. 


.  ,    T      .   n         ^ 

(Mmmxraiu  College  jmttk* 


,  28-5. 


ow.     1 


/^    ,/w  ^   tR,  d. 

i..    vauie   J-ecetvec/. 


Cashier. 


Q)O 


ON    V9.o.,    US^ 
°^ 


NEGOTIABLE    NOTE. 


)wckv 
2) 


3 


a,    §«».  A,   /^  62. 

e   So    /iau    ftxuun    g>V.     5  «m/«. 
/   <s      C 


l,  o/ 


tute 


vea, 


0  «A«A    \S) 


ACCEPTED     DRAFT. 


. 


*Q          \ 

Qj\\GMi>.aMA 


.     , 

vezfiie   -tecetvea. 


\ 
MvwvnA. 


332 


FORMS  OF  BANK  PAPER. 

COLLATERAL    NOTE. 


-•*  o,  ?<?  oz. 
§,- v    \         A,  /  /    \  ,       •    ,   ,      ,  ,/>  (*         .  ,' 

vy,ixvu  xio\vs    aff&i  aafe,    cy    Sitam<.Je   /a  /KTU   /a  fAe    \Sowmc\cva\ 

y      o   &  /  /  <? 

(*  PP      ^    ?  /     °t     i-    °t?         \  6t\  f?         />        s 

VSuVW    QDauU    c^    ^r^^    G),xvw;uUv    o).UausaAid     aJJo.UaXi,    ^  vafae  tecetvet/ 

4  z)  / 

a/  /Ae  -ia/e  a/ MX   Ae4  cen/.     Sie-l  annum.,  Aavt'na.  a'eAaJt'/ef/ -uw//f  //fern, 

%/  af 


^| 


mowixutu    Aiavu*   xx' 


,7 


at 


<fa/e,  el/  G/AeU&iJe,  a^    S/ieU/  a  A /ton,    on  //ie/  nan-Aetyfa-ltnance  oS 4&4 

/  /    /  / 

Me,    and/    ^c^Vnou^   no/ice./ 


NOTICE    TO    DRAWER    OR    ENDORSER. 


/'  ,    v    s  y     / 

'ate   no/ice/,    SAut-,  a   note     &t    QJMu   (yUft 


Vto 


a* 


Su    uc 


/uJ  e/a*u     AlG/eJ/eat   •f£< 

ctA     <//ia/    /c*Mc4s   /oc/J  /a     -ycu   Ja4   S/fe/    Aa 
Sirrumen^i    Gf  S/ie/   dame*   Aawio   Veen   wtj  c/ftw  aemanc/ed'   and 


\          P    & 
Jajmxtd    Qy. 


i. 
Ifotary  Public. 


333 


FORMS  OF  BANK  PAPER. 

PROTEST    FOR    NON-PAYMENT 


09  III**  ,-S      V  V      rr,""^ '-  -  "•'•"7      i       oo       . 

/     OO  •    • 

£tate  of  gew  fork, 


^fo'   lla'vA    <aM 


«    Q$a/nk    <3^ 

1 

./•;//,         /,  /     /?•        •     //       •/ 

unt  etefmtrfeeP  ana/   <fi&ain.   auteiii/ia  -e-n  f/ie/  ci?u 


^ato,    aia/   Stie<fen£>   //ie/   c-itamaz   viit  ais   na/e/    w/uc/i   tJ  <nete/a    annexed^'  ,    ana 
/  & 


ecv'     /iaurnen^->     wetec/,    wntc/i     ivaJ    <te/uJea  .•     Of,     S/tetei-frLe,     on     S/te 
/    (7  ff  ff  t/ 

daw   ancv    -iteai.     av&ve/   tttitfr&n.    ana   aflei.   daicv     aetnana     ana   -te/aJat, 
<7  <7  &  ff 

cut  ft/,   na/t/iea   i//ie/   atawe'l/  ana   S/ie/   deve-izi   enaa^e-i<f  of  //te/  non-/iaumen^~>    Of 
7         /  /  /S  J 


/ie   dame/   a<f 


)u    Jeivtna.   Ae'Manafr//.   on 
<?  i  (/ 


vna     tn     we/     fyoJ^-t       Giyftce.     tn.       i/nij  cv/w.       aac/ie/Jea       Sa 

^  <7                   / 

\Ljv   eyvlcitoa.    VSleraeLanvA.    Vi).,     </AaS   vetna     we/  -te/iuSea  -teJiaence  o/  we/  Jaca 

</                /  e 


/ia^!./u.    ana   we   t^W^    (?ffice   nea-ieJ^>   S/iele/a. 
/      </  fff 

n  Of,     S/fe/     Jail/    T&o/cUU,     a 


'.    anc/  c/o  jafemnfa    /t-lc</e<f/,     ayatnj^     We/   cUawe-i   ana/    enebiJeM   of 
<7      /  </  V 

Jaia*  LAAA,   anO/     atf   oS/e4J    conceinec/,  j&l    a/f  excnanae,    <te-exc/ia>we,     cotdf, 
c/amaaeJ,  and1    tn/eiejA    <#ice*Uedt,    tu     4eaJan   o/  Me    non-Aa^menA   of  Sate? 


/ 
</<sa^  <y  Gjtftce. 

<P  D    ffti 


neieaf  Qs  nave  aeteun/a  JuMciifrea  mu,   name,    ana  a/fa 
/  4F  ffff 

S   /    //>• 
9nu  Jeat  of  c/jft 


IAMOHU 

Notary  Public. 


334 


BROKERAGE  AND  EXCHANGE : 


EMBRACING 


CASH  BOOK,  GENERAL  LEDGER,  STOCK  LEDGER,  AND  BLOTTER, 


WITH  FORMS   OF 


GOVERNMENT  AXD  RAILROAD  STOCKS,  FOREIGN  BILLS  OF  EXCHANGE,  ETC.; 


WITH   A  FEW 


GENERAL  REMARKS  ON  CURRENCY  AND  STOCKS, 


REPRESENTING     THE     BUSINESS     OF     A     STOCK     AND     EXCHANGE      BROKER. 


BROKERAGE    AND    EXCHANGE. 


BROKERAGE  AND  EXCHANGE. 

THE  exigencies  of  Commerce  and  Finance  bring  into  requisition  an  almost  endless  variety  of  middle  men,  or 
agents,  who,  by  devoting  their  entire  energies  each  to  some  particular  line,  are  enabled  to  accomplish  results 
with  much  more  certainty  and  dispatch  than  would  attend  the  efforts  of  men  equally  efficient  in  other  respect*, 
who  are  not  versed  in  the  details  of  the  particular  departments  for  which  special  agents  are  properly  employed. 

lu  fact,  the  system  of  agencies  or  brokerage  which  so  thoroughly  porvadcs  all  departments  of  bnsinos?,  is 
but  the  natural  result  of  legitimate  causes,  and  is  in  direct  accordance  with  the  established  principles  of  economy. 

"Jack  at  all  trades,  and  good  at  none."  is  a  saying  which  has  a  peculiar  force  when  applied  to  business; 
and  experience  has  fully  shown  that  the  best  interests  of  community,  as  of  each  individual  member,  are  sub 
served  by  a  properly  adjusted  division  of  labor. 

lu  large  commercial  cities  the  necessities  of  trade  have  established  this  principle,  and  are  daily  carrying  it 
out  to  greater  perfection  and  with  more  complete  results.  In  the  city  of  New  York,  for  instance,  there  is 
scarcely  any  end  to  special  agencies;  in  nearly  all  of  which  the  adjustment  of  compensation — which  is  usually  a 
pro  rata  commission  on  services  rendered — is  regulated  by  custom,  upon  so  just  and  liberal  a  scale,  as  to  secure 
ready  and  remunerative  patronage. 

These  special  agents  are  popularly  known  as  "Brokers,"  the  term  designating  their  particular  line  being 
prefixed,  as:  "Produce  Brokers,"  "  Cotton.  Brokers,"  "  Stock  Brokers,"  "Money  Brokers,"  "Custom-House 
Brokers,"  etc.,  etc. 

The  term  "  Broker,"  legitimately  implies  an  agent,  or  one  employed  to  negotiate  bargains  for  another. 
Such,  however,  is  not  the  sense  as  applied  to  a  dealer  in  stocks  and  currency — which  business  is  chosen  for  the 
following  set — for  although  there  are  Stock  Brokers  who  do  strictly  a  commission  business,  by  far  the  greater 
number  do  not  hesitate  10  avail  themselves  of  favorable  conditions  of  the  market  to  speculate  on  their  own  ac 
count.  This  fact  is  so  well  understood  as  to  render  necessary  some  line  of  distinction  ;  and  so  we  are  favored 
in  business  dialect  with  the  tautological  phrase,  "Commission  Brokers,"  which  wo  are  permitted  to  infer  means 
Brokers  who  are  really  Brokers. 

The  purport  of  the  following  set  is  to  briefly  illustrate  the  business  of  Currency  and  Stock  Brokerage,  as  con 
ducted  iu  establishments  combining  the  two. 

. C  U  R  R  E  N  C  Y, .  


In  its  general  application,  means  the  accepted  medium  or  standard  of  commercial  values.  When  the  banks 
of  the  country  were  paying  their  debts  in  specie — which  was  also  the  only  legal  tender — gold  and  silver  consti 
tuted  the  standard  of  value,  and  were  themselves  currency;  but  when  paper  credits  were  made  legal  tender,  thus 
displacing  the  precious  metals  from  circulation  as  currency,  specie  at  onco  appreciated  in  value,  as  compared 
with  its  paper  representative,  ceased  to  be  considered  as  money,  and  entered  into  the  lists  of  speculative  values, 
being  bought  and  sold  the  same  as  merchandise  and  stocks. 

It  will  at  once  be  apparent  that  this  seeming  appreciation  of  specie  is,  in  reality,  but  the  depreciation  of 
the  standard  by  which  it  is  estimated;  and  gold  and  silver  being  the  only  common  standard  of  all  civilized 
countries,  it  would,  perhaps,  be  more  truthful  to  speak  of  our  local  currency  as  at  a  discount,  rather  tliati  of  gold 
a;:d  silver  as  at  a  premium.  But  whatever  the  theory,  the  practical  fact  still  exists  that  so  long  as  all  values  aro 
measured  by  local  currency,  that  currency  must  be  considered  as  the  standard.  Thus,  while  in  the  United 
States,  C:mu.da  currency,  which  is  based  upon  specie,  is  at  a  premium;  in  Canada,  United  States  currency,  which 
is  not  at  present  redeemable  in  specie,  is  at  a  corresponding  discount.  In  fact,  such  are  the  necessities  of  the  case, 
that  whatever  may  be  the  intrinsic  value  of  any  currency,  so  long  as  it  is  the  recognized  medium  of  commercial 
dealings,  it  must  be  acknowledged  as  the  standard  of  all  values  within  its  jurisdiction. 

This  view  of  the  case  will  suggest  the  fact,  that  all  commodities  which  are  bought  and  sold,  whether  having 
a  written  or  nominal  value,  such  as  gold,  silver,  stocks,  etc.,  or  without  any  such  extraneous  conditions,  such  as 
merchandise,  real  estate,  etc.,  are  necessarily  articles  of  commerce:  and  that  the  currency  in  which  their  values 
are  estimated  constitutes  the  cash  standard  in  all  local  transactions,  unless  otherwise  stipulated. 

While  a  depreciated  national  currency  increases  the  relative  value  of  specie  and  its  representatives,  other 
causes,  which  have  been  fully  explained  in  the  preceding  set,  tend  to  affect  the  comparative  value  of  the  differ 
ent  local  currencies.  And  although  this  difference  is  very  slight — varying  from  £  to  2% — and  does  not  seriously 
interfere  with  its  par  circulation  in  the  common  channels  of  trade,  it  is  distinctly  recognized  by  the  banks, 
which  are  the  acknowledged  umpires  of  money  values.  For  instance,  in  the  eastern  cities,  banks  will  not  take 

336 


BROKERAGE  AND  EXCHANGE. 

on  deposit  western  or  other  funds  which  are  below  par  value ;  and  as  such  funds  are  always  to  a  greater  or  less 
extent  in  circulation,  the  broker  stands  ready  to  purchase  them  at  a  remunerative  rate,  giving  bankable  cur 
rency  in  exchange.  The  uncurrent  money  thus  purchased  is  sometimes  sent  home  for  redemption,  sometimes 
disposed  of  at  a  small  profit,  and  not  unfrequently  paid  out  at  par.  The  margin  on  such  transactions  is  neces 
sarily  small,  but  their  frequency  and  extent,  in  well  established  houses,  render  tho  business  on  tho  whole  profit 
able.* 

: STOCKS. 


The  term  Stocks,  as  used  in  this  country,  covers  a  wide  area  of  signification,  embracing  almost  every  species 
of  obligation,  from  the  best  secured  pledges  of  national  and  state  indebtedness  to  the  personal  "  promises  to  pay" 
of  individuals. 

The  intrinsic  value  of  these  pledges  depends,  first,  upon  the  surety  of  final  payment,  and  next,  upon  the  per 
centage  of  yearly  disbursements  to  the  holder. 

Stocks  may  be  properly  divided  into  two  classes,  which,  for  the  sake  of  distinction,  we  will  denominate  Ii- 
ttrest  and  Dividend. 

Interest  Stocks  are  those  calling  for  a  certain  fixed  percentage  on  the  amount  loaned,  and  are  secured  either 
by  pledge  of  the  public  wealth,  or  by  mortgage  on  adequate  intrinsic  value.  Of  this  class  are  government  secur 
ities  of  all  kinds,  bonds  of  railroads  and  other  corporations,  mortgages  on  real  estate,  etc.  The  only  influences 
•which  can  effect  the  value  of  this  class  of  stocks  are  the  worth  of  money  and  tho  character  of  tho  securities  upon 
which  they  rest. 

Dividend  Stocks  are  those  which  call  for  a  dividend  of  tho  net  earnings  of  certain  enterprises,  and  are  secured 
by  the  net  resources  and  earning  capacity  of  such  enterprises.  Of  this  class  are  the  shares  in  the  capital  stock 
of  railroads,  banks,  manufacturing  and  mining  establishments,  and  other  joint  stock  corporations.  They  fiuctu- 
ate  in  value  according  to  the  pecuniary  success  and  prospects  of  tho  business  which  they  represent ;  and  as  tho 
intrinsic  value  of  all  property  depends  upon  its  producing  power,  so  the  dividends  which  are  declared  upon  these 
shares — it' the  same  are  known  to  be  from  tho  legitimate  earnings  of  tha  business — regulate,  in  tho  greatest  de 
gree,  their  market  value.  Other  influences  may  force  these  values  out  of  their  proper  relations  to  this  test,  but 
if  left  to  their  legitimate  course,  like  other  commodities,  tho  parallel  between  earnings  and  commercial  value 
must  hold  good.  There  is,  of  course,  a  difference  in  the  value  of  what  wo  have  denominated  Interest  Stocks,  not 
dependent  upon  the  percentage  of  disbursements.  Such  difference  must  of  course  be  owing  to  the  character  of 
tlio  securities  themselves.  For  instance,  when  the  country  was  at  peace  and  tho  national  debt  inconsiderable, 
United  States  Stocks,  paying  only  6%  per  annum,  were  always  at  a  premium  of  from  1  to  tO;/,  while  the  best 
railroad  securities,  declaring  from  7  to  8$,  varied  from  1,2  premium  to  10,2  discount.  At  tho  present  time  tho 
very  best  government  securities,  or  those  paying  the  highest  rates  of  interest,  command  a  premium  of  not  over 
6£,  while  the  first  mortgages  on  our  northern  railroads  sell  at  from  5,2  to  302  premium.  It  requires  but  little 
reflection  to  assign  adequate  causes  for  this  state  of  facts.  Tho  government  is  engaged  in  a  desperate  struggle 
for  self-presorvation,  and  tlie  national  debt  is  accumulating  at  tho  rate  of  over  two  millions  of  dollirs  per  day; 
while  tho  very  business  of  war,  shutting  up  as  it  does  some  of  the  fine.-t  channels  of  commerce,  creates  an  im 
mense  carrying  trade,  which  is  monopolized  by  our  northern  railroads,  giving  them  a  degree  of  financial  prosperity 
never  before  experienced.  Stock  dealers,  in  their  relation  to  the  government,  may  all  bo  patriots  of  the  most 
approved  kind;  but  in  their  relation  to  stock  dealing  they  are  simply  speculators;  and  in  that  capacity  will  not 
hesitate  to  use  the  kind  of  argument  best  calculated  to  promote  their  individual  interests.  While  tho  war  goes 
on  with  varied  results,  the  bare  possibility  of  ultimate  failure,  together  with  tho  certainty  of  an  immense  public 
debt,  must  keep  government  securities  within  moderate  limits;  while- tho  fact  that  in  any  event,  the  railroads 
will  not  ceaso  to  prosper,  will  enable  the  holders  of  securities  based  upon  them  to  maintain  their  superiority  in 
the  market. 

The  true  basis  of  value  in  Dividend  Stocks  is,  first,  the  permanent  prospects  of  the  association  represented, 
and,  next,  its  real  net  earnings.  The  law  which  makes  it  incumbent  upon  banks  to  publish  at  certain  periods  a 
sworn  statement  of  their  affairs,  is  eminently  calculated  to  further  the  interests  of  tho  public,  and  if  one  could 
always  be  sure  that  things  are  called  by  their  right  names  in  these  statements,  the  process  of  estimating  tho 
value  of  such  stocks  would  be  simple  enough.  Take  an  example:  At  a  certain  date  the  net  reserved  profits  in 

*  It  is  not  yet  demonstrated  what  may  be  the  effect  of  the  new  National  Banking  Law,  which  confines  the  basis  of  circulation 
In  all  the  states  to  pledges  of  United  States  securities ;  but  if  it  subserve  the  design  of  its  originators  and  supporters,  the  present 
local  currency  will  be  entirely  displaced  by  a  uniform  national  currency,  which,  although  issued  and  redeemable  by  1  cal  institu 
tions,  will  be  uniformly  secured,  and  hence  not  liable  to  those  violent  and  disastrous  fluctuations  which  have  so  affected  the  issues 
of  western  bunks  under  state  laws.  With  a  uniform  currency,  or  a  local  currency  having  a  uniform  basis  of  redemption,  the  ratri 
of  exchange  between  different  parts  of  the  country  can  never  be  excessive,  nor  subject  to  extensive  fluctuation 

22  337 


BKOKERAGE  AND  EXCHANGE. 

the  Chemical  Bank  of  New  York  were  $586,176.  and  the  capital  stock  $300,000.  During  the  succeeding  yeas 
this  bank  paid  to  stockholders  a  dividend  of  12$,  and  added  to  the  reserved  profits  $42,056,  which  is  equivalent 
to  14$  of  ttio  capital.  The  net  earnings  during  the  year,  therefore,  were  26$  on  the  capital  stock.  The  question 
now  is,  "What  is  stock  worth  which  produces  26$?  or  what  is  its  value  as  compared  with  money?  The  first 
thing  be  to  ascertained,  then,  is  the  value  of  money,  which,  by  reference  to  quotations  at  this  time,  we  find  to  average 
about  6£$.  We  have  now  a  simple  problem  in  proportion,  viz. :  If  one  dollar  products  6^  cents,  how  much  wilt 
be  required  to  produce  26  cents?  The  solution  is  as  follows: 

6^  :  26  : :  100 :  400. 
Or,  26-r6£=4. 

The  answer  is:  One  dollar  in  Chemical  Bank  stock  is  worth  four  dollars  in  money;  which  was  the  quoted 
market  value  of  the  stock  at  this  time. 

Another  example :  The  Atlantic  Bank  at  the  same  period  had  a  reserved  profit  of  $14,642,  and  a  capital 
stock  of  $100,000.  During  the  year  the  bank  declared  a  dividend  of  1$,  which  reduced  the  reserved  profits 
$8.430,  being  a  little  over  2$  on  the  capital.  The  net  earnings  of  the  bank,  therefore,  were  a  little  less  than 
5£,  say  4J.  What  is  the  value  of  the  stock?  Solution  as  before: 

6£:4f ::  100:  73. 

Atlantic  Bank  stocks  were  quoted  at  70$,  which  varies  but  slightly  from  the  above  result. 

While  it  is  true  that  upon  a  basis  of  this  kind  the'  approximate  value  of  a  large  portion  of  the  current  stocks 
may  bo  ascertained,  the  parallel  will  not  hold  good  in  all  cases.  For  instance,  many  of  the  railroads  were  pay 
ing  annual  dividends  of  from  7  to  8$,  whose  stocks  ruled  no  higher  than  80$.  The  reason  for  this  discrepancy 
between  dividends  and  market  value  can  exist  only  in  a  lack  of  confidence  in  the  management  and  prospects  of 
the  corporations.  It  isltnow-n,  in  fact,  that  railroad  dividends  are  often  declared  without  reference  to  earnings, 
f;ir  the  purpose  of  giving  a  fictitious  value  to  the  stocks.  Of  course,  when  such  is  the  case,  money  for  this  pur 
pose  has  to  be  borrowed,  and  must  eventually  be  paid.  So  reckless  have  some  railroad  companies  been  in  these 
matters,  that  the  original  stock,  which  by  prudent  management  and  a  persistent  course  of  honesty  toward  the 
public  might  have  been  kept  at  a  low  rate  of  discount,  if  not  at  par,  has  been  run  down  to  zero,  carrying  with 
it  of  course,  all  securities  based  upon  it.  There  are  various  ways  of  "cooking  up"  the  financial  affairs  of  a  large 
corporation,  so  that  those  who  have  no  means  of  knowing  the  intrinsic  worth  of  what  are  called  its  "resources," 
may  be  easily  deceived.  Nothing  is  more  deceptive  than  an  ingenious  array  of  sobor-looking  figures.  Efforts 
have  been  made  by  the  various  state  legislatures  to  infuse  a  little  leaven  of  honesty  into  joint-stock  associations,  by 
obliging  them  to  make  periodical  statements  to  the  public  of  their  financial  condition,  but  such  enactments, 
though  serviceable  in  many  ways,  afford  no  absolute  guaranty.  It  is  a  difficult  matter  to  legislate  men  honest, 
and  corporations  are  certainly  no  better  in  this  regard  than  individuals. 

We  have  given  in  connection  with  this  set  a  few  samples  of  government  and  railroad  stocks,  copied  from  the 
original  documents,  which  may  be  found  useful  in  giving  a  definite  idea  of  their  character. 

STOCK    BROKER  AGE '. 


The  Stock  business,  as  it  is  conducted  in  the  great  commercial  emporiums — and  very  little  dealings  in  stocKs 
occur  elsewhere — is  so  intricate  in  detail,  and  subject  to  such  a  variety  of  contingencies,  as  to  require  in  its  ela 
boration  more  space  than  we  have  at  disposal,  and  more  minute  investigation  into  the  hidden  springs  of  financial 
speculation  than  we  have  either  the  time  or  inclination  to  mako.  Neither  would .  the  knowledge,  could  it  bo 
thus  obtained  and  imparted,  be  of  essential  service  to  the  student  of  accounts.  To  become  a  successful  financier 
— or,  more  properly  speaking,  speculator — requires  peculiar  qualifications ;  the  first  of  which  we  believe  to  bo 
natural  endowments,  which  no  man  can  acquire;  and  the  next,  actual  contact  with  the  business  itself.  There  is, 
perhaps,  no  subject  upon  which  a  greater  variety  of  theories  have  been  evolved ; — some  of  them  as  finely  spun 
a.s  gossamer,  and  as  evanescent — and  none  which  business  men  more  pride  themselves  in  understanding,  than 
the  general  subject  of  Finance;  and  especially  that  department  which  relates  to  the  public  weal  Particularly 
is  this  true  with  reference  to  those  measures  intended  to  secure  national  prosperity.  Every  man  seems  blessed 
\virh  a  "private  opinion"  as  to  the  effect  of  this  or  that  line  of  policy — one  reasoning  to  an  inevitable  conclusion 
that  if  certain  plans  arc  adopted,  the  country  will  instantly  hasten  to  financial  ruin;  and  another,  with  quite  aa 
formidable  a  display  of  logic  and  erudition,  arriving  at  the  very  opposite  result;  while  equally  earnest  and 
infallible  guides  take  up  positions  at  every  possible  resling-place  between  the  two  extremes. 

The  practical  financier  is,  in  this  sense,  no  theorist,  lie  must  have,  it  is  true,  intelligent  and  well  settled 
yievs  upon  all  the  great  questions  of  the  day,  political  and  otherwise,  which  have  a  bearing  upon  his  particular 
'iuo  He  is,  or  should  be,  a  careful  observer  of  all  public  movements  calculated,  eitl-ei  immediately  or  remotely 

338 


BROKERAGE  AND  EXCHANGE. 

to  affect  the  interests  of  the  people  at  large;  and  is  usually  prepared  to  estimate  the  cfl'oct  of  such  movements 
apon  the  various  classes  of  securities  in  market.  Ills  mind  is  quick  and  comprehensive,  enabling  him  to  act 
with  promptness  and  discrimination;  while  his  convictions  are  so  certain  and  tangible  as  to  admit  of  no  hesiia- 
tiou  in  following  them  out.  True,  ho  may  fail,  but  failure  does  not  discourage  him.  Like  a  true  general,  he 
looks  well  to  the  chances  before  entering  upon  an  engagement ;  but  when  once  fairly  in  the  fray,  he  turns  neither 
to  the  right  nor  the  left,  but  presses  straight  forward.  If  a  line  wavers,  he  strengthens  it;  if  a  column  gives 
way,  he  redoubles  his  vigor  to  overcome  the  disadvantage ;  and  if,  with  all  his  dibits,  disaster  still  comes,  bring 
ing  with  it  defeat,  he  does  not,  like  a  timid  foe,  lie  tarn  -ly  down,  giving  up  all  for  lost,  but  with  what  wreck  he 
may  gather  from  tlu  strife,  he  pushes  for  safer  shelter,  congratulating  himself  tnat  if  he  bears  no  other  trophies! 
from  the  field,  he  has  won  the  guerdon  of  experience,  which  will  be  invaluable  to  him  iu  all  future  contests. 

Xo  one  will  attempt  to  deny  that  speculation  in  stocks,  even  under  favorable  circumstances,  is  extremely 
ha/urdous ;  neither  will  any  one,  careful  of  his  reputation  for  plain  speaking,  pretend  to  say  that  unworthy  mcang 
arc  not  often  resorted  to,  ibr  the  purpose  of  forcing  securities  out  of  that  healthy  relation  of  supply  and  demand 
which,  in  theory  at  least,  regulates  all  commercial  and  financial  dealings.  With  this  we  have  nothing  to  do,  ex 
cept  to  recogivze  it  as  a  general  fact;  but  were  we  permitted  to  arrange  the  good  and  evil  in  this  matter  on  op 
posite  sides,  with  reference  to  the  effect  upon  public  interests,  we  think  it  would  not  be  difficult  to  show  that  the 
benefits  resulting  from  systematized  operations  in  public  securities,  thus  bringing  them  to  notice  and  creating  a 
demand  for  permanent  investments;,  stimulating  public  and  individual  enterprise,  and  giving  healthy  circulation 
to  the  nation's  wealth,  will  very  far  outweigh  any  temporarj"  evils- to  which  individuals  resort  for  their  own  ag 
grandizement.  Besides,  with  all  the  opprobrium  which  has  been  heaped  upon  the  business  of  stock  dealing, 
causing  it  to  stink  in  the  nostrils  of  the  public  as  a  species  of  legalized  gambling;  throwing  distrust  upon  quota 
tions  as  in  no  wise  indicating  true  values ;  the  fact  cannot  be  denied,  that  there  exists  no  more  faithful  barometer 
of  the  financial  condition  of  the  country  than  the  daily  stock  quotations.  It  is  true  tfcat  powerful  combinations 
and  adroit  misrepresentations,  by  creating  temporary  scarcity  or  glut  in  the  market,  and  filling  the  public  mind 
with  undue  apprehensions,  or  exciting  to  unwarrantable  hopefulness,  m-iy  for  a  time  disturb  the  healthful  equi 
poise  ;  but  such  disturbances  aro  necessarily  brief,  and  the  evils  which  they  engender,  so  often  "  like  cursss  come 
home  to  roost,"  that  the  antidote  may  b~>  said  to  go  with  the  poison.  Besides,  the  directly  opposite  interests, 
which  are  so  differently  affected  by  every  fluctuation,  secures  a  vigilance  in  the  matter  which  renders  deception 
for  any  length  of  time  impossible.  So,  even  the  very  outrages  on  decency  and  public  morals,  claimed  to  bo  in 
flicted  by  mythological  "bulls"  and  "bears,"  may,  like  countless  other  evils  to  which  flesh  is  heir,  prove  an 
ultimate  goad;  and  the  vigilance  induced  by  a  sense  of  self-preservation,  constitute  the  great  bulwark  and  de 
fense  of  national  as  well  as  individual  prosperity. 

The  most  reputable  among  the  stock-dealers  are  members  of  the  Stock  Exchange,  a  regularly  organized  as 
sociation,  having  for  its  purpose  tho  bringing  together  of  the  two  great  classes  of  dealers — buyers  and  sellers, 
and  embracing  features  of  mutual  protection  and  benefit. 

This  association  holds  semi-daily  sessions,  and  controls  nearly  all  the  operations  of  importance  in  the  stock 
market.  Its  transactions  servo  as  the  basis  of  quotations,  and  regulate  the  rate  of  all  classes  of  securities. 

The  "regular"  way  of  concluding  sales  of  stocks,  "gold,  etc.,  is  to  deliver  and  receive  payment  therclbr  on  the 
d.'iy  succeeding  the  contract.  Often,  however,  the  buyer  or  seller  is  allowed  three  days  in  which  to  fulfil  his 
p-irt.  When  this  margin  is  allowed,  and  the  fulfilment  of  the  contract  is  claimed  on  any  day  previous  to  the 
last,  notice  must  be  given  to  the  other  party  beibre  two  o'clock  of  tho  day  chosen.  "  Cash'1  sales  are  deliverable 
and  payable  on  the  day  of  sale.  To  sell  "short,"  is  to  sell  without  at  the  time  owning  the  properly  sold,  ex 
pecting  to  purchase  before  the  date  of  delivery  at  favorable  rates.  To  sell  "fiat,"  is  to  waive  all  considerations 
of  commission  or  accrued  interest;  simply  selling  the  stocks  themselves  at  a  given  rate. 

Stock  Brokers  frequently  advance  for  parties  who  commission  them  to  purchase  and  hold  stocks.  When 
this  is  done,  a  small  deposit  is  usually  required,  which  is  discretionary  between  the  parties,  and  is  intended  to 
cover  any  contingencies  of  depreciation.  The  stocks  themselves  are  held  as  collateral  security  for  the  loan,  upou 
which  the  regular  rate  of  interest  is  charged. 

The  uniting  of  Currency  Exchange  with  Stock  business  is  not  practiced  to  any  great  extent  in  the  more  im 
portant  hou.-:cs.  That  they  are  thoroughly  compatible,  however,  will  be  evident  to  all. 

It,  will  bo  necessary  to  mark  the  distinction  which  we  have  drawn  between  monoy  and  stocks,  and  to  notice 
the  difference  in  their  treatment.  That  which  passes  as  currency  in  any  part  of  (he  United  Stales  we  treat  as 
caxh.  counting  it  as  such  in  making  up  our  cash  items  at  the  close  of  tho  day.  Gold,  Silver,  Canada  and  Ster 
ling  currency  we  treat  as  stocks  ;  they  having  passed  beyond  the  precincts  of  our  owu  currency. 

In  purchasing  and  selling  uncurrcut  funds,  the  margin  of  profit  or  loss  needs  particular!}'  to  be  noted;  and 
as  a  formal  entry  of  purchase  and  sale  would  be  quite  out  of  tasto  and  unnecessary,  we  simply  indicate  e:oJ 
little  discrepancy  in  a  kind  of  memorandum-book,  called  a  "  Blotter,"  which  is  fully  explained  here.  'let. 

339 


BKOKERAGE  AND  EXCHANGE. 


THE  BOOKS  AND  THEIR  USE. 


In  prescribing  the  forms  of  entry  for  the  various  dep  irtinents  of  business  represented  in  this  treatise,  our  plan 
has  been,  first,  to  examine  the  forms  of  the  best  houses,  and  selecting  such  as,  in  our  judgment,  were  best  adapted 
1o  the  purpose,  with  such  improvements  of  our  own  as  the  exigencies  of  the  case  seemed  to  suggest,  to  arrange 
the  whole  into  such  a  system  as  would  be  best  calculated  to  subserve  the  purposes  of  an  economical  and  satis 
factory  record. 

In  the  business  before  ns  there  is  little  chance  to  display  ingenuity ;  and  no  necessity  for  a  large  number  of 
books,  with  an  intricate  system  of  counter-checking.  The  transactions  are  exceedingly  simple  and  monotonous; 
and,  after  the  first  two  or  three  entries  are  completed,  the  student  will  bo  able  to  proceed  with  little  or  no 
assistance. 

The  forms  are  simple  and  dicect,  having  very  few  marked  peculiarities;  and  are  quite  sufficient  for  the  most 
extensive  business  of  this  kind. 

The  main  book  of  entry  is 

THE     CASK    BOOK, 

which  differs  in  no  essential  particular  from  ordinary  Cash  Books,  except  that,  like  the  Debit  and  Credit  Journals 
in  Banking,  it  contains  all  the  entries  that  go  to  the  Ledger,  rendering  unnecessary  any  other  book  of  original 
entry.  The  difference  between  the  two  sides  of  this  book  showing  the  cash  on  hand,  it  has  not  been  deemed 
necessary  to  open  any  Cash  account  in  the  Ledger.  In  taking  a  Trial  Balance,  the  cash  on  hand  will  need  to 
be  included. 

THE     GENERAL     LEDGER 

contains  all  the  accounts  of  the  business  except  Ca^h — which  has  been  omitted  as  explained — and  the  accounts 
of  the  various  Stocks ;  which,  owing  to  the  necessity  of  some  slight  peculiarity  in  the  ruling,  appear  in  a  separate 
book,  called 

THE     STOCK     LEDGER, 

but  which  really  is  a  part  of  the  General  Ledger,  and  may  bo  so  kept  if  desired.  "We  wish  to  call  particular 
attention  to  the  convenient  arrangement  of  this  book :  believing,  as  we  do,  that  the  improvement  which  wo  have 
suggested,  embodying  a  complete  and  perpetual  inventory  of  unsold  stocks,  with  the  regular  account  of  cost  and 
proceeds,  will  commend  itself  to  all  practical  men. 

THE     BLOTTER 

is  an  indispensable  book  to  the  dealer  in  currencies,  and  is  the  principal  book  of  entry  in  a  simple  Exchange 
business.  Its  real  office,  as  will  be  apparent,  is  to  mark  the  discrepancies  between  the  amount  of  cash  received 
and  paid  out  in  each  currency  transaction.  The  book  in  this  connection  is  rather  more  formal  than  is  usual; 
but  not  too  much  so  for  intelligent  record.  The  columns  "out"  and  "in"  are  sufficiently  suggestive ;  and  it 
will  require  no  great  shrewdness  to  see  that  the  difference  in  the  footings  of  these  columns  will  exactly  tally 
with  the  increase  or  diminution  of  cash  from  the  exchanges  thus  recorded.  This  discrepancy  is  carried  as  a  loss 
or  gain  to  the  Cash  Book  each  day,  and  thus  preserves  the  character  of  this  book  for  showing  the  balance  of 
cash  on  hand. 

Aside  from  these  regular  books  of  entry,  the  dealer  carries  a 

MEMORANDUM    BOOK, 

in  which  are  entered  the  conditions  of  sales  when  effected,  and  such  general  facts  as  are  necessary  to  a  full  un 
derstanding  of  the  transactions. 


The  entire  work  as  represented,  comprises  but  six  days'  business,  and  is  intended  to  show  the  ordinary  daily 
operations  of  a  medium  establishment.  As  this  limited  period  will  not  allow  for  the  fulfilment  of  "time"  sales, 
the  business  is  restricted  to  cash  transactions.  In  rendering  the  inventories  of  unsold  stocks  and  accumulated 
interest,  we  have  reckoned  them  at  their  actual  worth  according  to  the  quotations.  This  plan  will  enable  us  to 
show  a  gain  on  stocks  by  a  rise  in  the  market,  as  well  as  by  actual  sales ;  a  feature  which  every  student  should 
well  undent  ind. 

We  are  well  aware  that  Exchange  Brokers  not  unfrequently  connect  with  their  business  the  features  of 
Discount  and  Collection,  already  so  thoroughly  shown  up  in  the  previous  set.  As  the  student  will  need  no  fur 
ther  instruction  on  these  points,  we  have  deemed  it  unnecessary  to  repeat  them  here.  For  similar  reasons  wo 
Lave  omitted  to  include  in  the  transactions  any  thing  relating  to  the  expenses  of  conducting  the  business. 

340 


NARRATIVE. 


NARRATIVE. 

Monday,  March  2,  1063. — Commenced  business  with  $150000  cash  capital Bo't  $2000  Illinois 

currency,  @.  2%  discount Bo't  $1000  Kentucky  currency,  @  \%  disc Bo't  $2000  Canada  currency. 

©  $1  S3;  1500  do.,  ©  $1  ^i Bo't  $10000  U.  S.  Registered  6£  1881,  at  par:  Accumulated  interest  on 

same  from  Nov.  1,  1862,  $ Rec'd  from  II.  R.  Muiiger  $10000  on  deposit,  to  be  invested  as  per  futuro 

advico Sold  $1000  Illinois  currency,  at  \\%  disc. Bo't  $15000  U.  S.  Coupon  6%  1881.  @  $1  «-; 

Interest  on  same  from  Jan.  1,  $ * Bo't  $2500  Missouri  currency,  @  1%  disc Bo't  for  II.  P. 

Hunger,  per  instructions,  $8000  N.  Y.  C.  R.  R.  stocks,  @  $1  1S:  Our  commission,  \%  on  amount  invested. 

Tuesday,  3. — Sold  $2500  Canada,  ©  $1  w Bo't  $3500  X.  Y.  State  currency,  ©  \  disc Bo't 

$2000  Baltimore  currency,  ©  \',c  disc Rec'd  of  S.  S.  Packard  on  deposit,  $20000 Bo't  $10000  Del 
aware  and  Lackawana  1st  Mortgage,  ©  $1  22,  fiat. Sold  $10000  U.  S.  Reg.  G>',  '81,  @  $1  °;:  Interest 

from  Nov.  1,  1862,  $ Sold  for  J.  E.  Jenkins  $20000  N.  Y.  and  E.  R.  R.  5th  Mortgage,  1888.  © 

$1  °",  cash  ;  for  winch  we  credit  him  less  our  J^  commission Bo't  $10000  Gold,  @  $1  65 Bo't  for 

S.  S.  Packard,  as  per  advice,  $15000  Cleveland  &  Toledo  R.  R.  Stocks,  ©  94 J:  Our  commission  on  same.  tf. 

.....  Bo't  $5000  N.  Y.  State  currency,  ©  \i  disc Bo't  $3000  on  State  Bk.  Indiana,  ©  4£  disc 

Sold  $2500  Missouri,  ©  \%  disc.;  $1000  Kentucky,  ©  J£  disc. Sold  for  II.  D.  Stratton,  $15000  N.  J. 

R.  11.  Stocks,  @  $1  k"',  cash;  for  which  we  credit  him  less  our  \%  commission. 

Wednesday,  4. — Bo't  uncurrent  money  as  follows;  $1000  Wisconsin,  @  !•!•£  disc. ;  $900  Michigan  ©  1^ 

disc. ;  $500  Missouri,  ©  2,7  disc. ;  $300  Indiana,  ©  2#  disc Paid  J.  E.  Jenkins,  cash  in  full  of  a/e, 

$ .  .....  Sold  for  II.  R.  Munger,  $15000  Gold,  @  $1  c;'  ,  cash:  Credited  him  amount  less  our  \'S  commis 
sion Uo't  $15000  7r"o  Treasury  Notes,  ©  $1  Oi:  Accumulated  interest  from  Nov,  1,  '62,  $ 

Sold  for  J.  E.  Jenkins,  $25000  Michigan  Coupon  Bonds  of  1888,  ©  $1  0",  flat :  Credited  him  amount  less  our  1£ 

commissio:i Bo't  $3000  Wisconsin,  @  1-J  disc Bo't  Sterling  Bill  of  Exchange  for  £2000  ©  $1  -f.-f- 

Bo't  fir  J.  E.  Jenkins,  $50000  Gold,  ©  $1  C4:  Our  commission,  by  special  arrangement,  \H,.  .....  Sold 

$4000  Wisconsin,  ©  \%  disc Sold  for  Geo.  A.  Reed,  $15000  N.  Y.  &  Erie  (preferred),  @  $1  «-:  Remitted 

amount,  less  our  \%  commission Sold  $1000  Canada,  ©  $1  ^>. Bo't  $15000  Gold,  @  $1  G"; 

Sold  $3000  State  Bk.  Indiana,  ©  2,V£  disc Bo't  for  II.  R.  Munger,  $10000  Panama  R.  R.  Stock,  © 

$1  S9J:  Our  commission,  \$ Sold  $25000  Gold,  ©  $1  «'• Bo't  $25000  U.  S.  1  Yr.  6;r'  Certificates, 

©  $1  01:  Interest  accumulated  as  follows:  $5000  from  Jan.  1,  '6:>,  to  date,  $ ;  $10000  from  Jan.  15  to 

date.  $ ;  $10000  from  Feb.  1  to  date,  $ Sold  $10000  Delaware  &  Lackawana,  ©  $1  25. 

Paid  II.  D.  Stratton,  cash  in  full  of  %,  $ Sold  £2000  Sterling  Exchange,  ©  $1  8J Sold  for 

Culver,  Pcnn  &  Co.,  $15000  N.  Y.  C.  R,  R.  Stocks,  ©  $1  20;  Credited  amount,  less  \%  commission Paid 

Culver,  Pcnn  &  Co.'s  draft  on  us  of  $10,000  favor  of  H.  B.  Bryant. 

Inventory,  March  4. 


Interest  on  U.  S.  Coup.  6?,  1881 150  42 

'•         U.  S.  7il  Treas.  Notes 369 

"         U.  S.  1  Yr.  6;»'  Certificates 184  93 

U.  S.  Coupon  6?, '81.  15000,  ©  1  "'• ~~ ~ 

U.  S.  7iVi?  Treasury  Notes,  1500,  ©  1  <" 

U.  S.  1  Yr.  G;i  Certificates,  25000,  ©  1  «i 


704 

15450 
15600 
25250 


35 


NARRATIVE    FOR    THE    STUD  EXT. 

TO    I!E    CONTINUED    IN    THE    SAME    HOOKS. 

Thursday,  5. — fold  $1000  Illinois,  ©  \%  disc Bo't  $7500  N.  Y.  State,  ©  Y,  disc Sold 

$15000  U.  S.  G%  Coupon,  @  $1  «J :  Interest  on  samo  from  Jan.  1,  $ Bo't  for  S.  S.  Packard,  $10000 

N.  Y.  &  E.  1st  Mortgage,  18G8,  ©  $1  -1 :  Our  commission,  \r,', Sold  for  Frederick  W.  Warner,  $15000 

Gold,  @  $1  6~s :  Our  commission,  J£ Bo't  $2000  Missouri  currency,  ©  2£  disc Bo't  $3000  Wisconsin 

*  Interest  on  Government  Stocks  is  always  computed  at  the  rate  of  H65  days  to  the  year. 

t  The  quotations  of  sterling  currency  are  alwayr,  based  on  the  exchange  value  of  the  pound  sterling,  which  is  $4  44*.  To 
compute  the  value  of  sterling  currency  at  any  given  rate,  reduce  H  first  to  federal,  at  the  above  standard,  and  then  proceed  in  tl.o 
usual  way.  341 


NAEKATIVE. 

currency,  ©  Iftf  disc Sold  $300  Indiana,  ©  1£  disc Sold  for  J.  E.  Jenkins,  $20000  Cleveland  4 

Toledo  R.  R.,  @  95? :  Our  commission,  ^ Bo't  $7000  Canadian  currency,  ©  $1  51 Bo't  $25000  U.  S 

Coup.  6.?,  1881,  @  $1  O'l :  Interest  due  on  same  as  follows:  on  $5000,  from  Nov.  1,  1SG2,  $ ;  $10000,  from 

Dec.  1,  18G2,  $ ;  $10000,  from  Jan.  1,  1SG3,  $ Sold  $900  Michigan,  ©  \%  disc Bo't,  un- 

c-urrent  funds  as  follows:    $1000  N.  Y.  State,  ©  \%  disc.;    $3000  Indiana  Free  Banks,  ©  2£  disc.;    $4.000 

Wisconsin,  ©  \\%  disc Sold  $5000  Wisconsin,  ©  \%  disc Sold  for  Ira  Packard,  $.1000  Mich.  Central 

Stock,  &  98Jf:  Remitted  him  amount,  less  \%  commission Bo't  for  J.  E.  Jenkins,  $10000  Gold,  @  $1G": 

Our  commission,  \%. 

Friday,  6.— Bo't  Bill  of  Exchange  on  London  for  £1500,  ©  $1  "6j Bo't  $3500  N.  Y.  State  currency 

©  \%  disc Bo't  Ibr  11.  R.  Hunger,  $GOOO  X.  Y.  &  Harlem,  preferred,  ©  78?:   Our  commission,  \% 

JSold  for  Chester  Packard,  $10000  La  Crosse  Land  Grants,  ©  31<P;    Remitted  him  amount,  less  our  ££  commis 
sion Bo't  uncurrent  money,  as  follows:  $2000  Free  Indiana,  ©  '1%  disc. ;  $1000  Michigan,  ©  \%  disc.  ; 

$2500  Iowa,  ©  ££  disc Bo't  $20000  Gold,  @  $1  *>7 Bo't  for  F.  W.  Warner,  $15000  Cleveland  & 

Toledo,  ©  95?:  Our  commission,  J# Bo't  $15000  U.  S.  1  Yr.  Q%  Certificates,  ©  $1  ^;  Interest  accumu 
lated  on  same  from  Jan.  1,  18G3,  to  date,  $ Sold  $15000  U.  S.  1&  Treas.  Notes,  ©  $1  0;">:  Interest 

on  same  from  Nov.  1,  1862,  $ Sold  for  J.  E.  Jenkins,  $17000  Metropolitan  Bank  Stock,  ©  $1  04 : 

Our  commission,  ^ Sold  uncurrent  funds,  as  follows :  $500  Missouri,  ©  \%  disc. ;  $2000  Baltimore,  © 

i;j  disc. ;  $4000  Wisconsin,  @  \%  disc Bo't  for  S.  S.  Packard,  $10000  Gold,  ©  $1  67 :  Our  commission,  £<«'. 

Paid  F.  W.  Warner,  in  full  of  his  %,  per  our  draft  on  S.  S.  Packard,  $ Bo't  for  W.  W. 

Harder,  $25000  Galena  &  Chic.  R.  R.  Stock,  ©92^?:  Our  commission,  \% Bo't  $30000  U.  S.  1&%  Treas. 

Notes,  ©  $1  °]J:  Interest  due  on  same  from  Nov.  1,  1862,  $ Received  cash  of  J.  E."  Jenkins,  in  full 

of  <%,  $ Sold  $20000  Gold,  ©  $1  681 Sold  for  S.  S.  Packard,  $25000  Gold,  ©  $1  ^  :  Our  com 
mission,  \% Bo't  uncurrent  funds,  viz. ;  $4000  Missouri,  ©  2%  disc. ;  $3000  Free  Indiana,  ©  2$  disc. 

Saturday,  7. — Sold  $7000  Canada  currency,  ©  $1  5! Paid  Culver  &  Perm's  draft  on  us  for  $7000. 

Bo't  $10000  U.  S.  1  Yr.  Certificates,  ©  $1  »-A  ;   Interest  on  same  from  Dec.  16,  1862,  $ Sold 

for  Culver,  Penn  &  Co.,  $20000  Pacilic  Mail  Steamship  Co.,  ®  $1 6< :   Our  commission,  \% Bo't  uncurrent 

funds,  viz. ;  $5000  New  England,  ©  \%  disc. ;  $4000  New  York  State,  ©  \%  disc. ;  $1500  Michigan,  ©  \%  disc. ; 

$2500  Kentucky,  ©  %%  disc Paid  S.  S.  Packard's  draft,  favor  Culver,  Penn  &  Co.,  for  $25000 Sold 

$25000  U.  S.  Coupon  G£,  '81,  ©  $1  «H  :  Interest  on  same,  as  follows;  $5000  from  Nov.  1,  18G2,  $ ;  $10000 

from  Dec.  1,  18G2,  $ ;  $10000  from  Jan.  1,  1863,  $ Sold  $5000  U.  S.  1  Yr.  <o%  Certificates,  © 

$1  °4 :  Interest  due  on  same,  as  follows  :  $20000  from  Jan.  1,  1863,  $ ;  $10000  from  Jan.  15,  '63,  $ ; 

$10000  from  Feb.  1,  '63,  $ ;  $10000   from  Dec.  16,   1862,  $ Paid  Culver,  Penn  &  Co.,  cash 

to  balance  %,  $ Sold  £1500  Sterling  Exchange,  ©  $1  "8. Sold  $6000  Missouri  funds,  ©  \% 

disc. ;  $4000  Indiana,  ©  \%  disc. 


Inventory,  March  7 


U.  S.  1M  Treasury  Notes,  $30000,  ©  $1  05 
Interest  on  same,  from  Nov.  1,  1862       .     . 


Statement,  March  7. 


31500 
75fi 


•  Resources. 


Cash     ........................  106987  24.  I 

Interest     ..................  75g 

U.  S.  Treasury  Notes  .................     ]     \  31500 

W.  W.  Harder   .....................  3120  15      162363 


-  -  Liabilities.   ~ 
H.  R.  Munger    ...................  1797  29  1 

S.  S.  Packard     .....  .............     |         4G51  47  I       6448 

Net  Capital      ...........  155914 


342 


76 
03 


BLOTTER. 

Hew  York,  Monday,  March  2,   1863. 


Description. 

Rait. 

Out. 

Description. 

Rule. 

In. 



1000  Illinois            .     .                     . 

1* 

15 
80 

2000  Illinois     

2 

i 

2 

40 
5 
50 

SaL  to  0  B 

1000  Kentucky     

2500  Missouri  

95 

95 

Tl 

tesd 

ay,  3. 

^f)00  Vipsour'     

j 

i 

25 
2 
Jan 

50 

75 

"3500  N.  Y.  State  
2000  Baltimore     

i 

\ 
4 

8 
20 
12 
120 

75 

60 

1000  Kentucky       

BeJ.  to  C  B.        .         .     . 

5000  N.  Y.  State  

3000  Indiana   

161 

23 

161 

26 

Wed 

nesjday,  4. 

3000  Wisconsin           .          ... 
4000  Indiana     .               .... 

1 
»1 

40 

75 

1000  Wisconsin    

it 
1 
2 

If 

15 
9 
10 
G 
52 
12 

5C 
6C 

j    900  Michigan      

500  Missouri  

300  Indiana   

3000  Wisconsin    

Sal  to  C.  &      .     . 

115 

115 

1 

343 


CASH 

NEW    YORK,    MONDAY, 


o 

i 
?, 

Stock     Amount  invested  ......... 

150000 
10000 

3 
4 

Com.  and  Brokerage    .    .    .     H.  R.  M.  on  $8000  N.  Y.  G.  R.  R.  .   .    . 
Exchuir-'O  .......     Balance  from  Blotter    ..."        .    . 

23 

80 

CO 

i  Afn  ni 

RC\ 

.^ 

' 

/^ 

160103 

GO 

3 

11 

Balance  brought  down  .... 
Canada  Currency    ....    2500   l  54 

3850 

119630 

65 

5 

S.  S.  Packard  Deposit   . 

20000 

12 

U.  S.  Reg.  6  fc,  1881  .    .     .     10000  1  01 

10100 

6 
7 

Interest      On  same  from  Nov.  1,  1862    
J.  E.  Jenkins      Sale  of  New  York  &  Erie  Bonds, 
20000     .    .     @  LOT    .    .  $21400  00 
Less  i  %  Com.    ....          53  50 

200 
21346 

55 
50 

3 

Corn,  and  Brokerage    ...    As  above  

53 

50 

3 

8 

Com.  and  Brokerage    .     .     .     S.  S.  P.  on  15000  Cleve.  &  Tol.  .    .    . 
H.  D.  Stratton    Sale  of  N.  J.  R.  R.  Stocks, 
15000     .    .    @  1.55        .  $23200  00 

35 
23142 

44 

3 

4 

Com.  and  Brokerage    ...     As  above  

58 
133 

75 

78919 

74 

198550 

39 

4 

fl 

Balance  brought  down  .... 

155639 

95 

15000     .    .    @.  1.66}  .    .  $25012  50 
Less  J  %  Com  62  53 

24949 

97 

3 

Com.  and  Brokerage    .    .    .    As  above  ~T.          ' 

62 

53 

7 

25000     .    .    ©  1.02   .    .  $25500  00 
Less  \  %  Com  63  75 

25436 

25 

3 

Com.  and  Brokerage    ...     As  above  ~.    .    .    . 

63 

75 

8 

Com.  and  Brokerage    .     .    .    j.  E.  j.  on  $50000,  Gold   

102 

50 

3 

Com.  and  Brokerage    .    .     .     Sale  of  N.  Y.  &  E.  for  G.  A.  E., 
15000     .    .    @  1.02    .    .  $15300  00 

38 

25 

11 

Canada  Currency    ....     1000  1.55 

1550 

3 

Com.  and  Brokerage    .    .    .    H.  R.  M.  on  10000  Panama   ..... 

47 

38 

15 

42000 

14 

Del.  &  Lack.  1st  Mort.     .    .    10000  1  25 

12500 

17 

Sterling  Exchange  ....    £2000—  $88S8  89              ...       1  80 

16000 

9 

Culver,  Penn  &  Co.      ...     Sale  of  N.  Y.  C.  R.  R.  Stock, 
15000     .    .    @  1.20   .    .  $18000  00 
Less  J  %  Com.    ....          45  00 

17955 

3 

45 

140750 

63 

296390 

58 

Balance  brought  down  .    .   ..   .  ) 

58728 

__ 

55 

BOOK. 

MARCH    a,    1863. 


11 

3060 

* 

1500     1.5:4 

2302 

50 

Ifl 

U  S.  Reg.  6  %,  1881   .     .     .     10000  1.00 

10000 

6 

198 

90 

13 

U   S  Coupon   6  #,  1881   .     .     15000  1  03 

15300 

6 

Interest     .......      On  above  from  Jan  1,  1S63  ... 

147 

95 

2 

H.  R.  Hunger    8000  N.  Y.  C.  R.  R  1.18 

9440 
23 

60 

40472 

95 

Balance  carried  down       .    .    . 

!  1  1  o  o  r.  o 

C5 

160103 

GO 

14 

Del.  &  Lack.  1st  Mort     .    .    10000  1.22 

12200 

15 

16500 

6 

S.  S.  Packard      15000  Cleve  &  Tol  94} 

14175 

35 

44 

42910 

44 

Bounce  carried  down  .... 

1DJC30 

05 

/ 

198550 

39 

7 

21346 

50 

16 

U.  S.  7ro  Trens.  Notes     .    .    15000  ...  1  04 

15600 

(; 

3G9 

17 

Sterling  Exchange  ....     £2000—  $8838.89  1.T8 

15822 

9,?, 

7 

J.  E.  Jenkins      50000  Gold     .    .                           1  64 

82000 

Our  Com.  on  above,  J  %    

102 

50 

15 

Gold      15000  I  65J 

24825 

2 

18950 

Our  Com.  on  above,  \  %    

47 

38 

18 

U.  S.  1  Yr.  6  %  Cert.  .    .    .    25000  l  01 

25250 

Interest      5000  from  Jan  1  .    .         ....  51  78 

10000   '•       "15  8055 

1  0000   "    Feb  1  6260 

184 

1 
93 

g 

H.  D.  Stratton    .     .         .     .     To  balance  %     

23142 

9 

Culver,  Ponn  &  Co.       .     .     .     Draft  favor  H.  B.  Bryant  

10000 

4 

Exchange  .                ....     Balance  per  Blotter  

22 

50 

237G62 

0* 

Balance  rwri'.-d  down       .    .    . 

296390 

55 
58 

345 


GENERAL  LEDGER. 


Stock. 


1863, 

1863. 

| 

Mar. 

4 

Balance  .     .     . 

1  r.oi  fir, 

GO 

Mar. 

2 

Amount  invested     . 

150000 

ii 

4 

Loss  and  Gain    .'    . 

2165 

152165 

60 

152165 

Mar. 

4 

Balance     .... 

I 
152165 

.    IVliinger. 


1SG3. 

1863. 

Mar. 

2 

8000  N.  Y.  C. 

1.18 

9440 

Mar. 

9, 

10000 

tt 

Our  J  $  Com.  . 

23 

60 

<i 

4 

Proceeds  of  Gold    . 

24i)i9 

97 

11 

4 

10000  Panama 

1.89J 

18950 

H 

a 

ii 

Our  1  %  Com.  . 

Balance  .     .     . 

47 
o-jss 

38 

90 

1 

1 

34949 

97 

34943 

97 

Mar. 

4 

Balance     .... 

6488 

99 

Commission    and    Brokerage. 


3 


I 

1863 

1863 

Mar. 

4 

Loss  and  Gain 

529 

05   : 

Mar. 

2 

H.  R.  M.  on  N.  Y.  C. 

23 

GO 

3 

J.  E.  J.  on  N.  Y.  &  E. 

53 

50 

S.  S.  P.  on  Clev.  &  Tol. 

35 

44 

H.D.S.onN.J.R.  R. 

58 

4 

H.  R.  M.  on  Gold.    . 

62 

53 

J.  E.  J.  on  Mich.  Coup. 

63 

75 

"      "  on  Gold     .     . 

102 

50 

G.  A.  R.  on  N.Y.  &  E. 

38 

'  5 

ii 

ii 

H.  R.  M.  on  Panama 

47 

38 

ii 

u 

C.  P.  &  Co.  on  N.Y.  C. 

45 

529 

95 

529 

95 

" 

Exchange. 


1863 

1863 

M        "    —  — 

Mar.     4 

Balance  pr.  Blotter 

22 

1  01 

50       Mar. 
75 

2 
0 

Balance  from  Blotter 

80 

±33 

213 

75 

!:           213 

75 

i  ! 

5 


1863 

Mar.     3     15000  Clev.  &  ToL 
Our  J  %  Com.  .    . 


S.    S.    IPaokard. 


14175 


20000 


1863 

^ 

i 

20000 

20000 

Balance  .... 

5789 

60 

346 


o 


GENERAL  LEDGER. 

Interest. 


1863 

Mar. 

it 

11 
Mar. 

2 

u 

4 
4 

U.  S.  Reg.  6  %,  '81 
U.  &  Coup.  6  %   . 
U.  S.  TT'O  Tr.  Notes 
U.S.  lyr.6£Cert. 
Loss  anil  Gain 

Bulauco  .... 

193 
147 
369 
184 

4 

90 
95 

93 

1  'i 

90 

1863 
Mar. 

u 

3 

4 

OnU.  S.  Reg.  6  £,'81 
U.  S.  Coup,  6  <?,  '81 
U.  S.  7A  7raw.  .     . 
U.  S.  1  Yr.  G  ;„  Cert. 

• 
200 

150 
SG'J 
184 

55 

42 
93 

904 

904 

90 

704 

35 

7 

18t]3 
Mar 

u 

J.    E. 

Jenkins. 

7 

~" 

50 
25 
26 

3 

4 

To  balance  % 
50000  Gold     .     . 
Our  |  %  Coin.  .     . 

Balance.     .    .    . 

1.64 

21346 

82000 
102 

50 
50 

1863 

Mar. 
(i 

4 

Proceeds  N.  Y.  &,  E. 
Proceeds  Mich.  Coup. 

21340 
25436 
!     r.ficcc 

103449 

103449 

Mar. 

4 

5GG66      25 

8                                   H.    ID.    Stra/tton.                                   8 

1863 

Mar. 

3 

To  balance  %  .    . 

23142 

1863 
Mar. 

3 

Proceeds  N.  J.  R.  R. 

23142 

9                            Culver,    Fenn    <Sz>    Co.                            9 

1865> 
#ar. 

4 

Dft.  fav.  H.  H.  B. 

Balance  . 

10000 

1863 
Mar. 

4 
4 

Proceeds  N.  Y.  C.  . 
Balance     .... 

17955 

17955 

17955 

Mar. 

7955 

1O                                Loss 

a,n 

60 

60 

d.    C 

1863 

Mar. 

3-ain.                                1O 

1863 

.a/a?-. 

4 

Slock           .     .     . 

2  1  6  r, 

4 

Com.  and  Brokerage 
Exchange   .... 

529 
191 
4 
37 
100 
150 
300 
675 
177 

2165 

95 
25 

12 
50 

- 

T8 

Canada  Currency 
U.  S.  Reg.  6  %     .     . 
U.  S.  Coup.  6  %  .    . 
Del.  &  Lack.  1st  Mort 
Gold  

Sterling  Exchange   . 

2165 

60 

| 

11 


STOCK  LEDGER. 

Oeineicla,    Oiirrencry. 


11 


1863 

Mar. 

2 

2000 

1.53 

3060 

U 

4 

1500 

L.  <e  G. 

1.53J 

2302 
37 

50 

50 

•• 

3500 

5400 

00 

1863 
Mar. 


2500 
1000 

1.54 
1.55 

3850 
1550 

3500 

5400 

U.    S.    PLeg.    6    p.  o.,    1881 


1863 

Mar. 


~^, 

1863 

2 

10000 

L.  &  G. 

1.00 

10000 

TOO 

Mar. 

3 

10000 

1.01 

10100 

10000 

10100 

10000 

10100 

13 


U.    S.    Oo-upon,    6    p.  o.,    1881. 


13 


14 


L.  &  G. 

1.02 
1.03 

15300 

^  no 

1863 

Mar. 

4 

1  5000 

Sal.    .     . 

1.03 

\  r.-ir>o 

— 

15450 

15000 

1545^ 

15450 

IDelguwsire    sund.    Lsioka,  wanna,.                14 

L.  <fc  G. 

1.22 

12200 
son 

1863 
Mar. 

4 

10000 

1.25 

12500 

— 

12500 

10000 

12500 

•MS 


STOCK  LEDGER. 


15 


Q-old. 


15 


1863. 

1863. 

Mar. 
it 

3 

4 

10000 
15000 

L.  &  G. 

1.65 
1.65$ 

16500 

24825 
«75 

Mar. 

4 

25000 

1.68 

42000 

25000 

42000 

25000 

42000 

16               U.    S.    7T3a   p.  o.    Treas.    IsTotes.              16 

1863. 

Mar. 

4 

15000 

1.04 

15600 

17                            Sterling 

Exchange.                           17 

1863. 

1863. 

Mar. 

4 

£2000 

$8888.89 
L.  <fc  G. 

1.78 

15822 

1  77 

22 

7S 

I 

Mar. 

4 

£2000 

$8888.89 

1.80 

16000 

2000 

16000 

2000 

16000 

18           -U.  S.  1  Yr.   6  p.  o.   Certificates.           18 

1863. 

tfar. 

4 

25000 

101 

25250 

— ^— i^^-^pjxf  j 


^EI 

/{^,  i 


Q) 


G3°<] 
-^ 


a 


S       Fil 


4  ^  w 

Si  N>,,K "W 


o    O  ^ 

\  w  •  1    ^ 


^ 


8^PJfT« 

V^v   s  so»i          v^  j_ 

"v    .1N   >§    ^  ™ 

""""S.       J  *             S       \    N    ••    '  'ii  f?s' 

^  ^  -I  4  5  di  $ 

^      x-      \  \ 

i  ' 

1  \' 

^  -•: 

0S  S;| 

XS  ^ 


)] 

M 


IN 

»1K  2 


©     CO 

o 

89  .» 

05 

GO 

g 

to 

f/; 

- 

.•  S 

s 

s> 

K£ 

i 

I 

-, 

^ 

1^ 

te 

6 

J 

_ 

0 

•a 
Is 

3   S* 

fcl 

*•• 

CJ 

CO 

3 

1 

P 

E 

1- 

•*"  O 

**  ^S 

4 
j 

13 

N 

~ 

V, 

o 

cfe 

Bfi 

IS 

e 

M 

a 

H 

for  Six  Mo; 
upon  Jiond 

S1000. 

0 

M 

O                                     • 

*    «r^'    J 

E       P;  §     £^ 

0 

llgLs 

e 
^ 

~  b  «  !•§ 
=    3  S|  g 

1    ^li-  1 

M  J 

if 

2 

r.. 
09 

E 

•/: 

K 

rH 

CJ 

e 

*" 

k 

1 

^ 

i 

A 

e 
S 

:?/  We  6c«r 

DOLL 

s 

•B 

1     _ 

li 

- 

e 

00 

•a 

1 

'- 

li 

* 

V 

£ 

•x 

PC 

aw 

D 

e 

3 

B 

H 
E- 

»(? 

^  1 

§ 

O 

H 

^ 

<u  .3         3 


"2  «  ^ 


£&£%=38&3^£}Ki 


U.  S    Registers  Bond. 


No. 


public  Land*  pledged  to  pay  jr, 
of  •*  ^SfayL. 


•xifpv 


%''>•.:<'••• 
•<*^%3&&s>& 

TVea'r.  Department 


LOAN  OF    : 

1847.      •••*'"•     aie 


.. 
VVtw  ' 

£.£10,000. 

•<*>•.:<'*>.'•/'/•. 
••*x_wxw>.yv^x-- 

Register^  Qfflc*. 


'fad  dat  tfa  UNITED   STATES   OF    AMERICA, 


*•*•*/  / 

fo    PETER     COOPER.  c*O  &*     affean*,     MA    awm    ct 


/  r 

A    awm    ct     TE3XT 


/iom  tfie  J0i/t  day  o/  Ktne,  Jf^f  ,  tncJLuvt,  at  &ix  fiel  cent.  Jtcl  annum/, 
•fia-y-a-fti  on  ttie  /citt  ctaud  <ff  January  and  .feWi  tn  emu  yc&t.  Q/n<4  dcvt  i<t  aufnoifzed  '  vu  an 
<2<ict  e*  ^yortMfM  aft/ilou-ed  /iznaalu  ££w,  4<$'J*y,  and  HI  (ianMe.tavC6  on  tne  VCOKJ  eft  t/u* 


Entered,  June  10,  1847. 
Recorded,  June  12,  1847. 


IJSEAL.JJ 


Signed, 

REGISTER  U.  S.  TREASUEY. 


Railroad  Shares. 


Number. 


RAILROAD    COMPANY, 

STATE    OF    PENNSYLVANIA. 


Sharea, 


ra 
H 


ra 


*   to 
to O!N"B    HTJlSUDPtEID GsrKalf*  o/ tne    ua/u'tat 

•  DELAWARE,  IACRAWANM  &  WESTERN  RAILROAD  COMPANY, 

a&t6   only    on    tne    J2aoc&t  <>£   t/if    vomhanu  tn  t/t&  ^t'tu  <*   QsYeat 
rfit   &m    ot    W4    Q-'ttt&t'K&w,    ufion    Sfo    tutlcndel    of  tteHt    ^Gtci'tj'ficate. 

3n  Itestt'mtmj)  fofctrtof,  the  said  Company  hare  caused  this  Certificate 
to  le  signed  ~by  their  President  and  Treasurer,  and  sealed  with 
their  corporate  seal. 

NEW   YORK,  January,  1860. 


W 
D 


H 
o 

10 


•  v/.o_ 

> — ij<* 


Prest  c "  -    V7  , ,..  j 

pC1 — '^A 


351 


fi 
O 

W 


w 

a 


" 

^    H    S 

x~    Sgg.C|Tl 

' 

>^r-  \     n      »j^     •» 

KM       «   •     -"=  =  5  *> 

Bg      <v>     |   ^T 

r^  a     j=  t»,~  "     ~g  -s 

wrftV  «'*" 

^    fi  73   g 

5    ^   « 

;  M  ^ 

»*niiii^ifl,ails"?5 

oov       ooS$a>i'O 

«i  illPii 

-fc    -o  „  t.  2  S  el 

g  »      c  £  -s  —  i  -£-,g- 

(O 

n             S 

III 

H 

0                  ^        UJ 

0     <J   £ 

^^        iii 

Si 

<   ^ 
H     ^ 

€3     » 

—  *       w 

3  f 

fe  9     S  2  i  *  •*•*  ^ 

^-^       6  *:.••$!«'  Q  3 
•-  g     S-«pts-g  c.^  v 

"  &     "cfe^^^^o 

*.  S     w'*Sa'0'H*i 

(O     <* 

t5     >• 

n         >         CQ 

^;7i        ^^W^QD^  */" 

.5  c     'E^".£  =  ^  = 

O 

•C°,       K*2'Srt5Si 

Q 

.     B  1 

•r^lliflas^j'. 

S  Si  I 

mmm                             f! 

o      K-i  _, 

5      _£.  < 

H         -S* 

i 

f1|§f£fifl5 
L>e|§3|g: 

g    ,S  =•«  "*•*«--- 

^T^^O^rtbcS 

^ 

A_     ^ 

(^  i 

r 

0 

a 

-- 

5   "=5  to'9^'^  5  ts-3   ^-- 
'    §S.£«>H^o^  ™.  J 
,   ~.2'3S3t-i'=3  Z*  j 

E 

c 

Ig-C^WcTT:3!^ 

'^K!U      a-fc^^r^' 

•r 
'? 

•  l-sl  IH!i? 

1 

.Bda     W  C  «  «  %  00 

L 

tt 

'  S_ST;  5  =J 

|.|»l2  _.= 

•§^^«  £  £" 
x:  —  js  y  —  c  o, 

^•i^.g'.jfcS'S 

ifsissi 

•3  ~.i  r  c  .§  * 


£  2 

«-TM 


-,-  C  £>cJj    e  = 


«  --n;-w--^-«  «• 

^  S  n  "i  t-,  O.H 
»_  j,         l;  O  a  ._ 


E  o  .-    s a 

~  -  fc  /o  5  -r 


^i  •— .  °>  &  ""  ° 


-?!S 

W> 


3  a     ?5 .2  •= 


f.  a]  I  O 


fc^S 


352 


FOREIGN   BILLS. 

NOTE. — Foreign  Bills  of  Exchange  are  usually  drawn  in  sets  of  three;  one  of  which  being  honored,  the 
others  become  void.  This  precaution  is  used  to  guard  against  the  contingencies  of  transmission ;  the  separate 
bills  being  sent  by  different  routes,  or  at  different  times. — A  single  bill  is  called  a  "sola." 

We  give  below 'examples  of  the  first  and  second  bills  of  a  set,  and  also  one  of  a  sola. 

foreign  Bills  are  usually  drawn  in  the  currency  of  the  country  where  payable,  instead  of  that  where  drawn 


for 


<S/e 


auj 


FIRST    o 


(£><z:c/ia>iae,    f<fecana/  and1  </At4ay  &n/i 
</        I  / 

ctc/el   a/  ELIHTJ  BURRITT,  One  Thousand  Pounds  Sterling,    va/t>e 


icv  fuci' 


) 


BRYANT,  STRATFOX  &  PACKARD. 


im 


J™  %*>*,  ^fa^  /,  /^.?. 
^ay*  a/^e"  *y&  <>///(*  SECOND  * 

fS  6  C/  C/ 

&ccc/ia)iye,     //ilJ^  oner  S/ulfV  w/iacc/J    Stay.   Sa   we 
S'-      Iff  /        /     /  </ 


a4.c/e-t   ofTBLXSU   BURRITT,  One  Thousand  Pounds  Sterling,   va/tte 
ff 


BRYANT,  STRATTON  &  PACKARD. 


i//«w    fyfolif,    istfalcSi    J£ 

uc/y   e/au<f  a/Ve4S   <*<'y&-,  o/ S/'tj    SOLA   c 
S       7     /  /          7  ^ 

<gxc/any.e,  fay   So    //*  olt/eV  o/  CHESTER  PACKARD, 
*  .    /'  S  / 

*,  One  Thousand  Bremen  Pois  Thalers,  M^M  *#*<#&/,  a>i(/ 

. 
/>          ,/>  , 

c/i«iye/  we/  Jame/  <fa    accattn' 

!/ 


23 


*>        \ 

u7)  ( 

^fjififn.    | 

353 


BRYANT,  STRATTON  &  PACKARD. 


COMMERCIAL  CALCULATIONS. 


COMMERCIAL    CALCULATIONS. 


COMMERCIAL   CALCULATIONS. 

IT  will,  of  course,  be  impossible  to  do  more  than  hint  at  a  few  of  the  most  prominent  questions  properly 
embraced  under  this  general  subject ;  and  it  shall  be  our  earnest  aim  to  make  these  of  the  most  practical 
kind.  The  very  idea  of  accountantship  is  inseparable  from  a  thorough  knowledge  of  calculations ;  and  all 
theoretical  abstractions  which  lie  at  the  basis  of  the  science  of  accounts,  will  be  found  of  little  avail  without 
he  practical  results  which  come  alone  through  the  almost  magical  power  of  figures. 

ADDITION. 

The  simple  process  of  addition  would  seem  to  need  no  enforcement  or  illustration ;  and  yet  there  is  no  part 
of  the  science  of  numbers  more  important  to  accountants,  or  in  which  they  are  more  apt  to  be  deficient.  We 
mean,  of  course,  the  process  as  applied  to  the  addition  of  long  columns  of  figures,  which  should  be  done  with 
facility  and  correctness.  Authors  and  teachers  have  shown  both  ability  and  ingenuity  in  their  various  sug 
gestions  and  aids,  but  nothing  can  be  of  so  much  service  to  the  student  as  continued  practice.  The  most  ap 
proved  method  of  testing  the  correctness  of  addition  is  to  add  the  columns  in  both  directions,  first  upward 
and  then  downward,  or  the  reverse.  The  philosophy  of  this  is,  that  the  combinations  are  thus  varied,  and 
the  chance  of  committing  the  same  error  twice  is  avoided. 

Three  very  simple  processes  of  retaining  the  figure  to  be  carried  to  the  next  column — a  very  important 
consideration  with  beginners — are  shown  below.  The  first  is  the  usual  method  of  writing  the  figure  to  be 
carried,  small,  under  the  unit  amount  of  the  column  which  produced  it.  The  second  requires  the  addition  of 
each  separate  column  to  be  written  down  on  a  waste  space,  commencing  with  the  right-hand  column,  and  car 
rying  to  the  next  column,  as  in  the  usual  method ;  these  separate  amounts  placed  in  their  order  one  under 
the  other,  will  present  in  their  unit  figures,  counting  upward,  the  general  result.  The  third  method  consists 
of  the  proper  arrangement  of  the  independent  sum  of  each  column,  so  that  being  again  added,  the  proper  re 
sult  is  secured. 


^rxt  Pi  ocean. 

1829.25 

743.18 

2552.28 

J  48.1 9 

21.23.25 

7fc7i.'28 

4-291.83 

25.64 

19994.90 

333.25 


EXAMPLES. 

Second  Process. 
1st.  column     50 


2d. 

3d. 
4th. 
5th. 
6th. 


29 
34 
39 
39 
19994.90 


Third  Process. 
5  0 

2     4  • 

32      •   • 

36-      •   • 

3  6  •   •      •   • 

16 

19994.90 


When  the  student  becomes  more  accurate  and  self-reliant,  he  may  feel  justified  in  dispensing  with  all  such 
aids ;  and  particularly  if  his  memory  is  sufficient  to  retain  the  carrying  figure ;  but  until  he  arrives  at  this 
desirable  state  of  perfection,  it  becomes  him  to  guard  himself  on  every  hand.  Great  proficiency  in  this  re 
gard  may  be  readily  acquired  by  practice,  some  accountants  being  able,  very  readily  to  cast  up  three  and 
four  columns  of  figures  at  once. 

INTEREST. 

Interest,  in  the  accountant's  vocabulary,  means  the  use  of  money.  The  amount  received  or  paid  for  interest 
is  usually  a  percentage  on  the  sum  used,  and  is  fixed  either  by  contract  or  statute.  Per  cent,  signifies  /it/  the 
hundred,  and  implies,  in  interest,  so  many  cents  on  the  hundred  cents,  so  many  dollars  on  the  hundred  dollars, 
etc.  It  is  usual  to  reckon  interest  by  the  year ;  but  it  is  always  proper  to  express  the  time,  as  it  is  not  neces 
sarily  understood. 

In  calculating  per  annum  interest,  it  is  customary  to  reckon  "60  days  to  the  year,  and  30  days  to  the 
mouth ;  all  hough  in  some  states  the  whole  number,  365  days,  is  reckoned  to  the  year,  and  any  number  of  days 
as  a  proportion  of  365.  In  the  State  of  New  York  the  basis  of  800  days  to  the  year  is  fixed  by  la\v.  The 
section  reads  thus:  "For  the  purpose  of  calculating  interest,  a  month  shall  be  considered  a  twelfth  part  of  a 
year,  and  as  consisting  of  thirty  days ;  and  interest  for  any  number  of  days  less  than  a  month  shall  be  esti- 

356 


COMMERCIAL    CALCULATIONS. 

mated  by  the  proportion  which  such  number  of  days  shall  bear  to  thirty."  There  are  those,  however,  who 
consider  interest  reckoned  on  this  basis  as  usurious,  it  being  >'j  more  than  by  the  basis  of  865  days  to  the 
year. 

In  the  illustrations  which  follow  we  shall  adopt  the  usual  standard  of  360  days. 

The  rate,  or  per  centaye  of  interest  is  established  by  law  in  most  countries  and  states.  Any  excess  over 
this  rate  is  termed  usury,  for  the  exaction  of  which  various  penalties  are  prescribed. 

The  rate  of  interest  in  Pennsylvania,  New  Jersey,  (except  in  Jersey  City  and  lloboken,)  Delaware,  Mary 
land,  Virginia,  North  Carolina,  South  Carolina,  Tennessee,  Kentucky,  Ohio,  Indiana,  Illinois,  Iowa.  Missouri, 
Arkansas,  Mississippi,  Florida,  the  six  Eastern  States,  the  District  of  Columbia,  and  on  debts  due  the  United 
States,  is  6  per  cent,  per  annum, 

In  New  York  Michigan,  Wisconsin,  and  Georgia,  it  is  7  per  cent. 

In  Alabama,  8  per  cent. 

In  California,  tO  per  cent. 

In  Louisiana,  5  per  cent. 

In  most  of  the  states  the  law  permits  a  higher  than  the  established  rate,  in  cases  of  special  contract. 

In  reckoning  interest,  at  whatever  rale,  it  is  most  convenient  first  to  obtain  it.  for  the  given  time,  at  6  per 
cent.,  and  then  add  or  subtract  for  the  difference.  Particularly  is  this  the  case,  where  360  days  are  reckoned 
to  the  year ;  6  being  an  aliquot  part  both  of  360,  the  number  of  dat/x  in  the  year,  and  12,  the  number  of  ?«*,/<///. 

There  are  many  processes  of  reckoning  interest,  all  more  or  less  worthy  of  thought;  but  we  shall  confine 
our  practice  to  the  one  which,  under  all  circumstances,  we  consider  the  best. 

Taking  as  a  basis  360  days  to  a  year,  30  days  to  a  month,  and  6  per  cent,  prr  annum,  we  are  easily  led  to 
the  following  conclusion:  If  12  months  produce  6  per  cent.,  1  month  will  produce  one-twelfth  of  6,  or  one-half 
of  1  per  cent.,  and  two  months,  1  per  cent.  One  per  cent,  of  any  amount,  therefore,  is  the  interest  on  that 
amount  for  2  months,  or  60  days,  at  the  rate  of  6  per  cent,  per  annum.  One  per  cent,  being  the  one  hundredth 
part  of  any  amount,  is  easily  obtained  by  dividing  by  100,  or,  what  is  the  same,  cutting  off  two  right-hand 
figures. 

EXAMPLE  1. — Required  the  interest  on  $3750,  for  2  months,  at  6  per  cent,  per  annum. 

Solution:     37  |  50;  or  $37.50 

Having  this  starting  point,  the  process  of  obtaining  the  interest  for  any  given  number  of  months  or  days 
becomes  extremely  simple. 

EXAMPLE  2. — Find  the  interest  on  $4675  for  3  months,  15  days,  at  6  per  cent. 

Solution:     2)46 '75     =  2  months. 
2)23  375  =   1  month. 
-  11  '6875  =  15  days. 

81J8125 

REMARKS. — "We  first,  find  tlie  interest  for  2  months  by  the  process  already  given,  which  is  $46.75.  Divid 
ing  this  amount  by  2,  will  give  us  the  interest  for  1  month,  $23.375  ;  and  this  by  2  will  give  the  interest  for 
one-half  a  month,  or  15  days,  $1 1.6875.  By  adding  these  results  together,  we  get  the  grand  result,  $81.81  +. 

Should  the  number  of  days  be  no  equal  part  of  60,  nor  of  any  other  number  for  which  the  result  is  shown, 
it  will  be  necessary  to  use  such  component  parts  as  are  equal  parts  of  60.  Thus,  if  the  number  of  days  he 
1 3,  we  can  take  1  and  12,  or  3  and  10 ;  1  being  the  sixtieth  part,  12  tflie  fifth ;  3  the  twentieth,  and  10  the  sixth 
of  60.  If  the  number  of  days  be  18,  take  6  and  12,  or  3  and  15,  and  so  on. 

From  these  remarks  and  illustrations,  we  are  prepared  to  submit  the  following  rule  for  reckoning  interest 
on  any  given  amount  for  any  given  time,  at  6  per  cent,  per  annum. 

RULE. — Cut  off  two  figures  fr*m  the  right  of  dollars  in  Uie  principal,  by  a  perpendicular  line ;  tlie  rexnlt  it-ill 
be  tlie,  interest  for  6u  dnjft",tht  dollars  being  on  tlie  left,  and  the  cents  and  mills  on  the  rir/Jit  of  the  line.  Multiply 
this  result  by  one-J:<~df  the  number  of  month*  required,  to  which  add,  for  days,  that  proportion  of  the  interest  for 
60  dai/x  which  tlie  given  number  of  days  ix  of  60. 

The  using  of  a  perpendicular  line  for  the  separatrix  is  of  more  consequence  than  will  appear  at  first  view. 
All  necessity  for  pointing  orf  in  the  product  is  thus  happily  dispensed  with,  and  the  work  is  brought  witlra 

3.37 


(JOMMEBCIAL    CALCULATIONS. 

the  smallest  possible  compass.     For  universal  use,  we  do  not  know  of  a  better  rule  for  computing  interest 
than  the  foregoing. 

If  the  rate  of  interest  be  any  other  than  6  per  cent.,  the  proper  proportions  added  to,  or  deducted  from.  6 
per  cent.,  will,  of  course,  produce  the  result.  If  5  per  cent.,  deduct  £;  if  7  per  cent.,  add  £;  if  8  per  cent., 
add  £,  or  £  ;  if  9  per  cent.,  add  ^,  etc. 

DISCOUNT 


DISCOUNT  is  an  allowance  rifowfpr'  the  payment  of  a  debt  before  it  is  due.  The  present  worth  of  such  a 
debt  is  that  sum  which  being  put  c-t  interest  for  the  given  time,  would  at  the  end  of  that  time  amount  to  the 
face  of  the  debt. 

Thus,  if  I  owe  $106  due  in  one  yt&r,  without  interest,  and  money  is  worth  6  per  cent,  per  annum,  the  pres 
ent  worth  of  the  debt  is  $100;  beciSlse  $100  at  6  per  cent,  will  amount  in  one  year  to  $106.  The  discount 
would,  in  such  case,  be  $6  ;  which  is  ike  difference  between  the  present  value  of  the  debt,  and  its  value  one 
year  hence.  vj 

To  find  the  present  worth  of  any  sun&due  at  any  given  time  and  rate,  it  is  only  necessary  to  divide  the  sum 
by  the  amount  of  $1  at  the  given  rate.Jpid;.  tune.  To  find  the  discount,  subtract  the  present  worth  from  the 
given  sfibhJtijft'  •Vk-'tiil 

*^  •^•**P'-  rfJto 

F.  1.  —  What  is  the  pressnt  worth  of  a  note  for  $750;  dueln  4  months,  without  interest,  if  the  use  of 

worth  6  per  cent,  per  'annum  ?          * 


Solution.  —  The.  amount  of  $1  for  4  months  at  6  per  cent,  per  annum  is  $1.02  ;  therefore,  $750  divided  by 
$1.02,  will  be  the  present  worth  : 

750  -f.  $1.02  =  735.29  +  present  worth. 

The  discount  on  the  above  note  can  be  obtained  by  subtracting  the  present  worth  from  the  note,  viz.  : 
750  -735.29  =  $14.71. 

The  rule  and  process  above  will  obtain  the  true  discount  ;  but  business  custom  varies  from  this  standard. 
Business  discount,  as  it  is  called,  is  simply  interest  on  the  face  of  the  debt,  taken  in  advance.  Thus,  if  I 
owe  $106,  due  in  one  year  without  interest,  when  money  is  worth  6  per  cent,  per  annum,  and  I  wish  to  dis- 
tount  the  debt,  or  pay  it  now,  business  custom  warrants  me  in  computing  the  interest  on  $106  for  the  time, 
which  interest  is  deducted  from  the  debt,  leaving  the  present  worth.,  or  the  sum  I  am  to  pay.  The  interest 
for  one  year  at  6  %  on  $106,  is  $6.36,  which  deducted  from  $106,  leaves  as  present  worth  $99.64,  instead  of 
$100,  which,  as  before  shown,  is  the  true  worth. 

By  this  method  I  gain  36  cents,  which,  it  will  be  seen,  is  the  interest  on  the  true  discount,  $6  for  1  year. 
The  difference  between  these  two  methods  then,  is,  that  by  true  discount  the  interest  is  considered  due  when 
the  debt  is  due  ;  while  by  bunine-is  discount  it  is  considered  due  when  the  debt  is  discounted. 

EXAMPLE  2.  —  "What  is  the  present  worth  of  a  note  for  $1500,  due  in  60  days  without  interest,  when  money 
is  worth  6  %  per  annum  ;  discount  reckoned  by  the  business  standard  ? 

Solution.  —  The  interest  on  $1500  for  60  days  at  6  $>,,is  $15  ;  which  deducted  from  the  face  of  the  note. 
$1500,  leaves  the  present  worth,  $1485. 

There  are  various  and  conflicting  opinions  as  to  the  legality  of  this  mode  of  reckoning  discount,  but  as  it 
is  almost  universally  used,  both  in  banks^md  business  houses,  we  must  concede  its  practical  authority. 

EQUATION  OF   PAYMENTS. 

EQUATION  OF  PAYMENTS,  or  AVERAGE,  as  it  is  more  frequently  called,  is  the  finding  of  an  average  or  mean 
time  for  the  payment  of  several  amounts,  due  at  different  times  ;  and  also,  when  the  balance  of  an  account 
having  both  debit  and  credit  amounts,  will  average  due,  that  no  loss  may  be  sustained  by  either  party.  The 
philosophy  of  equation  is  based  upon  the  compound  relation  of  money  and  time  ;  or  upon  a  recognition  of  the 
i'iict  that  the  value  of  the  use  of  money  is  in  proportion  to  the  amount  used,  and  the  time  for  which  it,  is  used. 
As  a  simple  illustration:  if  the  use  of  $100  is  worth  a  certain  sum  for  one  month,  it  is  worth  twice  that  sum 
for  two  months;  or,  if  $100  is  worth  a  certain  sum  for  one  month,  $200  for  the  same  time  is  worth  twice  as 
much. 

358 


COMMERCIAL    CALCULATIONS. 

EXAMPLE  1. — A  owes  B  $1200,  payable  as  follows:  $100,  in  30  days;  $400,  in  60  days;  and  $700  in  90 
days.  Ulicn  will  the  entire  debt  average  due  ? 

Solution. — The  question  is,  how  long  may  $1200  be  used,  to  be  equivalent  to  the  use  of  §100,  for  30  days; 
$400,  for  GO  days ;  and  $700  for  90  days  ? 

The  use  of  $100  for  30  days  is  equal  to  the  u^jf,^|;fyr    3000  days. 

$-100   "    60          "  "  "  ^? ' jJEJE   2400°     " 

"         $700   "    90          "  "  "      v5P^    toSOOO     " 

$1200  90000 

Therefore,  the  use  of  $1  for  90000  days  would  be  equivalent  to  the,' time  to  which  A  is  entitled  on  his  debt 
of  $1200.  We  have,  then,  this  statement: 

The  use  of  si  for  90000  days  is  equal  to  that  of  $1200  for  75  dafs. 

The  ai'eraije  time  for  the  payment  of  A's  entire  debt,  is  75  days  hence. 

We  are  thus  enabled  to  give  a  general  rule  for  finding  the  averAge  time  of  payment  of  several  amount^ 

due  at  different  times.  £ 

<&' '•'  vy' 

RULE. — Jfuttiply  each  payment  by  the  number  of  day*  before  uis  due,  and  .divide  the  snm^fjKie  PRODUCTS  by 
the  sum  of  the  payments.  The  quotient  wilfbe  flic  number  of  daya  (to  be  counted  forward  from  the  datJftf  reckon 
ing),  to  the  average  time  of  payment.  \^ 

EXAMPLE  2. — Abrarn  Jones  purchased  of  Samuel  Lincoln  the  following  bills  of  merchandise : 

Jan.     1,  I860,  a  bill  amounting  $175.34 
Apr.  15,     "  "  "          $538.25 

Apr.  30,     "  "  "          $180.60 

June    9,    "  "  "          $400.00 

The  term  of  credit  on  each  purchase  is  4  months.  If  Mr.  Jones  should  propose  to  give  his  note  for  the  full 
amount,  due  in  4  months  from  date,  when  should  the  note  be  dated  ? 

NOTE. — To  apply  the  foregoing,  or  any  other  adequate  rule  to  a  statement  of  this  kind,  it  will  be  necessary 
first,  to  settle  upon  some  date  from  which  the  time  on  each  payment  is  to  be  reckoned.  It  is  usually  best  to 
select  the  date,  either  of  the  firxt  or  last  amount,  and  .feckoh  'backwards  or  forwards,  counting  the  average 
time  accordingly.  As  the  purchases  are  all  made  on  4  m'ontfaV  time,  and  the  note  is  to  be  drawn  at  4  months, 
it  will  not  be  necessary  to  take  either  fact  into  consideration.  If,  in  this  case,  we  select  the  first  date  from 
whic.h  to  count,  we  shall  have  the  following  solution : 

Amount*.  Day*  before  (lire.  Products. 

175.34      x          0     =  0 

538.25      x      104     =  55978.00 

180.60      x      119     —  21541.40 

400.00      x      159     =  63C.OO.OO 


$1294.19  )  141119.40  (    108+  days. 

The  average  is  108  clays;  which  is  the  number  to  be  counted  forward  from  the  date  selected,  Jan.  1.     The 
note  musl.  be  dated  Apr.  19. 

AVERAGING  ACCOUNTS  CURRENT. 

AN  ACCOUNT  CURRENT  is  a  statement  of  the  transactions  between  two  parties,  showing  dates,  items,  and 
amounts,  both  debit  and  credit,  during  a  certain  period. 

The  balance  of  an  Account  Current  is  the  difference  between  the  debits  and  credits ;  or  what  one  party  is 
owing  the  other,  as  indicated  by  the  items. 

To  average  an  Account  Current  is  to  fix  the  date  when  the  balance  is  due.  The  adjustment  \9  called  "  Com 
pound  Equation,"  or  "Compound  Average."  The  usual  process  is,  Jirxt  to  average  each  aide  of  the  account; 
nn-1  I  lien  multiply  the  amount  earliest  due  by  the  number  of  days  between  the  average  dates,  and  divide  the  product 
by  the  balance  of  the  account.  T/ie  quotient  mil  bf  the  number  of  dm/x  from  the  latent  date,  when  (lie  balance  iri?l 
a,tr<tfie  due ;  to  be  counted  FORWARD  if  the  amount  latest  due  is  the  larger,  and  BACKWARD  if  the  amount  latent 
dite  in  the  smaller. 


COMMERCIAL    CALCULATIONS. 

A  better  process  than  this,  we  think,  because  more  easily  comprehended  and  practical,  is  the  averaging 
by  interest.     Ivot  having  space  to  exemplify  more  than  one  method,  we  shall  choose  the  latter. 

EXAMPLE  1 . — The  following  account  is  found  on  my  Ledger.    The  amounts  on  each  side  are  supposed  to  be 
due  at  their  several  dates.     "When  is  the  balance  due? 


Dr. 


JOHN  ANDERSON. 


Or. 


Jan. 

15 

To  Mdse   

?7f> 

Feb. 

1 

By  Cash   

500 

A  fir. 

in 

650 

425 

925 

923 

1 

Solution. — First  assume  the  date  of  settlement  to  be  the  latest  date  on  which  any  amount,  debit  or  credit, 
tails  due,  and  reckon  interest  on  the  debit  and  credit  items  to  that  date,  viz. : 

Credit.— The  interest  on  $500  from  Feb.  1  to  Apr.  10,  @  6  %,  is  $5.75. 
Debit. — The  interest  on  $275  from  Jan.  15  to  Apr.  10,  @  6  fi>,  is    3.90. 

Excess  of  credit  interest,  $1.85. 

It  will  thus  appear  that  on  the  assumed  date  of  settlement,  April  10,  Mr.  Anderson  owed  me  $925  of  account, 
and  $3.90  interest;  while  I  owed  him  $500  of  account,  and  $5.75  interest.  In  other  words:  he  owed  me  the 
balance  of  the  account  ($425)  less  the  balance  of  interest  ($1.85).  It  would  be  very  easy  to  settle  the  account 
at  this  date,  provided  the  rate  of  interest  was  satisfactory,  by  deducting  the  balance  of  interest  from  the  bal 
ance  of  account ;  but,  instead  of  this,  it  is  proposed  that  Mr.  Anderson  pay  me  the  exact  balance  shown  to  bo 
due  by  his  account,  at  sitcfi  timers  will  secure  an  equitable  adjustment  of  the  interest.  It  will  be  evident  that 
were  he  to  pay  me  the  balance  of  account  on  the  assumed  day  of  settlement,  April  10,  he  would  be  the  loser 
of  the  balance  of  interest  due  him  at  that  dale.  The  simple  question  then,  is,  how  long  may  he  retain  the 
balance  of  account  ($425),  to  accumulate  the  balance  of  interest  ($1.85)? 

First  ascertain  how  much  the  balance  of  account  will  accumulate  in  one  day,  and  divide  the  balance  of 
interest  by  it :  the  quotient  will  be  the  number  of  days  which  the  balance  may  be  held. 

The  interest  on  $425  for  one  day,  at  6  f0  per  annum,  is  $.n708. 

Then,  $1.85  -4-  $.0708  =  26+  =  the  number  of  days. 

In  2fi  days  from  April  10,  then,  which  will  be  May  6,  Mr.  Anderson  will  owe  me,  by  average,  the  balance 
of  his  account,  $425. 

EXAMPLE  2. — When  will  the  balance  of  the  following  account  average  due,  assuming  the  different  iterus  to 
be  due  at  their  several  dates  ? 

T)..  ALONZO  MITCHELL.  r,,. 

•*-/ 1  •  O/  • 


Nay 
July 

1 
16 

1 

To  Mdse    

185 
750 
475 

1410 

— 

June 

15 

By  Cash   

400 
200 
810 

1410 

ii 

Salaii,ce  ..... 

Solution, — Assuming  the  date  of  settlement  to  be  July  1,  we  have: 

Debit  Interest. 

$185  from  May  1 ,  to  July  1—2  mo.,  $1.85 

$750     "       "    15,         "     "— 1  mo.  15  da.,  $5.63  $7.48 

Credit  Interest. 

$400  from  June  1  to  July  1 —  1  mo.    .     .  $2.00 
$200     "       "     "          "     "—15  da.     .     .  $0.50  $2.50 
Leaving  the  excess  of  debit  interest,  $4.98 

On  July  1,  the  assumed  date  of  settlement,  therefore,  Mr.  Mitchell  owes,  not  only  his  balance  of  accoun^ 
but  a  balunce  of  interest,  ($4.98.)     It  is  evident,  then,  that  the  balance  of  account  has  been  due  long 

3GO 


COMMERCIAL    CALCULATIONS. 

enough  to  accumulate  this  interest.     What  is  the  time  required?    By  the  process  already  shown,  we  ascertain 
the  time  to  be  37  days;  which  reckoned  back  from  July  1,  will  make  the  average  date  May  -.'5. 

From  the  foregoing  examples,  we  adduce  the  following  rule  for  obtaining  the  date  when  the  balance  of  an 
account  will  average  lue: 

RULE. — Assume  ax  the  date  of  settlement  the  latest  date  at  which  any  amount,  debit  or  credit,  falls  due  :  axcer- 
tain  the.  balance  of  interest  due  at  that  date,  at  any  given  rale,  and  how  lony  it  will  take  the  balance  of  account  to 
accumulate  (hi*  interest,  at  the  same  rate.  The  answer  will  be  llie  time  before  or  after  the  average  date.  If  iht 
oa,ancc  of  interest,  and  the  balance  of  account  are  on,  the  name  side,  reckon  BACKWARD  ;  if  on  opposite  sides,  reckon 
FORWARD. 

N  TK — Although  to  average  an  account  is  to  obtain  a  date  when  no  interest  is  due  from  either  side,  yet 
r.he  important  principle  recognized  is,  that  the  use  of  money  is  valuable  to  the  user,  in  the  compound  raiio 
of  time  and  amount;  and  the  real  achievement  of  any  correct  process  of  average,  is  to  make  the  value  thus 
determined,  on  one  side,  balance  that  on  the  other.  For  this  reason,  the  rule  of  interest  is  unimportant,  so 
long  as  the  same  rale  is  used  on  both  sides.  We  have  chosen  6  % ,  because  it  is  more  easily  obtained. 

Any  other  time  may  be  assumed  for  the  date  of  settlement,  as  well  as  "  the  latest  date  at  which  any  amount 
falls  due,"  but,  for  evident  reasons,  this  date  is  preferable. 

We  will  now  apply  the  foregoing  rule  in  averaging  the  time  for  the  payment  of  net  proceeds  in  a  few  of 
the  Consignment  and  Mdse.  Co.  accounts  in  the  body  of  the  work. 

EXAMPLE  3. — Account  Sales  of  Flour  and  Wheat  sold  on  %  and  risk  of  J.  R.  Wheeler  A  Co.    (Page  71.) 


Da'e. 

Article. 

Amount. 

Time. 

Interest. 

Dale. 

Article. 

Ammmt. 

Time.. 

Interest. 

Mar. 

2 

To  Cash     .     .     . 

100 

66  da 

1110 

Mar. 

6 

By  Cash     .     .     . 

7500 

62  da 

7750 

" 

rr 

Storage,  etc.  . 

325 

62  da 

3 

86 

May 

Tt 

"         ... 

4500 

Ifet  proceeds  . 

11575 

Bal.  interest  . 

73 

04 

12000 

77 

50 

12000 

7750 

1 

1 

Balance  of  account  ($11575);  and  balance  of  interest  ($73.04)  on  the  same  side.     Ascertain  the  time  it  will 
take  $11575  to  accumulate  $73.04,  and  count  backward.     Ans.  88  days  before  May  7,  or  March  30. 

EXAMPLE  4. — Account  Sales  of  Nails  and  Lead,  sold  on  joint  %  of  Logan,  Wilson  &  Co.,  and  ourselves, 
each|,    (Page  110.) 


Date. 

Article. 

Amount. 

Time. 

Interest, 

Date. 

Article. 

Amount. 

Trme. 

Interest. 

Apr. 

3 

To  Cash     .     .     . 

100 

36  da 

60 

Apr. 

5 

By  Cash     .     .     . 

1400 

34  da 

7 

'.•;-; 

" 

6 

Storage,  adv. 

May 

9 

3300 

Com.  and  Gain;]: 

463 

75 

33  da 

2 

50 

A'el  proceeds     . 

4136 

26 

Bal.  of  Interest 

78 

4700 

Ijr 

..: 

4700 

i 

7 

»a 

Balance  of  account,  .$4136.25 ;  balance  of  interest,  $4.78.     Time  from  date  of  settlement,  (May  9,)  reckoned 
backward,  7  days.     Equated  time,  May  2, 


*  The  Commission,  Storage,  etc.,  is  assumed  to  be  due  when  the  account  is  rendered. 

t  Tliis  is  the  assumed  date  of  settlement,  as  the  note  given  March  5,  falls  due  at  this  time. — See  Account  Sales. 

%  It  must  not  be  forgotten,  that  .tlthough  the  consignee  is.  in  this  case,  a  partner,  his  account  is  rendered  sim- 
ply  as  an  agent,  or  consignee.  In  this  view,  his  own  share  of  the  net  gain  is  as  much  a  part  of  the  "  charge*"  as 
is  his  claim  tor  commission.  In  all  these  statements  of  Company  sales,  wo  have  considered  the  invoice  furnished  by 
the  consignor  as  subject  to  the  same  time  of  settlement  as  the  average  sales.  The/i/rf  in  all  such  matters  sl.'uilJ 
properly  be  stated  in  tho  partnership  contract.  It'  the  consignee's  share  of  the  invoice  is  considered  due  when  the 
property  is  shipped,  it  will,  of  course,  varv  the  time  of  equation. 

361 


COMMERCIAL    CALCULATIONS. 

EXAMPLE  5. — Account  Sales  of  Vinegar,  Linseed  Oil,  and  White  Lead,  sold  on  joint  ff/c  of  W.  K.  Sadler 
and  ourselves,  each  ^.     (Page  111.) 


Date. 

Article. 

Amount. 

Time. 

Interest. 

Date. 

Article. 

A  nnnnt. 

Time. 

Intfrfst. 

May 

1 

To  Cash       .     .     . 

50 

62  da 

52 

May 

3 

By  Cash    .    .     . 

750 

60  da 

7 

50 

3 

Storage,  Adv. 

July 

8 

"       ... 

2370 

Com.  and  Gain 

189 

60  da 

1 

89 

&'i-t  proceeds     . 

2881 

Bid.  of  Int.  .     . 

5 

09 

8120 

7 

50 

3120 

7 

50 

Balance  of  Account,  $2881 ;  balance  of  interest,  §5.09.    Time  from  date  of  settlement,  (July  3,)  13  days, 
reckoned  backward  13  days.     Equated  time,  June  20. 

EXAMPLE  6. — Account  Sales  of  Sugar,  sold  on  joint  %  of  F.  A.  Boyle  &  Co.,  N.  0.,  Campbell  &  Strong, 
and  ourselves,  each  £.     (Page  111.) 


Date. 

Article. 

Amount. 

Time. 

Interest., 

Date. 

Article. 

Amount. 

Time. 

Interest. 

Sail 

0 

To  Cash,  paid  Fre't 

6001 

2  da 

17 

May 

8 

By  Cash,  Note,  etc. 

7500  00 

8 

Storage,  Ad.  etc. 

237  50 

Bal  of  Int. 

17   « 

" 

8 

Our  net  gain  . 

25417 

Net  proceeds   . 

6508  33| 

7500  00 

17 

7500 

00 

17 

Balance  of  account,  $6508.33  ;  balance  of  interest,  $0.17.  The  time  it  would  take  for  the  balance  of  account 
to  accumulate  this  interest  would  be  much  less  than  one  day.  Equated  time,  May  8. 

NOTE. — it  must  be  borne  in  mind  that  the  net  proceeds  above  comprise  the  amount  due  to  both  of  the  other 
parties.  In  equating  time  on  an  Account  Sales — whether  the  consignee  is  a  partner  or  not — the  net  proceeds, 
or  "  balance  of  account"  should  be  the  difference  between  the  charges  (including  the  consignee's  share  of  the 
gain,  when  he  is  a  partner,)  and  the  gross  proceeds.  This  is  upon  the  supposition  that  the  consignee'1*  share 
tr-  subject  to  the  same  terms  of  payment  as  the  net  proceeds. 

ACCOUNT  CURRENT,  AND  INTEREST  ACCOUNT. 

The  following  illustrations  arc  based  upon  an  understanding  between  the  parties  that  all  amounts,  debit 
and  credit,  shall  draw  interest  after  due,  at  a  specified  rate.  The  settlement  may  be  effected  at  any  time  and 
interest  adjusted  as  per  agreement.  This  method  is  preferred  by  some  to  that  of  averaging  payments.  The 
form  will  be  sufficient  without  specific  instruction: 


j.)r.                                                                                                                                                                                          Or. 

1860 

To  Mdse.    .     .     . 

Amount. 

Days. 

Interest. 

1860 

By  Cash    .     .     . 

Amount. 

Days. 

Interest. 

Jan. 

1 

10 

500 
475 

100 

91 

3  33 

2  46 

Feb. 

1 
16 

675 
400 

69 
55 

7 
3 

78 
68 

Mar. 

10 
1 

... 

700 

870 

86 
40 

1003 
5  80 

Bid.  of  Int.    . 
Bal.  Due   .     . 

1480 

20 

10 

20 

Bal.  of  Int.     . 
To  Balance     .     . 

10 

20 

69 

2555  20 

21 

62 

2555'20: 

21 

Apr. 

10 

148020 

NOTE. — The  rate  of  interest  taken  in  the  above  is  6  %.  The  debit  interest  exceeds  the  credit  interest  on 
the  day  of  settlement,  §10.20.  which  amount  is  brought  forward  to  increase  the  debit  side  of  the  account. 

The  statement  on  the  following  page  is  somewhat  more  complex,  owing  to  the  necessity  of  both  debit  and 
m-ci',1.  iiHerest  columns  on  each  side.  We  think  this  form  altogether  preferable  to  the  one  used  by  most  aa 
.lior.-;,  necessitating  the  frequent  transfer  of  interest  from  one  side  of  the  account  to  the  other. 

362 


^ 

i-  O         «S                              1  (N  I 
<M    0           £-                                    |^l 

1 

a? 

s 

j.' 

o 

•M  (M                                               1O 

t*> 
J3 

rz 

•^ 

1 

G 

5 

(NO                          <M  1 

d                TH                                       0    I 

1 

o 

.'- 

s 

OT           1-1                          1C 

fi 

0 

m 

« 
i> 

8 

2. 

a 

<N  O»  .t-  <M 

OS   <N   Tj<    rH 

H 

- 
| 

•-H  co  .t—  o                              ; 
—  <N                              1 

1 

tn 

o 

f 

Ijfo  If 

r?<$0<1 

'     O 

H 

3 

o  o  o    o  I 

rH  rH     ,,       0    1 

1 

•e 

':»: 

0 

to 

00 

3 

1 
•^ 

O    O    O    O             (Mr-IT-H       O 

O  O  O  £—        f-Hi—  10     O 
CO  •*   O  CO                         0      i-« 

r-i      C<?   . 

CO 

o" 

S 

r-T 

T3 
O 

• 
J 

H 

•a 

d 

M 

w 

*0 

rt 

1 

p 
c 

a 

Eg 

g 

•e 

(H 

i 

£ 

i 
P 

.  5?=                   | 
^        ^  -„•  c1^ 

xtas^5«°^ 

o  *S  s    a  -,-  |  s  «l 

0s3          0  ^    g 

11"  1^-rf, 

OQ      Q^M  - 

be  deducted  from 

•--- 

•j 
~ 

•r 
a 
ri 

a 

4J 

E 

o 

•-H    -H    0    O 

«—  <N 

1 

• 

- 
- 

I 

1 
Eg 

to 

r/D 

g^>«) 

^^^S 

a 

tn 
• 
E 

s 

TJ 

w 
a 

w 

,j 

a^       to  o       oo              1-1 

o       i—  i  .—  i       >ra              oi 

O 

d 

i 

---• 
0) 

H 
P 

d 

•*          C<S  OO         J>                    iM 
(M 

£~ 

•5 

-. 
'a 

-J 

?; 

00                00           0             •—  I 

O                                0                     T-                        05     I 

1 

a 

1 

| 

f 
B 

a 

6 

OS                        fH                O                   IJJ 

rH              3<l 

o 
'5> 

D 

s 

o 

=>> 

(5 

1-1    OS    O   -*    -H    ,_| 

CO  O  TJI  O  CO  Ci 

o 
"3 

: 

• 
e 

C 

D 

a> 

i 

rH   1O  O    O   rH  rH 
T-l  rH   !M                                                1 

1 

o 

- 

'> 

•3 

g 

4 

(>     >l^j             W  O 

O    «S    u  5      P    4> 

^?50      <1Q 

d 

s 
o 

s 

_ 
.-. 

w~ 

a 

1 

IS 

1 

1 

3 
j 

<n 
a 
hH 

£ 

i! 

O  O  1O  O  >O  O                    O 
O  O  1—  O  £•!  O                  O 
•*J<  O  •*  O5  CO  O                    "-  1 

co 

cq 

^ 

E 

0 

> 
o 

•r 
| 

D 

i 
w 

£ 

fc  . 

o 

3 

IM 

3 

* 

C5 

i 

^ 

^ 

::- 

• 
§ 

o 

CS 

B 

OQ           00                  05  -.J 

-a         .  r3                 .rfl      : 

9        qs         "S"^ 
g  J  o      A  o  c 

s  §  a     §  gcj 

CO  O   •*    «  O    CO  _^J 

©m  /=j-\  KS\  co  /»^  .5 
(S  0>  vi)  03   SJ^q 

oJ 
B  „    „    _   _ 

Balance  .  .  . 

settlement  takes  p 

• 

^ 

d 

: 
•i 

'  ; 
a 

S 

B 
^ 

~ 

>d 
• 

1 

g 
B 
-- 

£' 

<q 

o 

:- 

9 
J3 

-: 

O 

r—    1^    O    O   —  1   rH 
r-l    —    <N 

<5 

-. 

a 

_Q 

CO 

co 

§».    S^STA 

kS  "      =J    3    "J    Oi 
1^)           r-j  1-5  <,  CO 

\f 

I  V) 

^ 

3 
-.- 

a 

r 
--: 

—       I  -  — 
•<f  oTcc  » 


OOOO 

O  O  O  t- 
OO  TC  1O  JO 


R5 


B 


P 


II 


"•2 

"S 

rC     2 


--j<  co  O  w 


%•     a  —' bc  i  ? 


«    >>  o 

J    ^    ^ 


S     s    o 
£    >  c: 


S    »• 
•5  ,2 

la 

--   o 


r§         ^ 


d         "         q 

T?     <u    -3 


&^ 

o  "5 

»?  = 


•73      O 

—  rt 

II 

00 

1   2 


- l^ 

o   S 
c.5» 


^>    C     3 


^3      O 


~  >  « 


w    S  -S    -^ 


M   S3 

tfto  •=    c 
•I  *    e    * 

5-9  1  I 

«    2    8- 
--§    8    S 

III    I 

^-^^3=3 
O     g     rt     <y 

o  5  "~  ~ 

Ci  rt-.      -^ 


C  ~  —  c 

S  5  S  2 

S  Si  ~  -S 

rt  cj  o  '£ 


S    H 


S  -r  .2 

r=    e    o 


3G3 


COMMERCIAL  CALCULATIONS. 


PARTNERSHIP  SETTLEMENTS. 

The  adjustment  of  accounts  between  partners  involves,  often,  the  nicest  discriminations,  fviiu  U  e  most 
thorough  appreciation  of  the  various  bearings  of  different  entries. 

The  basis  of  all  such  settlements  is,  of  course,  the  original  agreement  or  contract  between  the  par  ties ;  thv 
terms  of  which  should  always  be  of  the  most  plain  and  unequivocal  nature. 

A  few  points,  only,  need  be  expressed  in  a  partnership  contract;  among  which  are: 

l-'n-xt.  The  amount  to  be  invested  by  each  partner. 

Second.  The  services  to  be  rendered  by  each,  and  the  compensation  to  be  allowed  therefor. 

Third.  The  basis  of  gain  or  loss,  and  the  proportion  to  be  shared  by  each  partner. 

It  is  frequently  the  case  that  partners,  desiring  to  have  everything  ejiprexxed  in  the  contract,  and  not  &p 
predating  the  full  bearing  of  certain  conditions,  defeat  their  own  purposes,  by  making  the  terms  themselves 
incompatible.  In  such  cases,  the  construction  should  be  in  accordance  with  the  evident  intent  of  the  parties. 

The  difficulties  existing  in  partnership  settlements  are  so  irregular,  that  any  attempt  at  supplying  compe 
tent  rules  to  meet  every  case,  would  be  preposterous.  It  is,  however,  possible  to  give  such  general  hints  and 
illustrations  as  will  apply  in  the  majority  of  cases ;  a  thorough  knowledge  of  the  principles  of  accounts,  with 
sufficient  common  sense  to  apply  them,  must  do  the  rest. 

The  following  general  statements,  although  many  of  them  are  self-evident,  will  pene  a  purpose  in  the 
solutions  under  this  head  : 

1.  The  present  worth  of  a  concern  is  its  net  resources ;  or  the  excess  of  its  resourceb  over  its  outside  lia 
bilities. 

To  find  the  present  worth,  subtract  the  liabilities  from  the  resources ;  or,  ascertain  the  original  investment, 
to  which  add  the  net  gain,  or  from  which  subtract  the  net  loss. 

NOTE. — If  the  liabilities  exceed  the  resources,  the  difference  is  the  net  insolvency. 

2.  The  >/ct  investment,  in  business,  is  the  amount  invested,  less  the  amount  drawt,  «ut  by  the  partners. 

8.  The  avermje  investment  is  a  sum  which  being  kept  in  the  business  during  the  specified  time,  would  be 
equivalent  to  the  actual  investments,  in  the  compound  ratio  of  time  and  amount. 

To  ascertain  the  average  investment,  multiply  each  investment  by  the  time  of  its  continuance  in  the  busi 
ness,  and  divide  the  sum  of  the  products  by  the  time  for  which  the  average  is  wanted.  The  most  satisfactory 
proof  is  to  compute  the  interest  on  each  investment  for  the  time  of  its  continuance,  which  must  be  equal  to 
that  on  the  average  investment  for  the  specified  time  of  average. 

4.  The  (](tin  or  loss  during  a  certain  period  of  business  is  measured  by  the  increase  or  diminution  of  the 
net  resources  for  that  time. 

To  ascertain  the  net  gain  or  loss,  get  the  difference  between  the  net  investment  and  the  present  worth.  If 
the  present  worth  is  the  larger,  the  difference  is  a  gain ;  if  smaller,  a  loss. 

EXAMPLE  1. — A  and  B  are  partners,  commencing  with  a  joint  capital  of  $10,000.  The  terms  of  the  con. 
tract  are  that  A  shall  receive  f  and  B  £  of  the  net  gain.  At  the  close  of  the  year,  when  the  division  is  to  be 
made,  the  resources  and  liabilities  stand  thus : 


f sources. 

Cash $5793.25 

Merchandise 8500.00 

Bills  Receivable 1500.00 

Personal  Accounts, 5500.00 

$16293.25 


Liabilities. 

Bills  Payable, $3000 

Personal  Accounts, 1500 

$4500 


What  proportion  of  the  net  resources  belongs  to  each  partner  ? 

tivlutivn. — First  ascertain  the  net  gain,  by  subtracting  the  investment  from  the  present  worth,  viz. : 

Total  Resources, $16293.25 

Less  Total  Liabilities, 4500 


Leaves  Present  Worth, $11798.25 

From  which  subtract  investment, 10000 

Leaving  Net  Gain, $1793.25 

3G4 


COMMERCIAL    CALCULATIONS. 

Then  add  each  partner's  share  of  the  gain  to  his  share  of  the  investment,  viz.: 

i  of  SI 793.25  —  $  448.31,  B's  share  of  gain, 
f  «         "         «=    1344.9-1,  A'a     "      "      " 

A's  Investment $5000 

Plus  his  Gain,     , 1344.94 

Equals  his  Present  worth, $6344.94 

B's  Investment, $5000 

Plus  his  Gain 448.31 

Equals  his  Present  Worth, 5448.31 

Total  Present  Worth,  as  before  shown,      .     .     .$11793.25 


EXAMPLE  2. — C,  D  and  E  invested  as  follows : 

C  put  in  $-1000,  and  drew  out  $  700 
D      "        5000,  "  825 

E      "        4500,  "  1000 

The  gain  in  business  is  $1500,  of  which  each  is  to  share  J.  What  is  the  interest  of  each  in  the  business 
at  closing?  Ann.  C's,  $3800;  D's,  $4075  ;  E's,  $4000. 

EXAMPLE  3. — F,  G  and  H  are  partners.  They  invest  in  equal  amounts.  At  the  close  of  the  year  their 
resources  exceed  their  liabilities  $27000;  and  their  gains  have  been  $4000,  of  which  F  is  to  share  -^-;  G,  £; 
and  II,  -J.  What  was  the  capit:J  of  each  at  commencing?  What,  at  closing? 

NOTE. — The  capital  at  commencing,  subtracted  from  the  capital  at  closing,  will  equal  the  net  gain ;  and, 
consequently,  the  net  gain  subtracted  from  the  capital  at  closing,  or  present  worth,  will  equal  the  capital  at 
commencing,  or  the  net  investment. 

Arts,  to  (fie  above:  F's  capital  at  commencement,  $7666.66  +  ;  G's  and  IPs  the  same.  F's  capital  at  closing, 
$8333.33;  G's,  $9000  ;  IPs,  $9666.67. 

EXAMPLE  4. — A  and  B  are  partners,  investing  equally,  and  sharing  equally  in  gains  or  losses.  At  com 
mencing  business,  their  resources  and  liabilities  are  as  follows: 


Resources. 

Cash, $5000 

Mdse., 1475 

Bills  Receivable,  .......  750 


Liabilities. 

Bills  Payable $2000 

Personal  accounts, 125 

$2125 


$7225 
At  closing,  as  follows : 


Resources. 

Cash $7000 

Bills  Receivable, 2000 

$9000 


Liabilities. 

Personal  accounts, $1500 

Bills  Payable, 3000 

$4500 

is  the  whole  gain  or  loss  ?     What  each  man's  net  capital  at  closing  ? 

EXAMPLE  5. — K  and  L  enter  into  copartnership,  with  the  understanding  that  the  gain  or  loss  shall  be 
divided  in  proportion  to  the  average  investment.  They  remain  in  business  one  year,  during  which  time 
they  have  invested  and  drawn  out  as  follows : 


K. 


out. 


Jan.    15,. 
July     1, 
Aug.  31, 


.     050 
.  3000 


Invented, 

Jan.    1,.     .     .  $7000 
Mar.  1,.     .     .     6000 


L. 


365 


Drawn  out. 
Jan.   31,.     .     .  $400 
Apr.  15,.     .     .   2000 
Sept.  15,.     .     .     500 


Jnvfud  I, 

Jan.      1,     .     .  $800o 
July    1,     .          4000 


COMMERCIAL    CALCULATIONS. 


At  the  close  of  the  year  their  resources  and  liabilities  are  as  follows : 
Resources. 


Liabilities. 


Cash,  ...........  $5100             Bills  Payable,  ........     $1500 

Bank  Stock,    ........  6000             Personal  accounts,     ......       1750 

Real  Estate,    ........  7500 

Bills  Receivable,  .......  4000 

Personal  accounts,    ......  2000 

What  is  each  man's  share  of  the  gain  ?    What  each  man's  capital  at  closing  ? 

1  NOTE.  —  There  are  two  methods  of  obtaining  a  basis  for  the  division  of  gains  or  losses  under  sucn  an 
arrangement  as  the  preceding:  one,  to  ascertain,  according  to  previous  suggestions,  the  exact  average  capital 
of  each  partner  ;  and  the  other,  to  compute  the  interest  on  the  investments,  which  assume  as  relative  capital 
The  latter  is  preferable,  when  the  only  object  is  a  basis  for  division  ;  first,  because  interest  is  more  easily 
obtained  than  the  average  capital,  and  next,  because  it  is  more  easily  used  when  obtained.  We  shall  briefly 
illustrate  both  methods. 

First  Solution.  —  Multiply  each  investment  by  the  tune  of  its  continuance,  and  divide  the  sum  of  these  pro 
ducts  by  the  tune  for  which  the  average  is  wanted  : 

K's  Investments. 

$7000  from  January    1,  to  January     15,  \  month  =  $3500 

6500     "           "        15,  "  March           1,  1|     "      =    9^50 

12500     "    March       1,  "  July              1,  4       "      =  50000 

11850     "     July          1,  "  August       31,  2       "      =  23700 

8850     "    August   31,  "  December  31,  4       "      =  35400 


$122350-^-12=$10195.S3,  K's  average  investment. 

L's  Investments. 


$8000  from  January 
7600     " 
5600     "     April 
9600     "     July 


1,  to  January 

31,  "  April  15,  2£ 

15,  "  July  1,  24- 

1,  "  September  15,  2£ 


$96850-^-12  = 


9100    "     September  15,  "  December   31,  3 
,  L's  average  investment. 


$122350 


31,1  month  =  $8000 
=  19000 
= 14000 
=  24000 
=  31850 


$96850 


K's  average  investment, $10195.83 

L's        "  "  8070.83 


Total 


$18266.66 


We  have,  then,  the  familiar  formula:  "As  the  whole  investment  is  to  each  man's  investment,  so  is  the 
whole  gain  or  loss  to  each  man's  share  of  the  same." 

Operation. 

$18266.66 :  $101 95.83 : :  $3400 :  $1897.76  =-  K's  share. 
18266.66:      8090.82::    3400:    1502.24-=  L's      " 

Second  Solution. — Compute  the  interest  on  each  investment  for  the  time  of  its  continuance,  and  take  the 
Interest  due  each  partner  as  his  relative  investment ;  and  proceed  as  with  the  average  investment. 


K'&  Interest  Account. 
Interest  on  $7000  from  January    1,  to  January     15,    -J  month  = 


6500 
12500 
11850 

8850 


15, 
1, 
1, 


March 
July 

August 


1,4 
31,  2 


August    31,  "  December  31,  4 

366 


$17.50 

48.76 

250.00 

118.50 

177.00 

$611.75 


COMMERCIAL    CALCULATIONS. 


L's  Interest  Account. 

Interest  on  $8000  from  January         1,  to  January       81,1    month  =    $40.00 

7600     "          "  31,  "  April  15,  2|      "       =      95.00 

6600     "     April  15,  "  July  1,  2£      "       =      70.00 

"  9600    "    July  1,  "  September  15,  2£      "      —    120.00 

"  9100    "     September  15,  "  December  31,  3£      "       —    169.25 

$484.25 
Taking  these  amounts  of  interest  due,  as  relative  capital,  we  have  statement  as  before,  viz.  : 

$1096:  $611.75::  $3400:  $1897.76  =  K*s  gain. 
1096:    484.25::    3400:    1502.24  =  L's     " 

K's  net  investment  is,    .......     $8850.00 

"     "    gain  "     .......       1897.76 

"     "    capital  at  closing,  ...     .......  $10747.76 

L's  net  investment  is,    ......    $9100.00 

"     "    gain  "     .......       1502.24 

"     "    capital  at  closing  ........     .     \     .  $10602.24 

Present  worth  of  firm,    .........  $21350.00 

NOTE.  —  In  computing  the  interest  above,  as  also,  in  multiplying  the  investments  by  the  time  of  their  con- 
tinuance,  we  have  taken  the  common  method  of  using  the  exact  amount  of  capital,  from  one  date  to  another. 
The  same  purpose  may  be  effected  by  getting  the  value  of  each  investment  from  the  time  invested  till  the 
end  of  the  year  ;  and  also  of  each  amount  withdrawn  from  the  time  withdrawn  to  the  end  of  the  year,  sub 
tracting  the  latter  from  the  former.  This  latter  method  is  preferred  by  some,  and  is  identical  in  its  results, 
with  the  method  shown. 

The  plan  of  dividing  gains  and  losses  in  proportion  to  investment  is  not  adopted,  to  any  great  extent,  in 
general  copartnerships,  but  is  peculiar  to  joint-stock  concerns,  where  it  is  estimated  as  a  percentage,  the  result 
being  precisely  the  same  as  by  the  above  method.  It  is  much  more  easy  to  declare  a  percentage  dividend  in 
joint-stock  concerns,  for  two  especial  reasons:  first,  the  capital  does  not  fluctuate  —  the  amount  of  stock  which 
a  man  holds  being  always  his  average  investment  —  and  next  the  gains  are  not  usually  all  divided  ;  so  that  an 
exact  percentage  may  be  divided,  leaving  the  balance  of  gain  as  a  sinking,  or  accumulating  fund. 

The  precise  distinction  between  a  general  copartnership  and  a  joint-stock  association,  so  far  as  keeping 
the  accounts  is  concerned,  has  chief  reference  to  the  basis  of  dividends.  In  (///joint-stock  concerns  the  gains 
are  divided  according  to  the  capital  held,  while  in  general  copartnerships  the  usual  method  is  first  to  equalize 
the  capital  by  allowing  interest  on  net  investments,  and  then  to  divide  the  gain  or  loss  equally.  It  is  also 
customary  in  copartnerships,  for  the  partners  to  draw  regular  salaries  for  services  the  same  as  employes. 

The  more  usual  basis  of  a  partnership  contract  is,  first,  to  equalize  the  capital  by  allowing  each  partner 
interest  on  his  average  investment,  and  then  to  divide  the  net  gain  or  loss  in  certain  proportions  independent 
of  capital.  The  following  examples  will  illustrate  this  point. 

EXAMPLE  7.  —  A,  B  &  C  are  partners  under  a  contract  providing  that  each  man  shall  receive  interest  on 
his  average  capital,  at  the  rate  of  6%  per  annum,  and  the  net  gain  be  divided  equally.  They  invest,  and 
draw  out  as  follows  : 


li. 


0. 


Drawn  out. 
May  1,     .  $300 


Invested. 
Jan.   1,  .  $4000 
Mar.  1,  .     7000 


Drawn  out. 
Jan.  15,  .  $150 
Apr.   1,  .     200 


Invested. 
Jan.    1,    $5000 
April  1, 


5000 


Drawn  out. 


Invested. 
Jan.  1,      $10000 


At  the  end  of  six  months,  July  1,  they  ascertain  that  the  business  has  gained  $1500,  not  reckoning  the 
interest  due  on  capital.  To  how  much  of  the  $1500  is  each  man  entitled?  and  what  is  each  man's  interest  in 
the  business  on  the  first  of  July  ? 

Solution. — Ascertain  the  interest  due  each  on  his  investment,  which  deduct  from  the  gain,  leaving  the 
amount  to  be  divided  equally.  Add  each  man's  interest  to  his  \  net  gain  to  obtain  his  share  of  the  $1500. 
Add  .each  man's  sharp  thus  found  to  his  net  investment,  to  obtain  his  interest  in  the  business  on  the  first  of 
July 

367 


COMMERCIAL    CALCULATIONS. 


Operation. 
A's  credit  interest,  $4000,  for  6  months  =  $1 20.00 

7000,   "4  =    140.00     $260.00 

"   debit       "  300,   "2       "    .     .     .     .     .  3.00 

A's  net  interest, :     $25*7.00 

B's  credit  interest,  $5000,  for  6  months  =  $150.00 

5000,   "8        "       =      75.00     $225.00 
"    debit       "  150,  "    o|     "       =       4.13 

200,   "3        "      = 8.00  7.13 

B's  net  interest,      .    .     .    ,    ~     7~~.       217.87 

C's  credit  interest,  $10000  for  6  months 300.00 

Total  interest  due  partners,      .     .     .     $774.87 

$1500  _  $774.87  =  $725.13,  net  gain  to  be  divided  equally;  viz. :  $725.13 -^3=$241.71. 


A's  net  interest,  .  .  $257.00 
"  ^  net  gain,  .  .  .  241.71 
"  x,'iare  of  total  gain, 
•'  ^et  investment, 


408.71 
10700.00 

•apital,  July  1,      .  $11198.71 


B's  net  interest,    .     .  $217.87 

"   £  net  gain, .     .     .  241.71 

"  shnre  of  total  gain,  459.58 

"   net  investment,   .  9650.00 

"    capital,  July,  1,    .  $10U)9.58 


$300.00 
241.71 


C's  net  interest, .  .  . 
"  £  net  gain,  .  .  . 
"  share  of  total  gain, 
"  net  investment, 

"    capital,  July  1, .     .$10541.71 


541.71 
10000.00 


NOTE. — In  a  sst  of  Double-Entry  Books,  a  settlement  like  the  above  would  be  easily  effected,  by  carrying 
rlie  interest  allowed  the  first  partners  directly  to  the  debit  of  Loss  and  Gain  account,  the  same  as  any  other 
oxpense  which  would  leave  in  the  Loss  and  Gain  account  the  net  gain  to  be  divided.  If  we  take  into  account 
tin-  fact  that  the  investment  is  borrowed  from  the  partners,  who  receive  interest  thereon,  the  same  as  on  money 
loaned  to  other  parties,  the  proposition  is  simple  enough.  It  is  always  proper,  whether  practiced  or  not,  to 
deduct  the  interest  on  investment,  as  well  as  the  salaries  of  the  partners — if  they  are  entitled  to  any — from 
the  gains,  before  attempting  to  decide  upon  the  prosperity  of  the  business. 

EXAMPLE  8. — A,  B,  C,  and  D  are  partners.  The  contract  provides  that  A  and  B  are  to  furnish  the  capital 
and  C  and  D  to  defray  the  expenses.  The  gain  is  to  be  divided  as  follows:  A,  -J-;  B,  J;  C,  ^;  and  D,  J-.  Tht 
net  gain,  besides  expenses,  is  $4000;  the  expenses,  which  have  been  paid  from  the  business,  are  $500.  How 
much  of  the  net  gain  is  each  partner  entitled  to? 

Solution. — It  wotdd  seem  at  first  view,  that  there  is  a  hopeless  incompatibility  in  the  terms  of  this  con 
tract.  It  is  true  that  if  $4000  be  assumed  as  the  gain,  to  be  divided  among  the  four  partners,  injustice  woulc 
be  done  to  A  and  B,  as  they  were  not  to  participate  in  the  expenses ;  and  it  will  readily  appear  that  if  C  anc 
D  had  paid  the  expenses  from  their  own  pockets,  instead  of  from  the  avails  of  the  concern,  the  gain  woulc 
appear  $50.)  more.  So  far,  then,  as  A  and  B  are  concerned,  the  net  gain  is  $4500. 

•J-  of  $4500  =  $1500,  A's  share  of  the  gain. 

£  "     450o=    1125,  B's      " 

£  "     4500=    1125,  C'8      " 

£  "     4500=     750,  D's     "        "  " 

C  and  D  are  each  to  be  charged  with  one  half  the  expenses,  $500,  which  deducted  from  their  share  of  tin 
gain  as  above,  will  leave  the  result : 

$11 25 -$250  =  $875,  O's  share  of  the  $4000. 
750-  250=    500,  D's     "        "  " 

JfoTF. — There  are,  in  reality,  two  distinct  contracts  to  be  regarded  in  the  above  adjustment;  one  for  tin 
payment  of  the  expenses,  and  the  other  for  the  division  of  gain;  and  they  should  by  no  means  be  made  t< 
conflict.  The  difficulty  which  the  tyro  would  be  apt  to  encounter,  would  be  the  attempt  to  divide  what  seem 
to  be  the  iii't  <j«n< — $4000.  The  fact  is,  C  and  D  had  no  right  to  charge  the  expenses  to  a  general  account  c.i 
the  concern,  thereby  reducing  the  gains,  but  should  have  charged  their  own  personal  accounts,  the  same  ai 
fur  mon<jy  drawn  for  any  private  purpose.  The  net  gain  is  really  $45oO,  and  each  partner  should  receive  hi 
appropriate  share.  Art  0  and  D  have  already  received  each  $25o,  it  should  be  deducted  from  their  gain. 

3o8 


COMMERCIAL    CALCULATIONS. 

EXAMPLE  9. — Three  methods  of  adjusting  interest  between  partners. — X,  T,  and  Z  enter  into  equal  copart 
nership  with  unequal  capital,  each  man  to  receive  interest  on  his  average  investment.  X's  interest  amounts 
to  $300 ;  Y's,  to  $250 ;  and  Z's  to  $180.  How  can  the  adjustment  be  made  ? 

First. — The  total  amount  of  interest  may  be  charged  to  Loss  and  Gain  account,  which  being  divided 
equally  between  the  three  partners,  each  of  whom  are  credited  for  their  respective  portions,  will  produce  th« 
following  results 

Dr.      x   Or.  Dr.       Y  Or.  Dr.      z   Or. 


243.33     300  243.33 


250  243.34     180 


Second. — X's  and  Y's  excess  of  interest  over  Z's  may  be  charged  to  Loss  and  Gain  account,  and  they 
credited  with  the  same ;  the  Loss  and  Gain  account  to  be  shared  equally  as  before,  viz. : 

Dr.      x  Or.  Dr.        Y  Or.  Dr.      Z  Cr. 


63.33     120  63.33     TO  63.34 

TJdrd. — A  Journal  entry  may  be  made  direct,  without  taking  the  amount  to  the  Loss  and  Gain  account,  viz.  • 
Dr.      x  Or.  Dr.      Y  Or.  Dr.      Z  <?n 


66.67  6.67  63.34 

It  will  be  seen  that  the  net  debits  and  credits  are  the  same  in  each  of  the  three  methods,  clearly  proving 
the  essential  identity  of  the  different  results.  The  former  method  is,  perhaps,  preferable,  because  more 
readily  understood  and  applied. 

EXAMPLE  10. — A,  B  and  C  enter  into  copartnership  with  equal  capital,  upon  the  following  conditions:  A 
to  receive  as  a  salary  $1500 ;  B,  $1200 ;  and  C,  $1000 ;  the  gain  to  be  divided  equally.  At  the  close  of  the 
year,  the  net  gain,  exclusive  of  salaries,  proves  to  be  $3000.  To  how  much  of  this  amount  is  each  partner 
entitled  ? 

Solution. — It  will  be  plainly  seen  that  had  the  partners  received  their  stipulated  salaries  and  the  tota> 
been  carried  to  Expense  %.,  instead  of  a  gain  of  $3000  there  would  have  appeared  a  loss  of  $700.  The  pro 
visions  of  the  contract  are  that  the  "  gains  shall  be  divided  equally ;"  and  it  may  be  proper  to  suggest,  that 
if  there  be  losses  instead  of  gains,  the  proportion  must  be  the  same.  We  have,  then,  the  following  result : 


A's  salary, $1500 

B's     "        1200 

C's     "        1000    $3700 

From  which  deduct  gain, 3000 


Leaves  net  loss, 


A's  &  net  loss,  $233.33  ;  B's,  $233.33  ;  C's,  $233.34. 

Therefore,  $1500— $233.33  =  $1266.67,  A's  share. 
1200—233.33=      966.67,  B's      " 
1000—  233.34  =     766.66,  C's      " 
Total,    .    .     $3000.00 


A  common  fallacy  with  reference  to  settlements  like  the  above,  would  be  to  divide  the  $3000  in  proportion 
to  the  salaries.  The  reasoning  would  be  this :  If  there  had  been  earned  just  $3700,  A  would  have  received 
$1500  ;  B,  $1200 ;  and  C,  $1000 ;  therefore,  if  there  be  less  than  enough  to  pay  these  amounts,  it  should  be 
divided  in  the  same  proportion.  The  solution,  according  to  this  understanding,  would  be  as  follows : 

$3700 :  $1500 : :  $3000 :  $1216.22,  A's  share. 
3400:    1200::    3000:      972.97,  B's     " 
3700  :    1000 : :    8000 :      810.81,  C's     " 

Total,   ....  $3000.00 

The  remedy  for  all  such  misconceptions  is  to  understand  the  distinction  between  the  separate  contracts  in 
the  copartnership.  The  apportionment  of  salary,  in  the  above  case,  is  absolute,  and  is  not  at  all  contingent 
upon  the  gain  or  loss.  To  appreciate  this  fact  fully,  suppose  the  salary  is  to  be  paid  to  clerks  instead  of  to 
the  partners ;  the  result  would  be  a  loss  of  $700,  as  shown  in  the  first  statement.  The  partners  act  in  the 
double  capacity  of  proprietors  and  employ6s;  as  employe's,  they  gain  each  the  amount  of  his  stipulated  salary; 
as  proprietors,  they  lose  each  J  of  $700. 

24  3G9 


GENERAL    HINTS    AS    TO    DIVIDENDS. 


GENERAL  HINTS   AS  TO   DIVIDENDS. 

IT  is  customary  with  all  establishments  to  declare,  periodically,  the  gains  or  losses  in  business.  Joint- 
stock  companies  usually  do  this  twice  a  year,  and  all  other  concerns  as  often  as  once  a  year.  It  is  well  to  con 
sider,  in  all  such  cases,  not  only  what  appears  to  be  the  condition  of  the  business  with  reference  to  gains  and 
losses,  but  what  that  condition  really  in.  It  is  not  impossible  that  the  Representative  accounts  should  make  a 
fair  show  of  prosperity,  while  the  state  of  available  resources  would  plainly  indicate  an  entirely  different  state 
of  affairs.  For  instance,  the  credit  side  of  Merchandise  account  may  exhibit  a  commendable  preponderance  over 
the  debit  side,  showing  thereby  a  gain ;  while  the  resources  which  that  credit  produced  may  have  a  fictitious 
value.  Suppose  the  merchandise  to  have  been  sold  on  notes  and  personal  accounts  which  are  not  worth  more 
than  half  what  their  Ledger  titles  express.  It  will  be  evident  that  the  Merchandise  account  exhibits  a  ficti 
tious  fain  of  exactly  the  amount  of  such  depreciation  of  resources ;  and  any  dividend  declared  on  such  a  basia 
would  be  false  to  that  extent :  as  it  would  fail,  by  so  much,  of  being  realized.  The  question,  then,  arises, 
Would  it  be  best  to  dispose  of  these  doubtful  accounts  by  carrying  their  deficiency  to  Loss  and  Gain  ?  Such 
a  course  would  doubtless  be  legitimate,  were  it  possible  to  determine  just  Jtow  worthless  the  accounts  were,  or 
how  much  of  them  it  would  be  safe  to  retain  as  absolute  resources.  This  uncertainty  would  suggest  the  pro 
priety  of  permitting  them  to  remain  upon  the  Ledger  until  their  worth  could  be  ascertained ;  besides,  it  would 
scarcely  be  advisable  to  close  up  a  personal  account  so  long  as  any  chance  remains  of  realizing  it.  What, 
then,  is  the  best  method  of  retaining  these  doubtful  accounts  on  the  Ledger,  and  yet  avoid  showing  a  fictitious 
gain  ?  The  most  satisfactory  plan  of  which  we  have  a  knowledge,  is  to  open  a  general  account  to  represent  lia 
bilities  ;  as,  for  instance,  "  Suspense,"  or  "  Sinking  Fund"  to  the  credit  of  which  carry  all  doubtful  resources, 
debiting  Loss  and  Gain  with  the  same.  It  is  well  understood  that  a  liability  will  cancel  a  resource,  and  vice  versa. 
As  the  "  Suspense"  account  would  thus  be  considered  a  liability,  it  would,  of  course,  offset  just  so  much  of 
what  appears  elsewhere  as  resources ;  and  thus  permit  the  dividend  to  be  made  from  the  actual  gain.  In  all 
cases,  however,  where  resources  have  been  thus  canceled,  there  should  be  some  method  of  knowing  which 
they  are,  that  if  any  thing  is  thereafter  realized  on  them,  "  Suspense"  account  may  be  charged  and  Loss  and 
Gain  credited. 

The  result  of  this  arrangement  would  be  to  guard,  in  the  most  effectual  way,  against  excessive  dividends, 
and  to  exhibit  perpetually  the  accounts  in  "  suspense,"  without  exciting  the  suspicion  of  the  parties  from  whom 
we  may  hope,  eventually,  to  realize  a  fair  proportion,  at  least,  of  the  amounts  shown  to  be  due. 

Where  the  object  is  simply  to  declare  dividends  due  partners  that  are  to  continue  in  the  same  relation,  it 
is  not  necessary  to  be  very  exact  in  these  estimates ;  but  if  the  purpose  be  to  arrive  at  the  actual  condition 
of  the  business  with  a  view  to  changing  the  relations  of  proprietorship,  it  will  be  necessary  to  estimate  the 
real  value  of  such  doubtful  resources,  pr  as  nearly  as  possible. 

The  plan  usually  adopted  of  closing  all  doubtful  resources  into  "  Suspense"  is  not  only  injurious,  but  utterly 
useless,  as  the  Suspense  account  must  then  represent  a  resource  or  a  loss.  If  a  resource,  the  accounts  may  as 
well  have  remained  under  their  proper  titles,  and  if  a  loss,  they  should  have  been  carried  directly  to  Loss  and 
Gain.  But  the  chief  objection  to  such  a  course  would  be  the  exhibiting  of  accounts  as  closed  which  are  yet 
owing,  and  may  be  paid.  If  Mr.  A.,  for  instance,  whom  we  have  thus  considered  doubtful,  should  desire  to 
sec  his  account  on  our  Ledger,  that  he  may  pay  it,  it  might  be  awkward  to  inform  him  that,  having  considered 
his  account  worthless,  we  had  carried  it  to  Loss  and  Gain.  He  might  not  desire  to  contribute  so  directly  to 
our  profit. 

In  Joint-stock  concerns,  particularly,  where  the  settled  policy  is,  under  no  circumstances  to  decrease  the 
capital  stock,  a  "  Suspense,"  or  "  Sinking  Fund"  account  is  exceedingly  proper;  and  it  is  well,  under  such  cir 
cumstances,  to  carry  to  such  account,  not  only  the  resources  which  are  doubtful,  but  a  sufficient  amount  to 
cover  all  contingencies.  It  is  quite  as  easy  to  estimate  the  real  value  of  a  "  Sinking  Fund"  account  as  that  of 
any  doubtful  resource,  and  in  case  an  exact  statement  of  the  condition  of  the  concern  is  wanted,  any  excess 
which  m.iy  have  been  transferred  hither  may  be  easily  restored. 


370 


VOCABULARY  OF  MERCANTILE  TERMS. 


A   BAXDOXJIENT,  the  surrendering  of  a  ship  or  goods 

JriL  insured,  to  the  fiisurer. 

Abatement,  discount  allowed  on  damaged  goods,  or  for 
the  payment  of  money  before  due. 

Acceptance,  the  formal  agreement  to  pay  a  draft  or  bill 
according  to  its  terms. 

Accommodation,  the  loan  of  money  or  of  one's  name  upon 
which  money  may  be  raised. 

Account,  a  systematic  arrangement  of  debits  and  credits 
under  the  name  of  a  person,  species  of  property,  or 
cause.  Book-keeping  is  the  science  of  Accounts. 

Account-Current,  a  running,  or  unsettled  account. 

Accountant,  one  skilled  in  Accounts,  or  engaged  in  keep 
ing  books. 

Actuary,  the  active  officer  in  a  Life  Insurance  company ; 
one  skilled  in  the  science  of  annuities. 

Adjustment,  the  settlement  of  a  loss  incurred  by  the  in 
sured  ;  a  general  settlement. 

Administrator,  one  who  administers  upon  an  estate,  by 
order  of  the  Probate  Court. 

Adulteration,  the  act  of  debasing  by  mixing  any  spurious 
commodity  with  a  genuine  article. 

Ad  valorem,  according  to  the  value  ;  a  term  used  in  fix 
ing  the  rates  of  duties  on  imports. 

Adventure,  a  speculation  ;  usually  applied  to  the  shipment 
of  goods  on  account  of  the  shipper. 

Advance,  increase  in  price  ;  money  paid  on  goods  before 
they  are  delivered. 

Advice.  Information  given  with  reference  to  a  shipment 
or  other  important  matter. 

Agent,  one  who  acts;  usually  applied  to  a  person  who 
does  business  for,  and  in  the  name  of  another. 

Agio,  a  term  used  to  denote  the  difference  between  the 
real  and  nominal  value  of  money. 

Allowance,  deduction  made  from  weights,  etc.    [See  Tare.] 

Amalgamation,.  The  operation  of  forming  amalgam; 
mixing  mercury  with  any  metal. 

Ante-date,  to  date  beforehand. 

Appraisal,  a  value  set  upon  goods  or  property  of  any  kind. 

Appraiser,  one  who  appraises. 

Aqueduct,  a  channel  or  conduit  for  the  conveyance  of 
water. 

Arbitration,  the  hearing  of  a  cause  between  parties  in 
controversy;  estimating  the  value  of  exchange,  nego 
tiated  through  indirect  channels. 

As?ay,  the  trial  or  proof  of  the  purity  of  metals. 

Assets,  resources  of  any  kind;  available  means. 

As-iensment,  n  valuation  of  property  or  profits,  for  the 
purpose  of  taxation. 

Assessor,  one  who  assesses  or  values  property. 

Assignee,  a  person  properly  appointed  to  transact  business, 
or  receive  property  for,  or  on  account  of  any  person  or 
estate. 

Assignor,  one  who  makes  an  assignment  or  transfers 
property  or  interest. 


Assignment,  the  act  of  making  over  property  or  trust  to 
an  assignee. 

Association,  the  union  of  persons  in  company,  for  the 
transaction  of  business. 

Assortment,  a  variety  of  sorts  or  kinds,  adapted  to  various 
wants. 

Assurance,  a  guarantee  or  indemnity.     [See  Insurance.} 

Attachment,  a  legal  warrant  for  seizing  a  man's  person 
or  goods. 

Auction,  a  method  of  selling  goods  to  the  highest  bidder. 

Auctioneer,  one  who  sells  goods  at  auction. 

Auditor,  a  person  appointed  and  authorized  to  examine 
accounts,  compare  vouchers,  etc. 

Average,  a  term  used  to  denote  damages  or  expenses  re 
sulting  from  accidents  at  sea;  the  mean  time  for  the 
payment  of  several  items  due  at  difl'creut  times. 

Avoirdupois,  the  common  standard  of  weight  for  all  com 
modities  except  precious  metals  and  drugs. 

BALANCE,  a  term  used  to  denote  the  difference  be 
tween  the  sides  of  an  account,  or  the  sum  necessary 
to  make  the  account  balance ;  an  account  in  the  Led 
ger,  showing  resources  and  liabilities. 
Balance  of  Trade,  the  difference  between  the  value  of  im 
ports  and  exports. 
Ballast,  a  heavy  substance  placed  in  the  hold  of  a  ship  to 

keep  her  steady  in  the  water. 
Banking,  the  business  of  a  bank. 
Bankrupt,  one  who  is  unable  to  pay  his  debts. 
Bill,  a  general  name  given  to  a  statement  in  writing. 
The  following  are  some  of  the  technical  names  of  bills : 
Bill  of  Exchange,  an  order  drawn  on  a  person  in  a 
distant  place,  requesting  the  payment  of  a  sum 
of  money. 
Bill  of  Entry,  a  written  account  of  goods  entered 

at  the  Custom-IIouse. 

Bill  of  Right,  a  form  of  entry  at  the  Custom- 
IIouse  by  which  the  importer  may  examiue  his 
goods. 

Bill  of  Lading,  a  list  of  goods  shipped,  javing  the 
signature   of  the  master  of  the  vessel,  or  the 
proper  officer  of  the  transportation  company. 
Bill  of  Parcels,  an  account  given  by  the  seller  to 

the  buyer,  of  articles  and  prices. 
Bill  of  Sale,  a  writing  given  by  the  seller  of  per 
sonal  property  to  the  buyer,  equivalent  to  a  deed. 
Bill  <>f  Health,  i\  certificate  from  the  proper  author 
ities  as  to  the  state  of  health  of  a  sbip's  company 
on  leaving  port. 
Bill  of  Mortality,  a  certified  account  of  the  deaths 

at  a  certain  place,  during  a  certain  period. 
Bill  of  Credit,  a  document  for  raising  money  on  the 

credit  of  a  state. 

Board  of  Trade,  an  association  of  business  men,  for  the 
general  advancement  of  commercial  interests. 


371 


VOCABULAKY  OF  MERCANTILE  TERMS. 


Bona  fide,  in  good  faith. 

Bond,  a  deed  by  which  the  party  binds  himself,  his  heirs, 
executors  aud  assigns  to  the  performance  of  certain 
conditions. 

Bonded  Goods,  those  which  remain  in  the  Custom  ware 
house  until  the  duties  are  paid. 

Bottomry  Bond,  a  mortgage  on  the  bottom  of  a  vessel, 
that  is,  011  the  vessel  itself,  for  the  repayment  of  money 
loaned. 

Broker,  a  trader  in  stocks,  moneys,  or  other  commodities. 

Brokerage,  the  commission  or  percentage  charged  by  a 
broker  for  services. 

/CAPITAL,  investment  in  business. 

\J  Carat,  the  weight  which  expresses  the  degree  of 
fineness  of  gold. 

Cargo,  the  lading  or  freight  of  a  vessel. 

Cashier,  one  who  keeps  the  cash  account;  the  financial 
officer  of  a  bank,  railroad,  or  mercantile  house. 

Carrier,  one  who  carries  goods  for  another. 

Charter,  an  instrument  bestowed  with  form  and  solem 
nity,  bestowing  certain  privileges  and  rights. 

Charter-party,  a  contract  between  the  owner  of  a  ship 
and  the  freighter. 

Clearance,  a  certificate  from  the  Custom-House  that  a 
ship  has  permission  to  sail. 

C fear  ing,  the  obtaining  of  permission  for  a  ship  to  leave 
port ;  the  exchanging  of  drafts  and  settlement  of  bal 
ances  between  different  houses. 

Clearing-House,  the  place  where  the  operation  of  clearing 
is  performed. 

Coasting,  the  trade  carried  on  between  different  ports  of 
the  same  country. 

Coin,  pieces  of  metal,  usually  gold  or  silver,  impressed 
with  a  public  stamp,  and  used  as  money. 

Commerce,  the  exchange  of  commodities. 

Commission,  a  percentage  for  the  sale  of  goods  or  other 
service. 

Company,  an  association  of  persons  for  a  common  enter 
prise. 

CHiti/Kitm-d,  to  settle  with  a  creditor  by  paying  a  part  only 
of  the  debt. 

Compromise,  an  agreement  embracing  mutual  concessions. 

Consignee,  one  to  whom  goods  are  consigned. 

Consignment,  goods  consigned  to  be  sold  on  account. 

Cn/i.'.-i.if/ior,  one  who  consigns  goods. 

CWW-v,  an  abbreviation  of  the  term  "  Consolidated 
Funds,"  applied  to  the  chief  public  stocks  of  England. 

G»i*ul,  an  agent  for  a  government  in  a  foreign  land. 

Cot,ttaband,  an  article  prohibited  from  being  imported, 
exported,  bought  or  sold. 

tttiitract,  an  agreement  between  two  or  more  parties 
upon  sufficient  consideration,  to  do,  or  not  to  do  a  cer 
tain  thing. 

Coiitra,  on  ihe  opposite  side. 

Copyright,  the  secured  privilege  of  monopolizing  the 
publication  of  any  book  or  work. 

Counterfeit,  a  spurious  article  resembling  the  genuine. 

(loupim,  a  French  word,  signifying  cut  off.  It  is  applied 
to  interest  warrants,  attached  to  public  stocks,  bonds, 
etc.  When  paid  they  are  cut  off  from  the  bond. 

Credential,  the  official  warrant  of  a  delegating  power, 
authorizing  the  holder  to  act  in  a  specified  capacity. 

Credit,  trust  given  to  one  who  owes. 

Currency,  a  term  used  to  express  the  collective  amount 
of  money  used  in  the  business  of  buying  and  selling. 

Customs,  the  tariff  charged  by  law  on  imports  or  ex 
ports. 

Onstim-House,  the  office  where  the  business  connected 
with  customs  is  transacted. 


DAMAGED  GOODS,  in  the  language  of  customs,  are 
goods  subject  to  duties,  that  have  received  injury, 
either  in  the  voyage  home,  or  the  bonded  warehouse. 

Days  of  Grace,  the  time  allowed  by  law  aud  usage  be 
tween  the  written  date  of  maturity  of  a  note  or  draft, 
and  the  date  upon  which  it  must  be  paid. 

Debenture,  a  certificate  of  drawback  entitling  the  im 
porter  to  return  duties  on  goods  shipped  again. 

Debt,  an  amount  owing  from  one  party  to  another. 

Decimal,  from  the  Latin  decem,  signifying  ten ;  any  sys 
tem  of  counting  by  tens. 

Decimal  Fractions,  fractions  having  any  power  of  ten  for 
their  denominator. 

Deed,  a  written  contract,  sealed  and  delivered. 

Defalcation,  diminution,  deducted  from. 

Defaulter,  one  who  fails  to  account  for  money  or  valu 
ables  entrusted  to  his  care. 

Deli-very,  the  passing  of  goods  or  money  from  one  to  an 
other. 

Demand  and  Supply,  terms  used  to  denote  the  relations 
existing  between  consumption  and  production. 

Demurrage,  forfeit  money  for  detaining  a  vessel  beyond 
her  time. 

Denier,  a  small  French  copper  coin. 

Deviation,  the  departure  of  a  vessel  from  the  course 
specified  in  her  insurance  policy. 

Diplomacy,  the  art  of  conducting  negotiations. 

Discount,  consideration  allowed  for  the  payment  of  a 
debt  before  it  is  due. 

Dividend,  division  of  profits  among  stockholders. 

Drawback,  an  amount  remitted  which  has  been  previously 
paid  as  duties. 

Draft,  an  order  for  the  payment  of  money. 

Drawee,  the  person  on  whom  a  draft  is  drawn. 

Drawer,  the  person  who  draws  a  draft. 

Duplicate,  a  copy  or  transcript  of  any  thing. 

Duty,  a  government  tax. 

EFFECTS,  property  of  any  kind. 
Embargo,  a  prohibition  laid  by  the  government  on 
ships  to  prevent  their  leaving  port. 

Embezzlement,  the  illegal  appropriation  of  the  funds  of  a 
principal  by  an  agent  or  employee. 

Emporium,  a  commercial  center ;  a  mart. 

Endorse,  to  subscribe  to  any  thing ;  to  write  one's  name 
on  the  back  of  a  note. 

Engross,  to  monopolize  ;  to  buy  up  produce  for  the  pur 
pose  of  affecting  the  market ;  to  copy  in  manuscript. 

Exchange,  th.e  fundamental  principle  of  trade ;  the  species 
of  paper  by  which  debts  are  paid  without  the  trans 
mission  of  money;  premium  and  discount  arising 
from  the  purchase  and  sale  of  funds. 

Exports,  goods  or  produce  carried  abroad. 

Express,  a  messenger  or  vehicle  sent  on  a  special  errand; 
a  regular  couvenance  for  packages. 

FABRIC,  manufactured  cloth. 
Face,  the  amount  expressed  on  a  note  or  draft. 

Factor,  an  agent  employed  to  transact  business  for  an 
other. 

Factory,  a  house  or  place  where  factors  reside;  a  build 
ing  for  the  manufacture  of  goods. 

Fac  simile,  an  exact  resemblance. 

Failure,  becoming  insolvent. 

Fancy  Stocks,  usually  applied  to  the  stocks  of  joint-com 
panies,  subject  to  fluctuation  in  price. 

Favor,  the  polite  term  for  a  letter  received ;  a  note  or 
draft  is  in  favor  of  the  person  to  whom  it  is  to  be  paid. 

Fee  simple,  a?i  estate  held  by  a  person  in  his  own  right. 

Finance,  pertaining  to  money  ;  the  public  revenue. 


372 


VOCABULARY    OF    MERCANTILE    TERMS. 


financier,  an  officer  of  revenue;  one  skilled  in  money 
matters. 

Finn,  the  general  title  of  a  copartnership. 

Firkin,  a  measure  equal  to  nine  ale  gallons. 

Foreclose,  to  cut  the  mortgager  oil'  from  the  equity  of  re 
demption. 

Forestalling,  buying  up  produce  before  it  gets  to  market, 
to  enhance  the  price. 

Form,  a  particular  arrangement;  a  systematic  method 
of  expressing  facts. 

Forecast^,  the  part  of  the  upper  deck  of  a  ship  for 
ward  of  the  mast. 

Folia,  page  of  a  book ;  usually  applied  to  the  two  pages 
opposite  each  other. 

Franc,  a  French  coin,  equal  to  about  eighteen  cents  of 
American  money. 

Free  Trade,  the  policy  of  conducting  international  com 
merce,  without  duties. 

Freight,  goods  being  transported ;  the  price  of  transpor 
tation. 

Fund,  a  stock  or  capital ;  a  sum  of  money  appropriated 
to  some  special  enterprise ;  used  in  the  plural  to  de 
note  wealth,  generally. 

GAUGING,  the  art  of  measuring  the  contents  of  a 
cask  or  other  receptacle. 
Gain,  profit;  increase  in  wealth. 
Gratuity,  a  free  gift ;  a  donation. 

Guarantee,  or  Guaranty,  an  undertaking  or  engagement 
by  a  third  person  that  the  agreement  between  two 
parties  shall  be  observed;  a  surety. 

HARBOR,  a  place  where  ships  may  lie  at  anchorage 
and  in  safety;  a  port  for  loading  and  unloading. 
Hawker,  an  itinerant  pedler  of  merchandise. 
Highway,  a  public  road  or  thoroughfare. 
High  Seas,  the  waters  of  the  ocean,  without  the  bounda 
ries  of  any  country. 
Honor,  to  accept  or  pay  when  due. 
Hypothecate,  to  pledge  as  security. 

IMPORT,  to  bring  from  a  foreign  country. 
Importation,  the  act  of  importing ;  the  thing  imported. 

Indemnity,  a  guarantee  against  loss. 

Insolvency,  the  condition  of  bankruptcy. 

Insurance,  indemnity  from  loss;  the  rate  paid  for  indem 
nity. 

Installment,  part  of  a  sum  of  money  paid  or  to  be  paid 
at  a  certain  time. 

Interest,  the  use  of  money ;  commonly  defined  as  a  per 
centage  allowed  by  the  borrower  to  the  lender. 

Inventory,  a  list  of  goods  enumerated  in  detail. 

Investment,  the  laying  out  of  money  in  the  purchase  of 
property. 

Invoice,  a  bill  of  goods  bought  or  sold. 

JETTISON,  goods  thrown  overboard  to  lighten  a  ship 
in  a  storm. 

Jointure,  an  estate  in  lands  settled  on  a  woman,  in  con 
sideration  of  marriage. 

Joint-stocfc,  property  held  in  common  by  a  company. 
Journal,  the  chief  book  of  the  current  entries  in  business. 

LEASE,  a  contract  demising  the  use  of  property  for  a 
certain  time. 

Ledger,  the  merchant's  book  of  accounts. 
Legacy,  a  bequest;  money  or  property  given  by  will. 
Letter  of  Credit,  an  open  letter  of  request  authorizing  the 

holder  to  receive  money  on  account  of  the  writer. 
Liability,  a  debt  or  claim  against  a  person. 


Licenao,  a  legal  permission  to  do  a  certain  act  such  as 
selling  goods,  etc. 

Lien,  security  on  land  or  other  property. 

Lighter,  a  large,  open,  flat-bottomed  boat  used  to  carry 
goods  to  or  from  a  vessel  when  loading  or  unload 
ing. 

Lighterage,  a  charge  or  commission  for  carrying  goods  in 
a  lighter. 

Liquidate,  to  pay  or  satisfy  demands. 

Loan,  that  which  is  lent  for  a  temporary  purpose. 

Lucre,  gain  in  money  or  goods. 

MANIFEST,  a  list  of  the  articles  comprising  a  ves 
sel's  cargo. 

Manufacture,  the  process  of  converting  raw  materials 
into  articles  of  use  and  sale. 

Manufactory,  the  place  where  goods  are  manufactured. 

Marine,  a  general  name  for  the  navy  of  a  kingdom  or  a 
state. 

Maratime  Law,  law  relating  to  harbors,  ships,  and  sea 
men. 

Mark,  or  Marc,  a  weight  in  European  countries  for  esti 
mating  gold  and  silver. 

Maturity,  the  date  when  a  note  or  draft  falls  due. 

Maximum,  the  highest  price  or  rate. 

Mercantile  Law,  law  pertaining  to  business  transactions. 

Merchandise,  goods ;  the  common  articles  of  barter. 

Merchant,  one  who  speculates  in  merchandise. 

Minimum,  the  lowest  price  or  rate. 

Mint,  the  place  where  money  is  coined. 

Monopoly,  the  sole  right  to  make  or  use  a  certain  article. 

Monetary,  relating  to  financial  matters. 

Mortgage,  the  transfer  of  property  to  secure  the  payment 
of  a  debt. 

Mortgagee,  the  person  to  whom  the  transfer  is  made. 

Mortgager,  the  one  who  makes  the  transfer. 

"VTAVIGATION,  the  science  of  conducting  ships  ot 

_J_  T|    other  vessels  from  one  port  to  another. 

Net,  or  JXelt,  that  which  remains  of  a  weight  or  quantity 
after  certain  deductions. 

Net  Proceeds,  the  amount  due  a  consignor,  after  deduct 
ing  charges  attending  sales. 

NicJcel,  a  scarce  metal  resembling  silver;  used  in  the 
composition  of  the  new  cent  coin  of  the  United  States. 

Notary  Public,  an  officer  whose  chief  business  it  is  to 

.    protest  paper  for  non-payment. 

Note,  an  incidental  remark  made  for  the  purpose  of  ex 
planation  ;  a  written  obligation  to  pay  money  or  goods. 

PAK,  equal  in  value. 
Partnership,  an  agreement  between  two  or  more 
persons  to  share  in  the  profit  and  loss  of  any  enter 
prise. 

•Pawnbroker,  a  person  who  advances  money  on  goods, 
having  power  to  dispose  of  the  same  if  the  money  is 
not  refunded  as  per  contract. 

Policy  of  Insurance,  contract  between  the  insurer  and  the 
insured. 

Portage,  the  amount  paid  by  a  captain  in  running  his  ves 
sel  ;  the  price  of  carrying. 

Premium,  the  sum  paid  for  insurance;  the  excess  of 
value  above  par. 

Price.  Current,  a  list  of  merchandise,  with  market  value. 

Principal,  an  employer ;  the  head  of  a  commercial  house ; 
the  sum  loaned  upon  which  interest  accrues. 

Protest,  a  formal  notice  to  the  sureties  of  a  note  or  draft, 
stating  that  the  same  was  not  paid  at  maturity ;  or  to 
the  drawer  of  a  draft  stating  that  the  same  was  not 
accepted  upon  presentment. 


373 


ABBREVIATIONS    AND    CHARACTERS. 


QUARANTINE,  restraint  of  intercourse  to  which  a 
ship  is  subjected,  upon  the  supposition  that  she 
may  be  infected  with  disease. 

EATE,  pi-ice;  amount  above  or  below  par. 
)    lieliate,  reduction  for  prompt  payment. 
Receipt,  a  written  acknowledgment  of  having  received 

money  or  other  value. 

Reprised,  the  act  of  seizing  ships  or  property  as  indem 
nity  for  unlawful  seizure  or  ,d.etertUfci. 
Resources,  effects — property  of .  ai}j?JKad. 
Revenue,  the  annual  produce  of  rents,  excise,  customs 
duties,  etc.,  collected  by  a  state  or  nation. 

SAT  VAGE,  an  allowance  made  by  law  for  the  saving 
of  a  ship's  cargo  from  wreck  or  fire. 

Sample,  a  specimen. 

Seaworthy,  in  a  proper  condition  to  venture  to  sea. 

Seize,  to  take  possession  of  by  legal  process. 

Shipment,  goods  shipped ;  the  act  of  loading  a  vessel  for 
voyage. 

Sight,  the  time  of  presenting  a  bill  to  the  drawee.     ,  „ 

Signature,  the  name  of  a  person  written  by  himself?  ' 

Solvent,  sound  ;  able  to  pay  all  liabilities. 

Sounding,  trying  the  depth  of  the  sea,  and  the  nature  of 
the  bottom. 

Stock,  capital  in  trade;  the  title  of  Jhe  proprietor  of  a 
business. 

Stocks,  shares  in  joint-stock  companies,  and  negotiable 
debts  of  governments  and  corporations,  drawing  in 
terest. 

StockiMer,  one  who  deals  in  stocks. 


Surety,  indemnity  against  loss;  a  person  bound  for  the 
performance  oi'a  contract  by  another. 

TARE,  an  allowance  or  discount  for  the  weight  of 
boxes  and  other  receptacles  of  merchandise. 

Tariff,  a  list  of  prices;  duties  on  imports  and  ex 
ports. 

Teller,  an  officer  in  a  bank  who  receives  or  pays  money. 

Tender,  an  offer  for  acceptance ;  a  legal  tender  is  an  offer 
of  such  money  as  the  law  prescribes. 

Tonnage,  the  weight  of  a  ship's  lading;  the  capacity  of  a 
vessel. 

Transfer,  to  convey  from  one  to  another. 

Trustee,  a  person  trusted;  one  to  whom  some  special 
business  or  interest  is  committed. 

USANCE,  business  custom  or  habit  which  is  generally 
conceded  and  acted  upon. 

Usury,  illegal  interest;  formerly,  any  consideration  for 
the  use  of  money." 

VEND,  to  sell,  or  transfer  for  a  consideration. 
Voucher,  a  written  evidence  of  an  act  performed, 
such  as  the  payment  of  money. 

WAGES,  compensation  for  services. 
Warehouse,  a  building  in  which  goods  are  stored. 
Wares,  merchandise  of  any  kind. 
Wharfage,  money  paid  for  the  use  of  a  wharf. 
Wreck,  the  ruins  of  a  ship  stranded. 
Wreckers,  persons  employed  in  saving  property  from  a 
wreck. 


ABBREVIATIONS  AND   CHARACTEES. 


Act.... 

Account. 

Dec  

.December. 

Fi-'t  

.Freight. 

Oct  

October. 

Am't  .  .  . 

Amount. 

D'ft.... 

.Draft. 

0.  L  B. 

Outward    Invoice 

A  tin  . 

Answer. 

Do 

The  same. 

Gal  .... 

.Gallon. 

Book. 

Apr  

April. 
Assorted. 

Doz  

Dr 

.Dozen. 
Debtor. 

Ilhd.... 

.  Hogshead. 

p..  . 

Page 
Payment. 

Pay't.  .  . 

Any  ... 

August. 

D's  

.  Days. 

I.B.... 

.Invoice  Book. 

P.C.B. 

.Petty  Cash  Book. 

Bal  .... 
B.B... 
Bll  .... 

Balance. 
Bill  Book. 
Barrel. 

.  Each. 
.Errors  excepted. 
.  Errors  and  omis 

Ins  

Insurance. 
.Instant. 
Interest. 

Pd  

PJcg.... 
Pr 

.Paid. 

Package. 
Pair. 

E.  E... 
E.&O.E 

Inst  
I/it 

B.  Pay. 
B.  Rec.  . 
Bl'k.... 

Bills  Payable. 
Bills  Receivable. 
Black. 

EmVd.  . 
Eng  

sions  excepted. 
.Embroidered. 
.English. 

Inv't  .  .  . 

.Inventory. 
.January. 

pr,  per  . 
Prem  .  . 
Ps. 

By- 
Premium 
Pieces. 

Vo't.... 

.Bought. 

Ex  

.Example. 

Ibs 

Pounds. 

Rec'd.... 

Received. 

Bro't... 

.Brought. 

&ch... 

.Exchange. 

L.F.... 

.Ledger  Folio. 

Cap  
C.-B  .  .  . 
Co  

.Capital. 
Cash-Book. 

Company. 

Exp  .... 
Fav  .... 

.Expenses. 

.Favor. 
.February. 

Mar  

Mdse  .  .  . 
Mo 

March. 
.Merchandise. 
Mouth. 

S.B.... 
Sept.... 

Rales  Book. 
September. 
Shipment. 
Sundries 

Com.  .  .  . 

Commission. 

Fi'/d'.'.'. 

.Figured. 

Cont't... 

.Consignment, 

Fol  

.Folio. 

No  

.  Number. 

Yds.... 

Yards. 

Or, 

Creditor. 

For'd.... 

.  Forward. 

Nov  .  .  , 

.November. 

Yr.. 

.Year. 

@..At 

<Jc  •  •  Account. 

<jjj . .  Per  cent. 


.  Number. 

.Sign  of  addition. 

.Sign  of  subtraction. 


X  •  -Sign  of  multiplication. 
-T-.  .Sign  of  division. 
—  .  .Sign  of  equality. 

374 


I1  .  .One  and  one-fourth. 
1s  .  .One  and  two-fourths. 
1s  .  .One  and  three-fourths. 


TIME    TABLE. 


SHOWING  the  time  in  months  or  days  from  any  day  in  one  month  to  the  corresponding  day 

in  any  other  month. 


FROM            (          TO 

JANUARY.  4  Months. 

(Days... 

Jan. 

12 

305 

Feb. 
1 

31 

Mar. 

2 

59 

Apr. 

3 

90 

May 

4 
120 

June 

5 
151 

Jiifr 

6 

;;181 

Aug. 

7 
212 

Sept 
8 

243 

Oct. 

9 
273 

Nov. 
10 

304 

Dec. 
11 

334 

FEBRUARY.  )  Months  . 
(Days... 

Jan. 
11 

334 

Feb. 

12 
305 

Mar. 

1 

28 

Apr. 

2 

59 

May 

3 

89 

T      "<"-i.  , 

Juna, 

4™ 
120- 

•#»'y 

| 

Aug. 

L6 

Ssi 

Sept 

7 
212 

Oct. 

8 
242 

Nov. 

9 
273 

Dec. 

10 
303 

MARCH..  V  .[Months. 
(.Days... 

Jan. 

10 

30(5 

Feb. 
11 

337 

Mar. 

12 

365 

Apr. 
1 

31 

May 

2 
61 

June 

3 
92 

July 

4 

122 

Aug. 

5 
153 

Sept 

6 

184 

Oct. 

7 
214 

Nov. 

8 
245 

Dec. 

9 
275 

APRIL  \  Months. 

Jan. 

•9 

Feb. 

10 

Mar. 
11 

Apr. 

12 

May 
1 

June 

2 

July 

3 

Aug. 

4 

Sept 

5 

Oct. 

6 

Nov. 

7 

Dec. 

8 

(Days... 

275 

306 

334 

365 

30 

61 

91 

122 

153 

183 

214 

244 

MAY  \  Months  . 

Jan. 

8 

Feb. 

9 

Mar. 

10 

Apr. 
11 

May 

12 

June 

1 

July 
2 

A«g. 

3 

Sept 

4 

Oct. 

5 

Nov. 

6 

Pec. 

7 

(Days... 

245 

276 

304 

335 

365 

31 

61 

92 

123 

153 

184 

214 

JUNE  •]  Months  . 

Jan. 

7 

Feb. 

8 

Mar. 

9 

Apr. 

10 

May 
11 

June 

12 

July 

1 

Aug. 

2 

Sept 

3 

Oct. 

4 

Nov. 

5 

Dec. 

6 

(Days... 

214 

245 

273 

304 

334 

305 

30 

61 

92 

122 

153 

183 

JULY  \  Months  . 

Jan. 
6 

Feb. 

7 

Mar. 
8 

Apr. 

9 

May 

10 

June 
11 

July 

12 

Aug. 

1 

Sept 

2 

Oct. 

3 

Nov. 

4 

Deo. 

5 

(  Days.  .  . 

184 

215 

243 

274 

304 

335 

305 

31 

62 

92 

123 

153 

AUGUST.  .  .  )  Months  . 
(Days... 

Jan. 

5 

153 

Feb. 
6 

184 

Mar. 

7 
212 

Apr. 

8 
243 

May 

9 
273 

June 

10 

304 

July 
11 

3-34 

Aug. 

12 
305 

Sent 

i 

31 

Oct. 

2 
61 

Nov. 

3 

92 

Dec. 

4 

122 

SEPT'BER  .  )  Months  . 
(Days... 

Jan. 

4 
122 

Feb. 

5 

153 

Mar. 

6 

181 

Apr. 

7 
212 

May 
8 

242 

June 

9 
273 

July 

10 

303 

Aug. 
11 

334 

Sept 

12 

365 

Oct. 

1 

30 

Nov. 

2 
61 

Dec. 

3 
91 

OCTOBER  .  \  Months  . 
(  Days... 

Jan. 

3 

92 

Feb. 

4 

123 

Mar. 

5 
151 

Apr. 

6 
182 

May 

7 
212 

June 

8 
243 

July 

9 

273 

Aug. 

10 
304 

Sept 
11 

335 

Oct. 

12 
365 

Nov. 
1 

31 

Dec. 

2 
61 

NOV'MBEB  )  Months  . 
(  Days... 

Jan. 

2 
61 

Feb. 

3 

92 

Mar. 

4 
120 

Apr. 

5 

151 

May 

6 
181 

June 

7 
212 

July 
8 

242 

Aug. 

9 
273 

Sept 

10 
304 

Oct. 
11 

334 

Nov. 

12 
365 

Dec. 

1 

30 

DEC'MBER  \  Months  . 
(Days... 

Jan. 
1 

31 

Feb. 

2 

62 

Mar. 

3 

90 

Apr. 

4 
121 

May 

5 
151 

June 

6 
182 

July 

7 
212 

Aug. 

8 
243 

Sept 

9 
274 

Oct. 

10 
304 

Nov. 
11 

335 

Dec. 

12 

365 

Suppose  the  time  be  required  from  July  10  to  September  10.  Find  July  in  the  left-hand 
column,  and  follow  out  the  line  to  the  right  until  you  come  to  September;  the  number  of 
months  is  2,  of  days  62.  If  the  date  to  which  we  reckon  be  either  greater  or  less  than  the 
one  from  which  we  reckon,  the  difference  should  be  added  or  subtracted  as  the  case  may  be. 
For  example :  How  many  days  from  February  1  to  August  31  ?  By  following  out  the 
February  line  to  the  August  column,  we  find  the  time  from  February  1  to  August  1  to  be 
181  days,  to  which  if  we  add  30,  the  difference  between  1  and  31,  the  time  required  will  be 
211  days.  If  the  time  be  required  between  February  28  and  August  1,  we  find  the  time  from 
February  28  to  August  28,  to  be  181  days,  from  which,  if  we  subtract  27,  the  difference 
oetween  1  and  28,  we  get  for  the  number  of  days,  154. 

The  Table  is  one  of  quite  common  use,  but  is  none  the  less  im£Ojiaa£.  ^  It  may  be  used 
to  great  advantage  in  the  processes  of  averaging. 

375 


UNIVERSITY1 


This  book  U  due  o 

Renewedbooksaresubjec 


JAN  3     1955  m 

APR  2     19t5  3  8 


YD  05851' 


54-0  31 


